(1) In this Regulation -

"initial period" means the period from the coming into operation of these Regulations to 3 July 2024;

"target level" means the level required under paragraph (2).

(2) The designated authority shall ensure that during the initial period the available financial means of the Fund reaches at least 0.8% of the amount of covered deposits of all credit institutions authorised in the State.

(3) The available financial means of the Fund shall consist of the following:

(a) contributory payments raised from credit institutions in accordance with Regulations 20 and 21;

(b) irrevocable payment commitments pledged in accordance with Regulation 20;

(c) monies recovered from credit institutions for amounts payable to depositors under the deposit guarantee scheme;

(d) any interest due to, or earnings on investments made in respect of monies held in, the Fund.