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Law 17/1990, December 4, Which Authorizes The Participation Of The Kingdom Of Spain In The Seventh Increase In General Of The Resources From The Inter-American Development Bank.

Original Language Title: Ley 17/1990, de 4 de diciembre, por la que se autoriza la participación del Reino de España en el Séptimo Aumento General de los Recursos del Banco Interamericano de Desarrollo.

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TEXT

JOHN CARLOS I

KING OF SPAIN

To all who present it and understand,

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

March 1989, the member countries of the Inter-American Development Bank reached an agreement on the loan program of the institution during the period 1990-1993. was set at 22.5 billion dollars from the United States.

To address this program, the Proposal for the Seventh General Increase in Resources of the Inter-American Development Bank was approved in May 1989. Under this increase, the Bank's capital is increased by $26,500,007,311 from the United States, corresponding to 2,196,722 new shares, with a unit nominal value of $10,000 of the peso and law in force as of 1 January 1959, or 12,063,43238 current dollars. In addition, the Fund's resources for Special Operations are increased by $20,000,000 from the United States.

Spain, which has been a member of the Inter-American Development Bank since 1976, has already participated in its Fifth and Sixth General Resources. The general policy of maintaining the presence and relative weight of our country in this type of multilateral institutions advises participation in this Seventh General Increase with the same relative weight as in the repositions above.

This Law is intended to authorize the participation of Spain in the aforementioned increase in the resources of the Inter-American Development Bank.

Article 1. º

The Government is authorized to take all appropriate measures to ensure that Spain participates in the Seventh General Increase of the Resources of the Inter-American Development Bank in the terms foreseen in the AG-1/90, AG-2/90 and AG-3/90, approved by the Board of Governors of that institution on 17 January 1990 and published as Appendices to this Law.

Article 2. º

According to the aforementioned resolution AG-1/90, the subscription for Spain of twenty-one thousand hundred twenty (21,120) new shares of the capital of the Inter-American Development Bank is authorized, by a nominal value. Total of two hundred and fifty-four million seven hundred and seventy-nine thousand six hundred and ninety-two (254,779,692) US dollars. Of the same, five hundred and twenty-eight (528) actions will be payable for a nominal value of six million three hundred and sixty-nine thousand four hundred and ninety-two (6,369,492) dollars. The remaining twenty thousand five hundred and ninety-two (20,592) shares, for a nominal value of two hundred and forty-eight million four hundred and ten thousand two hundred (248,410,200) dollars, shall be enforceable in the terms provided for by the Convention. Constitutive of the Inter-American Development Bank.

Item 3.

In accordance with the provisions of Resolution AG-2/90, Spain is authorized to make a new contribution to the Special Operations Fund, amounting to eight hundred and eighty-four thousand. Eight hundred and forty-nine (805,684,849) pesetas.

Article 4. º

The Government is authorized to participate in the so-called "Intermediate Financing Facility Account" in the terms set forth in Resolution AG-3/90 above.

Article 5.

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 contributions.

ADDITIONAL DISPOSITION

The Ministers of Foreign Affairs and Economic Affairs and Finance are hereby authorised to adopt, within the framework of their respective powers, all measures necessary for the implementation of the provisions of this Law.

FINAL DISPOSITION

This Law will enter into force on the day following its publication in the "Official State Gazette".

Therefore,

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

Madrid, 4 December 1990.

JOHN CARLOS R.

The President of the Government,

FELIPE GONZÁLEZ MARQUEZ

APPENDAGES

RESOLUTION AG-1/90

Increase of US $26.5 billion in authorized capital and corresponding subscription fees

Considering:

That the Committee of the Board of Governors has studied the possibility of increasing the Bank's resources through increases in authorized capital and the resources of the Fund for Special Operations and through additional contributions to the Intermediate Financing Facility and has submitted a report and recommendations relevant to the Board of Governors;

That the Board of Governors has concluded that it would be appropriate to take the measures to increase the Bank's authorized capital; and

Article II, Section 2 e) of the Bank's Constitutive Convention provides for the Bank's capital increases.

