JOHN CARLOS I

KING OF SPAIN

To all who present it and understand it.

Sabed: That the General Courts have approved and I come to sanction the following Law:

Reason exposure

The Asian Development Fund is the core of resources that the Asian Development Bank provides in concessional terms to its developing member countries eligible for it.

Spain, which joined the Asian Development Bank on February 14, 1986 by Law 44/1985 of 19 December, made an initial contribution to the Asian Development Fund of 4,335,000,000 pesetas and participated in the Fourth replenishment of resources of the said Fund (FAD V in the nomenclature of the institution) with 4.146.273.420 pesetas.

This Fifth Replenishment (FAD VI) is intended to provide resources to the Asian Development Fund for the period 1992-1995, as well as to finance part of the Asian Development Bank's Technical Assistance Program during the period. Four-year term.

Both reasons of a kind of care and legitimate commercial policy wishes advise Spain's participation in this replenishment of resources.

The purpose of this Law is to authorize such participation.

Article 1.

The government is authorized to take all appropriate measures to ensure that Spain participates in the Fifth Replenishment of the Asian Development Fund in the terms set forth in Resolution 214, adopted by the Board of Governors on February 24, 1992, which is published as an appendix to this Law.

Article 2.

In accordance with the stated resolution, Spain is authorized to make a new contribution to the Asian Development Fund for a total of 3,296,252,400 pesetas.

Article 3.

The Bank of Spain is hereby authorized to, in accordance with Article 21 of Decree-Law 18/1962 of 7 June, on the nationalization and reorganization of the Bank of Spain, and other existing provisions on the subject, disbursements necessary for the payment of the said contribution.

Single additional disposition.

The Ministers for Foreign Affairs and Industry, Trade and Tourism are hereby authorised to adopt, within the framework of their respective powers, all measures necessary for the implementation of the law.

Single end disposition.

This Law will enter into force the day after its publication in the Official Journal of the State.

Therefore,

I command all Spaniards, individuals and authorities, to keep and keep this Law.

Madrid, March 8, 1993.

JOHN CARLOS R.

The President of the Government,

FELIPE GONZÁLEZ MARQUEZ

APPENDIX

Resolution number 214

Fifth Replenishment of the Asian Development Fund and Second Regularized Reposition of the Special Technical Assistance Fund.

(Adopted by correspondence vote on 24 February 1992.)

How much:

The Board of Directors has submitted to the Board of Governors a report on the Reposition of the Asian Development Fund (SDF) and the Bank's Special Technical Assistance Fund (FEAT);

In its report, the Board of Directors recommends that the Bank, considering the needs of its poorer and less developed member countries, make a substantial replenishment of the SDF in order to finance the The Bank's concessional loans for the four-year period starting in January 1992;

In its report, the Board of Directors also recommends that in view of the importance of the technical assistance operations financed from the FEAT, the Bank will undertake a replenishment of the FEAT in conjunction with the replacement of the SDF; and

Most developed member countries and some developing member countries have indicated their intention to contribute to the fifth FAD replenishment and the second regularized replenishment of the FEAT, according to the provisions set out in this Resolution, even if no compromise can be reached until all the necessary internal approvals have been obtained;

Therefore, the Board of Governors

RESOLVE THE FOLLOWING

1. Definitions.

As used in this Resolution:

a) The word means a member of the Asian Development Bank.

(b) The expression 'contribution instrument' means the instrument by which a member confirms its intention to contribute in accordance with paragraph 4 of this Resolution.

(c) The expression 'unconditional contribution' means the contribution covered by an instrument of unconditional contribution, as defined in paragraph 4.b) of this Resolution.

d) The expression "conditional contribution" means the contribution covered by a conditional contribution instrument, as defined in paragraph 4.c) of this Resolution.

e) The expression means the United States dollar, the SDR or, except for any member whose economy has experienced an inflation rate of more than 15 per 100 per year on average in the period 1987-1990, as determined by the Bank, the national currency of a member, in accordance with the option chosen by that member to name its contribution and which is included in the last column of Table A attached to this Resolution, and in which it must make the contribution, in accordance with paragraph 4 (a) of this Resolution.

(f) a contribution, or a contribution, means the payment of a contribution, or the payment of a contribution, in several instalments, by cash or deposit of notes or similar obligations, in accordance with paragraphs 6, 7 and 8 of this resolution.

g) The word means one of the deadlines in which a contribution is to be paid.

h) The expression means the commitment of funds refills made by the Bank to carry out its operations of concessional loans or technical assistance.

i) The word means the part of a contribution to be released for loan commitments in each of the four years covered by the Replenishment pursuant to paragraph 9 of this Resolution.

j) The word means the use of contributions by the Bank for loan commitments, through the withdrawal of funds in the case of cash payments and making the promissory notes (or other obligations) in the case of payments made through such promissory notes (or other obligations).

k) The expression means the Reposition of the SDF and the FEAT authorized by this Resolution.

2. General clause.

The Board of Governors accepts the report of the Board of Directors and submits it to the consideration of all the member countries of the Bank as a basis for obtaining the internal approvals necessary for the Replenishment.

