diff --git a/CHANGELOG.md b/CHANGELOG.md
index 4eceeb924..d045aff6c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -11,6 +11,10 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 - Beautified the ETF names in the asset profile
 
+### Fixed
+
+- Fixed the buying power calculation if no emergency fund is set but an activity is tagged as _Emergency Fund_
+
 ## 1.235.0 - 2023-02-16
 
 ### Changed
diff --git a/apps/api/src/app/portfolio/portfolio.service.ts b/apps/api/src/app/portfolio/portfolio.service.ts
index 6700eda99..2564d1d49 100644
--- a/apps/api/src/app/portfolio/portfolio.service.ts
+++ b/apps/api/src/app/portfolio/portfolio.service.ts
@@ -1550,7 +1550,10 @@ export class PortfolioService {
       userCurrency
     }).toNumber();
     const emergencyFund = new Big(
-      (user.Settings?.settings as UserSettings)?.emergencyFund ?? 0
+      Math.max(
+        emergencyFundPositionsValueInBaseCurrency,
+        (user.Settings?.settings as UserSettings)?.emergencyFund ?? 0
+      )
     );
     const fees = this.getFees({ activities, userCurrency }).toNumber();
     const firstOrderDate = activities[0]?.date;