The Board of Governors.

Resolves:

Section 1. Increase in authorised capital

(a) Subject to the provisions contained in paragraph (b) of this Section, the authorized capital of the Bank shall be increased by the sum of USD 26,500,007,311 of the United States of America, divided by 2,196,722 shares, each with a nominal value as provided for in the Bank's Constitutive Convention.

(b) This increase shall take effect only if, at the latest, on 31 December 1989 or at another date after the Executive Board determines, the Member States have deposited the appropriate instrument in the Bank. by which they agree, subject to the appropriate legal formalities in the respective countries, to subscribe at least 1,654,000 shares of the capital increase authorized in accordance with Section 2 of this resolution.

Section 2. Subscriptions

(a) In accordance with Article II (3) (b) of the Bank's Constitutive Convention, each Member State may subscribe to the respective number of actions referred to below:

Brazil

Jamaica

Dominican Republic

Equity

shares

in cash

Actionable Capital

Actions

Total

actions

Total

in dollars

subscriptions from the US (1)

Regional Members

Argentina

6.352

247,700

254.052

3.064.739.124

Bahamas

124

4,788

4,912

59,255,580

Barbados

76

2,964

3.040

36.672,832

Bolivia

508

19.884

20.392

245.997.512

6.352

247,700

254.052

3.064.739.124

Canada

2,400

93,556

95,956

1.157.558.716

Colombia

1,744

67,964

69,708

840,917.748

256

9.940

10.196

122.998.756

1,744

68,012

69,756

841.496.792

Ecuador

340

13.268

13,608

164.159.188

The Savior

256

9,940

10.196

122.998.756

U.S.

19.004

741.108

760.112

Guatemala

340

13.268

13,608

164.159.188

Guyana

96

3.684

3,780

9,940

9,940

Table_table_der" > 10.196

122.998.756

Honduras

256

9.940

10.196

122.998,756

340

13.268

13,608

164.159.188

Mexico

4,084

159.224

163.308

Nicaragua

256

9,940

Table_table_der" > 10.196

122.998.756

Panama

256

9.940

10.196

122.998,756

Paraguay

256

9,940

10.196

122.998.756

Peru

852

33,192

34,044

410.687.492

340

13.268

13,608

164.159.188

Suriname

52

2,020

2.072

24.995.432

Trinidad and Tobago

256

9,940

10.196

122.998.756

Uruguay

680

26.556

27.236

328.559.648

Venezuela

3.404

132.708

136.112

1.641,977,908

Total Regional Members

50,880

1,983,652

2.034.532

24.543.439.204

Extracerional

 

Germany, Federal Republic of

540

21.092

21.632

260.956.168

Austria

44

1,692

1,736

20.942.120

Belgium

104

4,008

4.112

49.604,832

Denmark

48

1,800

1,848

22.293.224

Spain

528

20,592

21.120

254.779.692

44

1,692

1,736

20.942.120

France

528

20,592

21.120

254.779.692

Israel

44

1,668

1,712

20.652,596

Italy

528

20,592

21.120

254.779.692

Japan

588

22,972

23,560

284.214.468

Norway

48

1,800

1,848

22.293.224

Netherlands

80

3.132

3.212

38,747,748

Portugal

12

544

556

6.707.268

UK

528

20.592

21.120

254.779.692

Sweden

88

3.508

3,596

43,380.104

Switzerland

116

4,600

4,716

56.891,148

Yugoslavia

44

1,692

1,736

20.942.120

Total extraregional members.

3,912

152,568

156.480

1.887.685.908

54,792

2.136.220

2.191.012

26.431.125.112

Unassigned

143

5,567

5,710

68.882.199

Total

54.935

2.141.787

2.196.722

26.500.007.311

(1) Moved to current United States dollars at the rate of 12,063,43238 US dollars per share, in accordance with the provisions of the Bank's Constitutive Convention, which provide that each capital action of the Bank It will have a nominal value of 10,000 US dollars, expressed in terms of the United States dollars of the peso and the law in force on January 1, 1959. The Bank's Legal Adviser has presented an opinion that since the Second Amendment to the International Monetary Fund's Constitutive Convention on April 1, 1978, it eliminated the currency parity in terms of Gold, the Special Drawing Rights (SDR) have replaced the United States dollar of 1959 as a unit of uniform value of the Bank's capital stock. The Bank's senior management bodies have not yet taken any decision on this matter.

