ParwadaBank has attracted a new client: Dodgy Aeronautical Fusion Corporation.

ParwadaBank has provided Dodgy A.F. Corp with both:

• A 5-year term loan in the amount of $12 million
• A performance-related guarantee in the amount of $321 million

You know that performance-related guarantees have a credit-conversion factor of 50%.

Goody's, a credit rating agency, has assigned a Dodgy A.F. Corp a rating of "B-", which places them in External Credit Rating Grade 5.

You have the following extract from the regulator's guide to risk weightings:

COUNTERPARTY	EXTERNAL CREDIT RATING GRADE
	1	2	3	4	5	6
Reserve Bank of Australia	0%	0%	0%	0%	0%	0%
Commonwealth government of Australia	0%	0%	0%	0%	0%	0%
State governments & Territories	0%	20%	50%	100%	100%	150%
Commercial banks (<3mth maturity)	20%	20%	20%	50%	50%	150%
Commercial banks (>3mth maturity)	20%	50%	50%	100%	100%	150%
Corporations	20%	50%	100%	100%	150%	150%

Assuming Basel III requirements, what is the minimum CET1 capital amount (in $millions) required for ParwadaBank to support their total exposure to Dodgy A.F. Corp?