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