Article 4
Criteria for determining the number of years by which the initial period can be extended
1. When determining the number of years by which the initial period referred to in Article 69(1) of Regulation (EU) No 806/2014 can be extended in accordance with Article 69(3) of Regulation (EU) No 806/2014, the Board shall take into consideration at least the following criteria:
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(a) |
the minimum of the number of years required to reach the target level referred to in Article 69(1) of Regulation EU No 806/2014 subject to annual contributions not exceeding two times the average annual contributions over the initial period); |
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(b) |
the phase of the business cycle and the impact that pro-cyclical contributions may have on the financial position of contributing institutions, as specified by the indicators referred to in Article 3(1); |
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(c) |
any additional disbursements of the Fund expected by the Board, after consultation with the ESRB, in the subsequent four-year period. |
2. The Board shall not, under any circumstances, extend the initial period for more than four years.