a fund greater than the minimum guarantee fund that it would be required to possess pursuant to Regulation 13(1)(b) of the European Communities (Non-Life Insurance) Framework Regulations 1994 (S.I. No. 359 of 1994) to enable it to make an application for the grant to the relevant subsidiary (within the meaning of section 1 of the Act of 2007) of an authorisation (within the meaning of those Regulations) to carry on the business of non-life insurance, and".