S.L. 371.10 Art. 4Annual supervisory fee.

(1) A credit institution licensed in accordance with article 7

of the Act shall, subject to the provisions of regulation 5, pay to the competent authority an annual supervisory fee as established in the

Second Schedule, as applicable:

Provided that in any case, the annual supervisory fee shall not be less than the minimum annual supervisory fee established in the Second Schedule, as applicable, and it shall not exceed the maximum annual supervisory fee established in the said Schedule, as applicable

(2) Notwithstanding the provisions of sub-regulation (1), the first annual supervisory fee due to the competent authority shall be the minimum annual supervisory fee established in the Second Schedule, as applicable, prorated according to the period remaining between the date when the credit institution is granted a licence under the Act and the end of the calendar year in which such licence was granted.