Provide a bank guarantee payable at first demand, sized on the certificates that would have to be surrendered, where the competent authority finds financial capacity is not demonstrated.

‘5a. By way of derogation from paragraph 5, where the competent authority finds that the applicant or the authorised CBAM declarant does not demonstrate its financial capacity to fulfil its obligations under this Regulation, including by failing to comply with the requirement set out in Article 22(2), the competent authority may require the provision of a guarantee. The competent authority shall fix the amount of such guarantee at the amount, calculated as the aggregate value of the number of CBAM certificates that the authorised CBAM declarant would have to surrender in accordance with Article 22 in respect of one of the following: (a)    imports of goods reported in accordance with Article 5(5), point (g); (b)    the amount of imported goods declared in the customs declaration and other relevant information available to the competent authority from the previous two calendar years; or (c)    an estimation as if the single mass-based threshold were exceeded by an average corresponding to the relevant sectors covered by this Regulation. The guarantee provided shall be a bank guarantee, payable at first demand, by a financial institution operating in the Union or another form of guarantee which provides equivalent assurance.