(b) Each subscriber member country shall notify the Bank that it has taken the necessary measures to authorize its subscription and shall provide the Bank with all information it may request from the Bank.

(c) The subscription of each member country to the additional capital payable in cash shall be made under the following conditions:

i) The subscription price per share shall be the nominal value of each share in accordance with the provisions of the Bank's Constitutive Convention.

(ii) The subscriptions of the member countries of the capital payable in cash shall be made in four equal instalments which shall be effective on 31 October of each year from 1990 onwards and up to 1993, inclusive, or on subsequent dates as determined by the Executive Board, and each fee shall be paid within thirty days of the respective dates on which they shall be effective as set forth in this paragraph.

iii) The subscription of each member country to the capital payable in cash will be paid in full in the currency of the respective country, which will make arrangements to the satisfaction of the Bank, which will ensure that its respective currency, with which there is These payments to the Bank shall be freely convertible into the currencies of other countries for the purposes of the Bank's operations or shall agree to make on behalf of the Bank its respective currency with which it has made these payments in euro coins. other countries within the objectives of the Bank's operations. The total of the capital payable subscriptions shall be subject to the provisions of Article V, Section 1, (b), (i) of the Constitutional Convention of the Bank.

(iv) The Bank may receive non-negotiable, non-interest-bearing notes or similar securities in the form provided for in Section 4 of Article V of the Bank's Constitutive Convention, replacing the immediate payment of the total or any part of the subscription of capital shares payable in cash by a member country, provided that the Board of Executive Directors, taking into account the purposes of the capital increase and the requirements for disbursements of the loans to which the resources are committed, establish a calendar according to which they Notes or similar securities shall be paid to the Bank.

(d) The subscription of each member country to the additional required capital shall be carried out under the following conditions:

(i) The subscription price per share shall be the nominal value of each share in accordance with the provisions of the Bank's Constitutive Convention.

(ii) The subscriptions of the Member States to the capital required shall be made in four equal instalments, which shall be effective, respectively, on 31 October of each year from 1990 onwards and up to 1993, inclusive, or on dates later to determine the Executive Directory.

Section 3. Voting Power

The provisions of Section 7, b), of the General Standards for the Admission of Extractiregional Countries as Members of the Bank with the same force and effect as if they were to be applied to the capital increase provided for in this resolution. will be found in this resolution.

RESOLUTION AG-2/90

Increase in Fund resources for Special Operations and corresponding contribution fees

Considering:

That the Committee of the Board of Governors has studied the possibility of increasing the Bank's resources through increases in authorized capital and the resources of the Fund for Special Operations and through additional contributions to the Intermediate Financing Facility and has submitted a report and recommendations relevant to the Board of Governors;

That the Board of Governors has concluded that it would be appropriate to take the steps to increase the Fund's resources for Special Operations; and

Article IV, Section 3 (g) of the Constitutional Convention of the Bank provides for increases in the Fund's resources through additional contributions from member countries.

The Board of Governors.

Resolves:

Section 1. Increase in Fund resources

According to the provisions of this resolution, the resources of the Special Operations Fund will be increased by additional contributions from the member countries in sums not less than those indicated for the Member countries in Tables I and II annexed to this resolution, in terms of the applicable unit of obligation.

Section 2. Contribution Instrument

(a) In order to make a contribution in accordance with this resolution, the Member State shall deposit with the Bank a Contribution Instrument which formally confirms the intention of the Member State to contribute and specifies the unit of applicable obligation and the amount of its contribution in that unit, as set out in Table I annexed to this resolution.

b) Subject to the provisions of Section 2. (c) the following, the Contribution Instrument shall constitute an unconditional commitment of the Member State to the Bank to pay the contribution in the manner and under the terms set out in this resolution. For the purposes of this resolution, a contribution covered by such an Instrument shall be called an Unconditional Contribution.

