"(3) The aggregate referred to in subsection (2) shall not include moneys raised or borrowed for the purposes of acquiring a fund greater than the minimum guarantee fund that the Board would be required to possess pursuant to Regulation 13(1)(b) of the Regulations of 1994 to enable it to make an application for the grant to the relevant subsidiary of an authorisation (within the meaning of those Regulations) to carry on the business of non-life insurance.".