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  1. Point in time
    2005-08-01

ELM 2.3 Base capital requirements

ELM 2.3.1R

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.