(1) A fund to be known as the Bank and Investment Firm Resolution Fund (in these Regulations referred to as the "Fund") is established for the purpose of ensuring the effective application of the resolution tools and powers.
(2) The Fund shall be used only in accordance with the resolution objectives and the principles set out in Regulations 61 and 64.
(3) The Fund shall be managed and administered by the resolution authority.
(4) Notwithstanding Regulation 169, where monies standing to the credit of the Fund are placed on deposit with the Bank, the Bank may pay interest on the monies at a rate determined by it.
(5) The resolution authority shall have the power to -
(a) raise ex-ante contributions as referred to in Regulation 166 with a view to reaching the target level specified in Regulation 165;
(b) subject to Regulation 169, raise ex-post extraordinary contributions as referred to in Regulation 167 where the contributions specified in subparagraph (a) are insufficient;
(c) subject
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