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own funds requirement

    (in ELM) (in relation to an ELMI ) 2% of the higher of the following amounts:

      1. (a) the ELMI's e-money outstandings at that time; and
      1. (b) the average of the ELMI's daily e-money outstandings amount for the six month period ending at that time;

    calculated in accordance with ELM 2.5 (Continuing capital requirement).5