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 - Published by the European Banking Authority at https://www.eba.europa.eu/