S.L. 330.9 Art. 102Target level.

(1) The financial means of Malta’s financing arrangements must, by 31 December 2024, reach at least 1% of the amount of covered deposits of all the institutions authorised in Malta.

(2) During the initial period of time referred to in sub-regulation (1), contributions to the financing arrangements raised in accordance with regulation 103 shall be spread out in time as evenly as possible until the target level is reached, but with due account of the phase of the business cycle and the impact pro-cyclical contributions may have on the financial position of contributing institutions: Provided that the initial period of time may be extended for a maximum of four years if the financing arrangements have made cumulative disbursements in excess of 0.5% of covered deposits of all the institutions licensed in Malta which are guaranteed under Directive 2014/49/EU.

(3) If, after the initial period of time referred to in sub-regulation (1), the available financial means diminish below the target level specified in that sub-regulation, the regular contributions raised in accordance with regulation 103 shall resume until the target level is reached. After the target level has been reached for the first time and where the available financial means have subsequently been reduced to less than two thirds of the target level, those contributions shall be set at a level allowing for reaching the target level within six years. The regular contribution shall take due account of the phase of the business cycle, and the impact procyclical contributions may have when setting annual contributions in the context of this sub-regulation.