3. Contributions.

3.a) Contributions of Members. The Bank is authorised to accept from the member countries listed in Table A, annexed to this Resolution contributions for the Replenishment in amounts not less than those indicated for each of them in the Table, expressed in the units of the obligation.

3.b) Allocation between the SDF and the FEAT. Payment of the first instalment of all contributions made under this Resolution shall be retained, in proportion to the total amount of each contribution, a total amount equal to 140,000,000 US dollars (98,972,804 DEG), quantity to be allocated to the FEAT. Except the party so assigned to the FEAT, all contributions made under this Resolution shall be used and administered in accordance with the Bank's Regulation of the Asian Development Fund (FAD Regulation). The part assigned to the FEAT shall be used and administered in accordance with the Regulation of the Special Fund for Technical Assistance (FEAT) of the Bank, with the exception that those resources shall be used exclusively for technical assistance to the countries concerned. the Bank's poorest developing members, especially in relation to projects, as well as the regional technical assistance the Bank makes.

3.c) Additional contributions. By way of derogation from paragraph 3 (a), the Bank may accept, from any Member State or other source, any additional contributions to the SDF or the FEAT, within the time limits and conditions, which are compatible with the SDF Regulation or with the Regulation of the Bank's FEAT, which will be approved by the Board of Directors. The provisions on allocations in paragraph 3 (b) above shall not apply to any of those additional contributions, unless otherwise specified in the relevant contribution document.

4. Instrument of contribution.

4.a) General clause. In order to make a contribution in accordance with this Resolution, the member shall deposit in the Bank an Instrument of Contribution which formally confirms its intention to contribute in accordance with this Resolution and specifies the amount of the contribution in the the corresponding unit of obligation, as set out in Table A annexed to this Resolution.

4.b) Unconditional contribution. Without prejudice to the provisions of paragraph 4 (c) below, the Instrument for Contribution shall constitute an unconditional commitment by the Member to the Bank to make the payment of the contribution in the manner and in the conditions set out therein. Resolution and contemplated by it. For the purposes of this Resolution, a contribution covered by that Instrument shall be called Unconditional Contribution.

4.c) Conditional contribution. As an exceptional case, where a member is unable to offer an unconditional contribution due to its legislative practices, the Bank may accept a Contribution Instrument containing the condition that the payment of all the time limits for the contribution, except the first, shall be subject to future budgetary appropriations. This instrument, however, shall include the commitment of the member to try to obtain the necessary appropriations, at the rate specified in paragraph 9 (b), during the period of the Replenishment, and to notify the Bank as soon as it obtains each one of such consignations. For the purposes of this Resolution, a contribution covered by that Instrument shall be referred to as the Conditional Contribution and shall be considered unconditional in so far as the appropriations are obtained.

5. Effective.

5.a) Vigency of the Replenishment. The replenishment shall enter into force on the date on which the Contribution Instruments relating to the contributions referred to in paragraph 3 (a) have been deposited with the Bank, corresponding to commitments of an unconditional contribution by a Total amount equivalent to at least 2,100,000,000 US dollars (1,484,592,055 SDRs). Unless the Board of Directors determines otherwise, that date shall not be later than 31 December 1992.

5.b) Vigency of each of the Contributions. The Contribution Instruments deposited on or before the date of entry into force of the Reposition shall take effect on that date, and the Contribution Instruments deposited after that date shall take effect on their respective dates of deposit.

6. Payment of the instalments.

6.a) Payment dates. Without prejudice to the provisions of this Resolution, each contribution made pursuant to this Resolution shall be paid in instalments, at the rate of a payment, at least in each of the four calendar years covered by the Reposition, provided that, except for the Board of Directors shall determine otherwise, the first, second and third instalments shall be paid no later than 1 November 1992, 1993 and 1994 respectively, and the latest, at the latest, on 31 December 1995. Payments relating to Conditional Contributions shall be made within 90 days as each period of the contribution has become unconditional and without prejudice to the annual payment dates specified above in the the same paragraph.

6.b) Amount of time. With the exception of paragraph 6 (c), the payment of the time-limits for each conditional contribution shall be, at the option of the member, (i) of equal amounts or (ii) of increasing amounts, so that the first period shall be at least the 20 per 100 of the contribution, the second at least 23 per 100, the third at least 27 per 100, and the fourth cover the remaining balance. The payment of the time limits for each conditional contribution shall be equal.

6.c) Optional regime. Any member who wishes may pay his or her contribution at a lower or higher number of instalments, or in higher percentage fractions or on dates prior to those specified in paragraphs 6.a) and 6.b) above, provided that, unless the Board of Directors otherwise determines that such a payment scheme is not less favourable to the Bank and that the latter period shall be paid by 31 December 1995 at the latest. Any payment of a period prior to the date of entry into force of the Reposition shall be deemed to be an advance payment, and the amount of such payment shall not be used for the purposes of contracting loans before the entry into force of the Reposition. Replacement, unless the member chooses to notify the Bank that it may have such an amount in advance, in accordance with paragraph 9.c). (ii) of this Resolution.