(c) As an exceptional case, where a Member State is unable to make a commitment to an unconditional contribution due to its legislative procedure, the Bank may accept from that Member State a Contribution Instrument which contains the condition that the payment of all the contributions of the Contribution is subject to subsequent budgetary allocations. However, this Instrument shall include the commitment to seek the necessary allocations as specified in Section 5. (b) of this resolution, during the period of the increase and to notify the Bank as soon as each allocation is obtained. For the purposes of this resolution, a Contribution covered by such an Instrument shall be referred to as a conditional contribution, and shall be deemed unconditional to the extent that the allocations are obtained.

Section 3. Entry into force

(a) None of the contributions shall be payable unless, at the latest by 31 December 1989 or at the date after which the Executive Board determines, the Member States have deposited the instruments of Contributions representing unconditional and conditional contributions in total amount not less than the equivalent of $150,000,000 from the increase of the Fund for Special Operations.

(b) The Contribution Instruments deposited at the latest on the date of entry into force of the increase shall take effect on that date, and the Contribution Instruments deposited after that date shall take effect in the respective dates of your deposit.

Section 4. Contributions

(a) Each member country shall make its contributions in one of the freely convertible currencies (1) designated by the Bank for the purposes of this resolution.

(1) Some of the region's borrowing countries expect to derive 50 per 100 of their contributions from the intra-regional export product in order to strengthen regional integration progress.

(b) The contributions shall be made in four equal instalments which shall be effective, respectively, on 31 October of each year from 1990 and up to 1993, inclusive, or on subsequent dates as determined by the Board of Directors. Executive, and each installment of the unconditional Contributions must be paid within thirty days of the respective dates in which they are effective as set forth in this paragraph. Payments in respect of a conditional contribution shall be made within 30 days at the time and in so far as their conditional character has been eliminated for each quota and must be made in the respective annual payment dates. set out in the previous provisions of this paragraph.

(c) The Bank may receive non-negotiable notes or similar securities that do not accrue interest in the form provided for in Section 4 of Article V of the Bank's Constitutive Convention, replacing the immediate payment of the total or any part of the contribution of a member country to each quota, provided that the Executive Director takes into account the purposes of the increase of the Fund's resources for Special Operations and the disbursement requirements of the loans to which the resources are committed, establish a calendar according to which such notes or similar securities shall be paid to the Bank.

(d) The payments of each member country shall be equivalent to an amount that, in terms of the applicable unit of obligation, is indicated for the respective member country in Table I annexed to this resolution.

e) The currencies of all the member countries held by the Bank from these additional contributions shall not be subject to the provisions on maintenance of the value of Article V, Section 3, of the Constitutive Convention of the Bank.

(f) Notwithstanding the provisions of Section 4 above, no member country shall be obliged to make a payment in respect of its contribution except to the extent that its contribution is available for loan commitments such as is set out in Section 5 below.

Section 5. Conditions for the commitment of loans

(a) For the purposes of the Bank's loan commitments, each Unconditional Contribution shall be divided into four equal tranches and, subject to Section 4, (b) of Section 6 of this resolution, shall be available for commitments. of loans as follows:

(i) The first tranche: from 31 October 1990 or the subsequent date of the entry into force of the relevant Contribution Instrument;

(ii) The second tranche: From 31 October 1991;

(iii) The third tranche: From 31 October 1992;

iv) The fourth tranche: From 31 October 1993.

b) Each conditional contribution (unless it has become unconditional on the due date), will become available for loan commitments at the time and to the extent that it has become unconditional, What shall occur at the rate of one quarter of the total amount in each of the four years covered by the increase in the dates set in accordance with Section 4, (b) of this resolution.

