Capital requirements
18.—(1) Subject to paragraph (2), an authorised payment institution must maintain at all times own funds as defined for the purposes of Part 2 of Schedule 3 equal to or in excess of—
(a)the amount of initial capital specified in Part 1 of Schedule 3, or
(b)the amount of the own funds requirement calculated in accordance with paragraph 11 of Schedule 3 subject to any adjustment directed by the Authority under paragraph 12 of that Schedule,
whichever is greater.
(2) Paragraph (1) does not apply to an authorised payment institution—
(a)which is included in the consolidated supervision of a parent credit institution pursuant to the banking consolidation directive; and
(b)in respect of which all of the conditions specified in Article 69(1) of the banking consolidation directive are met.