A CSD shall calculate its capital requirements for winding down or restructuring by applying the following steps in sequence:
(a)
estimate the time span required for winding-down or restructuring for all of the stress scenarios referred to in the Annex consistently with the plan referred to in Article 47(2) of Regulation (EU) No 909/2014;
(b)
divide the CSD's annual gross operational expenses determined in accordance with Article 6(3) by twelve (‘monthly gross operational expenses’);
(c)
multiply the monthly gross operational expenses referred to in point (b) by the longer of the following points:
(i)
the time span referred to in point (a);
(ii)
six months.