Section 6. Limitation of commitments

If there are conditional contributions that have not become unconditional in the proportion, in the measure and on the dates specified in Section 5, b) above with respect to the second, third and fourth quotas, the Bank notify immediately to all Member States, and those Member States which have made unconditional contributions or whose conditional contributions have become unconditional in proportion, to the extent and on the dates specified in Section 5, b) above, may, after consulting the Executive Board of the Bank, to notify the Bank in writing that the Bank shall refrain from making commitments on loans against its Contributions to the respective quota. The maximum amount of such reduced loan commitments shall be in proportion to the extent to which the respective share of the conditional contribution has not become unconditional.

Section 7. Meeting of the member countries

If in the process of increasing the Fund's resources for Special Operations there were delays or adjustments in the payment of contributions or in their availability for loan commitments that would prevent or appear to be to prevent substantial achievement of the purpose of the increase, the Bank shall convene a meeting of the representatives of the Member States to examine the situation and consider measures to obtain the necessary contributions.

TABLE I

Fund increase contributions for special operations (1)

Chile

Guyana

Panama

Belgium

Denmark

Italy

UK

Country

US dollar equivalent

Equivalent in DEG (2)

Equivalent in ECU (2)

Members:

Argentina

11.352,000

8.730.763

10.220.765

Bahamas

258,000

198.427

232.290

Barbados

35,000

35,000

26,918

31,512

Bolivia

926,000

712.182

833,723

Brazil

11.352,000

8.730.763

10.220.765

Canada

11.069,000

8.513.109

9.965.967

Colombia

3.190,000

2.453.412

2.872.114

Costa Rica

457,000

351,476

411.460

3.190,000

2.453.412

2.872.114

Ecuador

612,000

477,608

559.117

El Salvador

457,000

351,476

411.460

U.S.

82,304,000

63.299.570

74.102.352

Guatemala

621,000

477,608

559.117

199,000

153.050

179.169

Haiti

457,000

351,476

411.460

Honduras

457,000

351,476

411.460

Jamaica

621,000

477,608

559.117

Mexico

7.97,000

7.155.076

Nicaragua

457,000

351,476

411.460

457,000

351,476

411.460

Paraguay

457,000

351,476

411.460

Peru

1.571,000

1.208.248

1.414,449

621,000

621,000

Table_table_der" > 477,608

559.117

Suriname

152,000

116.902

136,853

Trinidad and Tobago

457,000

351,476

411.460

Uruguay

1.243,000

955,985

1.119.134

Venezuela

7.97,000

6.111.996

7.155.076

Total Regional Members

148.875,000

114.498,973

134.039.507

Extracer Members:

Germany, Federal Republic of

7.067,000

5.435.193

6.362.769

Austria

566,000

435.307

509,598

1.343,000

1.032,894

1.209.169

604,000

464.533

543,811

Spain

6.901,000

5.307.523

6.213.311

Finland

566,000

435.307

509,598

6.901,000

5.307.523

Israel

559,000

429,924

503.295

6.901,000

5.307.523

6.213.311

Japan

7.698,000

5.920.491

6,930.889

Norway

604,000

464.533

543,811

Netherlands

1,050,000

807.550

945.367

Portugal

182,000

139,975

163.863

6.901,000

5.307.523

6.213.311

Sweden

903.686

1.175,000

Switzerland

Switzerland

1.541,000

1.185.175

Yugoslavia

566,000

435.307

509.598

Total extraregional members

51,125,000

39.319,967

46.030.360

total

200,000,000

153.818.940

180.069,867

(1) The amount in units of obligation is determined by representative exchange rates of the IMF and the value in SDR of the currencies published by the International Monetary Fund or the value in ECU of the coins published by the Commission of the European Communities on 20 March 1989. (Exchange rate for peseta: 116.749 pesetas/dollar.)

(2) Redwaving to the nearest drive.

Note: Member countries that have not specified their obligation unit as indicated in the table above, will specify it at the latest when delivering their Contribution Instrument.

TABLE II

Non-regional member countries ' contributions to the increase of the Fund for special operations (1)

Equivalent

in DEG (2)

Norway

463,000

Portugal

Country

Basic Contribution

Supplementary Contribution

Equivalent

in US dollars

Equivalent

in DEG (2)

Equivalent

in ECU (2)

Equivalent

in ECU (2)

Germany, Federal Republic of.

