ELM 2.3 Base capital requirements

A firm must:

1. (1)

   (at the time it is granted an e-money permission) have initial capital, calculated in accordance with ELM 2.4.2 R;

2. (2)

   (at all times) maintain own funds, calculated in accordance with ELM 2.4.2 R;

amounting to not less than:

1. (3)

   (if the firm'sbase currency is the euro) one million euro;

2. (4)

   (if the firm has another base currency) the equivalent amount in that currency.