Article 9
Calculation of own funds
1. Notwithstanding the initial capital requirements set out in Article 7, Member States shall require payment institutions, except those offering only services as referred to in point (7) or (8), or both, of Annex I, to hold, at all times, own funds calculated in accordance with one of the following three methods, as determined by the competent authorities in accordance with national legislation:
Method A
The payment institution’s own funds shall amount to at least 10 % of its fixed overheads of the preceding year. The competent authorities may adjust that requirement in the event of a material change in a payment institution’s business since the preceding year. Where a payment institution has not completed a full year’s business at the date of the calculation, the requirement shall be that its own funds amount to at least 10 % of the corresponding fixed overheads as projected in its business plan, unless an adjustment to that plan is required by the competent authorities.
Method B
The payment institution’s own funds shall amount to at least the sum of the following elements multiplied by the scaling factor k defined in paragraph 2, where payment volume (PV) represents one twelfth of the total amount of payment transactions executed by the payment institution in the preceding year:
(a) 4,0 % of the slice of PV up to EUR 5 million;
plus
(b) 2,5 % of the slice of PV above EUR 5 million up to EUR 10 million;
plus
(c) 1 % of the slice of PV above EUR 10 million up to EUR 100 million;
plus
(d) 0,5 % of the slice of PV above EUR 100 million up to EUR 250 million;
plus
(e) 0,25 % of the slice of PV above EUR 250 million.
Method C
The payment institution’s own funds shall amount to at least the relevant indicator defined in point (a), multiplied by the multiplication factor defined in point (b) and by the scaling factor k defined in paragraph 2.
(a) The relevant indicator is the sum of the following:
(i) interest income;
(ii) interest expenses;
(iii) commissions and fees received; and
(iv) other operating income.
Each element shall be included in the sum with its positive or negative sign. Income from extraordinary or irregular items shall not be used in the calculation of the relevant indicator. Expenditure on the outsourcing of services rendered by third parties may reduce the relevant indicator if the expenditure is incurred from an undertaking subject to supervision under this Directive. The relevant indicator is calculated on the basis of the 12-monthly observation at the end of the previous financial year. The relevant indicator shall be calculated over the previous financial year. Nevertheless own funds calculated according to Method C shall not fall below 80 % of the average of the previous 3 financial years for the relevant indicator. When audited figures are not available, business estimates may be used.
(b) The multiplication factor shall be:
(i) 10 % of the slice of the relevant indicator up to EUR 2,5 million;
(ii) 8 % of the slice of the relevant indicator from EUR 2,5 million up to EUR 5 million;
(iii) 6 % of the slice of the relevant indicator from EUR 5 million up to EUR 25 million;
(iv) 3 % of the slice of the relevant indicator from EUR 25 million up to 50 million;
(v) 1,5 % above EUR 50 million.
2. The scaling factor k to be used in Methods B and C shall be:
(a) 0,5 where the payment institution provides only the payment service as referred to in point (6) of Annex I;
(b) 1 where the payment institution provides any of the payment services as referred to in any of points (1) to (5) of Annex I.
3. The competent authorities may, based on an evaluation of the risk-management processes, risk loss data base and internal control mechanisms of the payment institution, require the payment institution to hold an amount of own funds which is up to 20 % higher than the amount which would result from the application of the method chosen in accordance with paragraph 1, or permit the payment institution to hold an amount of own funds which is up to 20 % lower than the amount which would result from the application of the method chosen in accordance with paragraph 1.
