Liquidity requirement calculator
One third of your fixed overheads requirement, plus 1.6% of any guarantees you have given clients — roughly one month of fixed costs held in liquid assets, at all times. This works out the requirement, and tests whether what you hold actually counts towards it.
IFR Art. 43 · guarantees Art. 45 · receivables Art. 43(3) · 50% haircut · nothing stored
The receivable cap differs materially: one third of the FOR component alone under MIFIDPRU 6.3.3R, and receivables cannot meet the guarantee limb at all. UK basic liquid assets →
Work out your requirement
Runs in your browser · nothing uploadedYou need your fixed overheads requirement first — the FOR calculator works it out from your financial statements. Note the requirement is one third of the FOR, not of your own funds requirement, so a firm bound by its K-factors still calculates liquidity from the FOR.
The requirement
Article 43(1) and Article 45Liquid assets held
Article 43(1) · unencumbered, per Delegated Regulation (EU) 2015/61The liquidity requirement must be met on an ongoing basis, not at reporting dates. Pillar 1 Capital keeps the FOR, the own funds requirement and the liquidity requirement current together — with free capital monitoring to start.
Create free account →One month of costs, held in the right form
The arithmetic is simple. The difficulty is entirely in what counts.
One third of the FOR
Since the FOR is a quarter of annual fixed overheads, the liquidity requirement works out at one twelfth of them — about a month of fixed costs. It follows the FOR, so it moves when your cost base does.
1.6% of client guarantees
Financial guarantees given to clients can create liquidity needs the moment they are triggered, so Article 45 adds 1.6% of their total value to what you must hold.
Only eligible assets count
Level 1, 2A and 2B assets and Level 2B securitisations under the LCR delegated regulation, unencumbered. A healthy bank balance is not automatically a liquid asset if it is pledged.
Rules reviewed 21 August 2026 · IFR (EU) 2019/2033 Art. 43, 44, 45 · Commission Delegated Regulation (EU) 2015/61
What this calculator does
It applies Articles 43 and 45 to figures you supply. Determining which assets are eligible, and at what haircut, is left with you deliberately — guessing at it would be worse than not doing it.
It doesApply the requirement and the receivables rule
- Calculates one third of the fixed overheads requirement under Article 43(1).
- Adds 1.6% of client guarantees under Article 45.
- Applies the Article 43(3) receivables allowance only where your firm type permits it.
- Caps receivables at one third of the requirement and applies the 50% haircut.
- Shows both readings of the order in which the cap and haircut apply, because the point is genuinely unsettled.
- Compares eligible assets against the requirement and flags a shortfall.
It does notDecide what is a liquid asset
- Determine whether an asset is Level 1, 2A, 2B or ineligible under Delegated Regulation (EU) 2015/61.
- Apply LCR haircuts, or the 45% cap on certain financial instruments traded on a liquid market.
- Test whether an asset is genuinely unencumbered.
- Exclude receivables from affiliates, staff, directors or shareholders, which supervisors scrutinise closely.
- Account for an additional liquidity requirement imposed by your competent authority.
- Tell you whether your Member State has exercised the Article 43(1) discretion to exempt Class 3 firms.
Working the whole Pillar 1 chain?
Classification, then fixed overheads, then the own funds requirement, then this. Each tool feeds the next and none of them stores anything.
Nothing you type here leaves your browser
The calculation runs entirely in your own browser. No figure you enter is sent to REGREP, written to a log, saved to a database, or passed to any analytics tool.
Reload the page and everything is gone. Ongoing monitoring against the requirement happens inside your account, under our data processing agreement.
About the liquidity requirement
How much do I actually have to hold?
Liquid assets equal to at least one third of your fixed overheads requirement, plus 1.6% of the total value of any guarantees you have given clients. Because the FOR is itself a quarter of your annual fixed overheads, the requirement is about one twelfth of them — roughly one month of fixed costs.
Is it one third of the FOR or of my own funds requirement?
The FOR, specifically. Article 43(1) refers to the fixed overheads requirement calculated under Article 13(1). A firm whose own funds requirement is set by its K-factors or by the permanent minimum still calculates liquidity from the FOR, which is often a much smaller number. This is a common error.
Can I count money owed to me by clients?
Sometimes. Article 43(3) lets small and non-interconnected firms, and Class 2 firms that neither deal on own account nor underwrite or place on a firm commitment basis, include receivables from trade debtors and fees or commissions receivable within 30 days. Those receivables are capped at one third of the minimum liquidity requirement, take a 50% haircut, and cannot count towards any additional liquidity requirement your authority imposes.
Is the cap applied before or after the haircut?
The regulation does not say, and a competent authority put exactly that question to the EBA. Applying the cap first and then the haircut is the more conservative reading, and it limits receivables to one sixth of the requirement. Applying the haircut first allows up to one third. This calculator shows both, and defaults to the conservative one.
Can my authority exempt me from this?
Possibly. Article 43(1) allows competent authorities to exempt small and non-interconnected firms from the liquidity requirement, notifying the EBA where they do. Whether that discretion has been exercised depends on your Member State, so check locally before assuming either way.
What happens if I fall below the requirement?
Article 44 allows a firm to fall below the level in exceptional circumstances by monetising its liquid assets to cover liquidity needs, provided it notifies its competent authority immediately. Falling below without that step is a breach, and the authority will expect to hear from you promptly either way.
Do you store the figures I enter?
No. Everything is calculated in your browser and discarded when you close or reload the page. Nothing is logged, stored or sent to analytics.
“At all times” is not a reporting-date obligation.
Create a free account and track the liquidity requirement alongside your own funds, continuously rather than quarterly.
No card required · free capital monitoring · nothing stored from this calculator