Criteria for determining the number of years by which the initial period can be extended
Article 4
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: (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); (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); (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.