6.d) Deferred contribution. If any member deposits an Instrument of Contribution after the date on which the first instalment is to be paid in accordance with paragraph 6 (a) above, the payment of any period expired at the time of the deposit of the Contribution Instrument with the provisions of paragraphs 6.a) and 6.b) shall be made within 90 days of the date of such deposit.

6.e) Payment schedule. When making the deposit of its Contribution Instrument, each member shall indicate to the Bank the timetable for payment of the time-limits it proposes, on the basis of the foregoing provisions of paragraph 6.

6.f) Terms of payment. By way of derogation from paragraph 6, no member shall be required to make a payment in respect of his contribution, except in so far as the contribution is available for loan commitments as specified in the paragraph 9.

7. Mode of payment.

All payments relating to each contribution made under this Resolution shall be made in cash or, at the option of the member, by the deposit of non-negotiable and non-interest-bearing notes or similar obligations of the member, which may be made effective by the Bank at par and at its presentation, in order to satisfy the loan commitments, in accordance with the provisions laid down in this respect by the Board of Directors.

8. Payment currency.

8.a) General clause. All contributions made under this Resolution shall be paid in freely convertible currencies.

8.b) Applicable change type. Where the currency for the payment of a contribution is different from the unit of obligation applicable to that contribution, as set out in Table A attached to this Resolution, the amount of the payment of each instalment relating to the contribution shall be determine on the basis of the exchange rate used by the Bank for conversion purposes in its books of accounts at the time the payment is made.

9. Conditions for the commitment of loans.

9.a) Unconditional Contribution. Without prejudice to the provisions of this Resolution, for the purpose of the commitment of funds by the Bank in the course of its operations, each Unconditional Contribution shall be divided into four equal tranches and shall be made available for commitments of loans as follows:

(i) The first tranche: On the date the relevant Contribution Instrument enters into force;

(ii) The second tranche: From 1 January 1993 (or from the date of the entry into force of the relevant Contribution Instrument, if any later), provided that before that date they have been deposited with the Bank. Contribution instruments relating to the contributions referred to in paragraph 3 (a) above for a total amount equivalent to at least $3,600,000,000 of the United States (2,375,347,288 SDRs), including all the contributions that are to be conditional;

(iii) The third tranche: From 1 January 1994 (or from the date of the entry into force of the relevant Contribution Instrument, if any later);

(iv) The fourth tranche: From 1 January 1995 (or from the date of the entry into force of the relevant Contribution Instrument, if any later).

9.b) Conditional Contribution. Each Conditional Contribution will be made available for loan commitments to the extent that it has become unconditional, which will be at the rate of a quarter of its total amount in each of the four years covered by the loan. Replenishment.

9.c) Exception clause. Notwithstanding the above provisions of paragraph 9:

(i) If a member who has made a conditional contribution cannot, one year, make available to the Bank for loan commitments an amount equal to one quarter of his total contribution, that member shall indicate to the Bank the revised amount which will become unconditional and how it is proposed to supplement this insufficiency within the following period or deadlines. In such a case, the Bank shall immediately consult the other contributing countries. Each contributing country may, during the following 30 days, notify the Bank in writing of the following reduction in the availability of loans from the Bank of the second, third or fourth tranche, as the case may be, to the Bank. contribution of that contributing country:

(A) In the case of the second tranche, a reduction in proportion to the amount in which the first tranche of the Conditional Contribution has not become unconditional;

(B) In the case of the third tranche, a reduction in proportion to the amount in which the second tranche of the Conditional Contribution has not become unconditional, and

(C) In the case of the fourth tranche, a reduction in proportion to the amount in which the fourth tranche has not been converted into an unconditional one.

A contributing country shall be deemed to waive the exercise of this right if the Bank does not receive written notification within the period specified above.

(ii) Any member may notify the Bank that its contribution, or part thereof, is considered as an advance contribution from which the Bank may have available for loan commitments prior to the entry into force of the Replenishment. At the time of such entry into force, the amounts thus made available to the Bank shall cease to be considered as an advance contribution.

(iii) Any member may authorise the Bank to use the second, third or fourth tranche of its contribution, or part thereof, for loan commitments under a more favourable calendar for the Bank than the Bank. specified in the preceding provisions of paragraph 9.

10. Meeting of the contributing countries.

If the delay in the adoption of any contribution commitments will result in or threaten to cause a suspension of the Bank's concessional lending or technical assistance operations, or otherwise prevent the Bank from taking substantial achievement of the objectives of the replenishment, the Bank will convene a meeting of representatives of the contributing countries to examine the situation and to study ways to obtain the necessary contribution commitments and, based on the recommendations of this meeting, the Board of Directors will adopt the measures it considers required.

11. Exchange rates.

In order to determine the monetary equivalents for the purposes of this Resolution, the exchange rate to be applied between a member's national currency, the United States dollar and the SDR shall be, except for the exception provided for in the Paragraph 8.b) above, the one set out in Table B attached to this Resolution.

(OMITIDES TABLES)