# PSD3 Article 8 — Calculation of own funds for payment institutions that issue electronic money

Textual state: amended_substantial. 196 words changed; 1 paragraph removed

- Current text: Council final compromise text (Council document 8222/26) — not yet law.
- Compared against: COM(2023) 366 final — superseded.
- Classification is mechanical; method: https://paymentslaw.eu/method/
- Editorial review state: not_assessed. Markers are curated and selective, not a complete assessment.

Word-level diff, proposal → compromise: `{+text+}` was inserted, `[-text-]` was deleted.

## Paragraph 1

1. Notwithstanding the initial capital requirements set out in Article 5, Member States shall require payment institutions offering both {+the +}payment services {+referred to in point (8) of Annex I +}and [-electronic money -]{+any payment +}services {+referred +}to {+in points (1) to (5) of Annex I, to +}hold, at all times, own funds calculated in accordance with Article 7 for [-their -]{+the provision of +}payment services [-activity. -]{+referred to in points (1) to (5) of Annex I.+}

## Paragraph 2

2. Notwithstanding the initial capital requirements set out in Article 5, Member States shall require payment institutions {+that +}only [-offering electronic money services -]{+offer the payment service referred +}to {+in point (8) of Annex 1 to +}hold, at all times, own funds calculated in accordance with Method D as set out in [-point (3) below. -]{+paragraph 3.+}

## Paragraph 3

3. Method D: The own funds [-for the activity of providing electronic money services -]shall amount to at least 2 % of the average outstanding electronic money.

## Paragraph 4

4. Member States shall require that payment institutions [-offering -]{+that +}both [-payment services and -]{+issue +}electronic money {+as referred to point (8) of Annex I and offer payment +}services {+as referred to in Annex I, points (1) to (5), +}hold at all times own funds that are at least equal to the sum of the requirements referred to in paragraphs 1 and [-2. -]{+2 of this Article.+}

## Paragraph 5

5. Member States shall allow payment institutions [-providing -]{+that +}both [-payment services and -]{+issue +}electronic money [-services which carry out -]{+as referred to in point (8) of Annex I and (a) offer +}any of the [-activities -]{+payment services +}referred to in {+points (1) to (5) of +}Annex [-I that -]{+I, where those payment services +}are not linked to the {+issuance of +}electronic money [-services, -]{+referred to in point (8) of Annex 1, +}or {+(b) offer +}any of the activities referred to in Article [-10 paragraphs 1 -]{+10(1) +}and [-4, -]{+(4), +}to calculate their own funds requirements on the basis of a representative portion assumed to be used for the {+issuance of +}electronic money [-services, -]{+referred to in point (8) of Annex 1, +}provided that such a representative portion can be reasonably estimated on the basis of historical data and to the satisfaction of the competent authorities, where the amount of outstanding electronic money is unknown in advance. Where [-the -]{+a +}payment institution {+providing the payment service referred to in point (8) of Annex 1 +}has not completed a sufficient period of business, its own funds requirements shall be calculated on the basis of projected outstanding electronic money evidenced by its business plan subject to any adjustment to that plan required by the competent authorities.

## Paragraph 6 (removed)

[-6. Paragraphs 4 and 5 of Article 7 shall apply mutatis mutandis to payment institutions providing electronic money services.-]