Criteria for spreading out in time ex ante contributions during the initial period
Article 3
1. When assessing the phase of the business cycle and the impact that pro-cyclical contributions may have on the financial position of contributing institutions in accordance with Article 69(2) of Regulation (EU) No 806/2014, the Board shall take into consideration at least the following indicators: (a) the macroeconomic indicators set out in the Annex, to identify the phase of the business cycle; (b) the indicators set out in the Annex, to identify the financial position of the contributing institutions. 2. The indicators taken into consideration by the Board shall be determined in respect of all participating Member States jointly. 3. Any decision by the Board to spread contributions out in time shall be applied equally to all institutions contributing to the Fund. 4. In any given contribution period, the level of annual contributions may be relatively lower than the average of the annual contributions calculated in accordance with Articles 69(1) and 70(2) of Regulation EU No 806/2014 only where the Board verifies that based on conservative projections the target level can be reached at the end of the initial period.