123. The portion of the capital level to be paid up in full prior to granting the authorisation is …

The portion of the capital level to be paid up in full prior to granting the authorisation is the higher of the following:

• a) the portion of the capital determined in accordance with section 8.2 which is required to cover in full the first year of activity (i.e. the own funds necessary to cover full compliance with the prudential requirements throughout and at the end of the first twelve months, taking into account the expected losses for that time horizon); or
• b) the initial capital plus the first-year losses.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

• EBA -

  EN: Guidelines and other publications of the European Banking Authority (EBA), https://www.eba.europa.eu/. © European Banking Authority. Reproduction is authorised provided the source is acknowledged (EBA legal notice). Divided into sections and converted into the GRCA format, the wording unchanged. Only the versions published by the EBA are authoritative.

  DE: Leitlinien und weitere Veröffentlichungen der Europäischen Bankenaufsichtsbehörde (EBA), https://www.eba.europa.eu/. © European Banking Authority. Wiedergabe mit Quellenangabe gestattet (Rechtlicher Hinweis der EBA). In Abschnitte aufgeteilt und in das GRCA-Format umgewandelt, der Wortlaut unverändert. Maßgeblich sind allein die von der EBA veröffentlichten Fassungen.