(1) All authorised credit institutions that hold covered deposits shall pay contributions to the Fund in accordance with this Regulation at least annually -

(a) until the target level required under Regulation 19(2) is reached, and

(b) that are sufficient to ensure that that target level is maintained thereafter.

(2) The designated authority shall determine an aggregate annual target for contributions referred to in paragraph (1) in order to reach and maintain the target level required under Regulation 19(2) and the relevant credit institutions shall comply with any such determination under paragraph (3).

(3) For each credit institution, the designated authority, having had regard to the requirements of Regulation 19, shall determine an annual contribution under paragraph (1) based on -

(a) the aggregate annual target determined under paragraph (2),