S.L. 499.56 Art. 10Appropriate financial standing.

Appropriate financial standing of the undertaking for the purpose of regulation 6 shall consist in having available sufficient resources to ensure proper launching and proper administration thereafter of the road passenger transport operation.

(2) For the purposes of assessing financial standing, the Authority shall have regard to:

(a) annual accounts of the applicant, if any;

(b) funds available, including cash at bank, overdraft and loan facilities;

(c) any assets, including property, which are available to provide full or partial security for the road passenger transport operation;

(d) costs, including purchase cost or initial payment for vehicles, premises, plant and equipment, and working capital.

(3) An applicant for, or a holder of an authorization shall not be considered to be of appropriate financial standing unless he has available to him capital and reserves of an amount equal to or exceeding the aggregate of:

(a) nine thousand euro (€9,000) for the first or only passenger transport vehicle which is to be authorised under the licence; and

(b) five thousand euro (€5,000) for each additional passenger transport vehicle which is to be authorised.

(4) The Authority may accept as evidence of financial standing confirmation or assurance given by a bank or other suitably qualified financial institution. Such confirmation may be given in the form of a bank guarantee, a pledge or security, or by any other means acceptable to the Authority.