Significantly undercapitalized. Ex- cept where the Director has exercised authority to reclassify a Bank, a Bank shall be considered significantly under- capitalized if, at the time of the deter- mination under § 1229.2(a) of this sub- part, the amount of permanent or total capital held by the Bank is less than 75 percent of what is required to meet any one of its risk-based or minimum cap- ital requirements but the magnitude of the Bank’s deficiency in total capital is not sufficient to classify it as criti- cally undercapitalized.