3.116,000

2.396.499

2.805.489

3.951,000

3.038.694

3.557.280

Austria

250,000

192.273

225.088

316,000

243.034

284.510

Belgium

592,000

455.304

533.007

751,000

577.590

676.162

Denmark

266,000

204.579

239.493

338,000

259,954

304.318

Spain

3.043,000

2.340.355

2.739,763

3.858,000

2.967.168

3.473.548

Finland

250,000

192.273

225.088

316,000

243.034

284.510

France

3.043,000

2.340.355

3.858,000

3.858,000

3.473.548

3.858,000

Israel

246,000

189.197

221.486

313,000

240.727

281,809

3.043,000

2.340.355

3.858,000

3.858,000

3.473.548

3.858,000

3.394,000

2.610.307

3.055.785

4.304,000

3.310.184

3.875.104

266,000

204.579

239.493

338,000

259,954

304.318

463,000

356,091

416.862

587,000

451,459

528.505

80,000

80,000

61.527

72,028

102,000

78,448

91,835

UK

3.043,000

2.340.355

2.739,763

3.858,000

2.967.168

3.473,548

Sweden

518,000

398,391

466.380

657,000

505.295

591.530

Switzerland

679,000

522.215

611.337

862,000

662.960

776.101

Yugoslavia

250,000

250,000

192.273

225.088

316,000

243.034

284.510

Total

22,542,000

17.336.928

20.295,676

28.583,000

21.983.039

25.734.684

(1) The amount in units of obligation is determined by representative exchange rates of the IMF and the value in SDR of the currencies published by the International Monetary Fund or the value in ECU of the coins published by the Commission of the European Communities on 20 March 1989.

(2) Rounded to nearest drive.

RESOLUTION AG-3/90

Transfer of additional resources to the intermediate financing facility

Considering:

That the Committee of the Board of Governors has studied the possibility of increasing the Bank's resources through increases in authorized capital and the resources of the Fund for Special Operations and through additional contributions to the Intermediate Financing Facility and has submitted a report and recommendations relevant to the Board of Governors;

That the Board of Governors has determined that Article IV, Section 10, of the Bank's Constitutive Convention includes the faculty of the Gainers to distribute and assign to a separate account, upon agreement of the members, assets of the General Reserve of the Special Operations Fund for which resources are provided for the net profits of the Fund;

Which, in accordance with Resolution AG-12/83 of 12 December 1983, entitled "Creation of an Intermediate Financing Facility", the Assembly of Governors approved the creation of an Intermediate Financing Facility for the Bank; and

That the Board of Governors has concluded that it would be appropriate to take the steps to increase the resources of the Intermediate Financing Facility Account (the "Account").

The Board of Governors.

Resolves:

Section 1. Additional resources

An aggregate amount equal to (i) $8,000,000 will be allocated annually for each of the years 1997 to 2001, and (ii) $30,000,000 for each of the years 2002 to 2010, in convertible currencies of the General Reserve. of the Fund for Special Operations (the "Fund"). This allocation shall be made annually by the Board of Governors at the time of approving the states of gains and losses pursuant to Article VlLI, Section 2, b), viii) of the Convention. The amounts referred to in this paragraph may be appropriately modified by the Board of Governors for appropriate reasons related to the financing of the Account. These amounts will be additional to the allocation that would be made to the Fund's General Reserve Account in accordance with resolution AG-12/83.

Section 2. Account-Related Provisions

The provisions of resolution AG-12/83 contained in Section 4, "Use of resources"; Section 5, "Account Management"; Section 6, "Account termination", and Section 7, "Amendments", shall apply to the additional resources to be provided in accordance with this resolution.

Section 3. Entry into force

This resolution shall enter into force only if no later than 31 December 1989 or at the later date determined by the Executive Board, a) the increase in the authorized capital and in the Resources of the Fund for Special Operations set out in Document AB-1378, and (b) votes would have been received in favour of this resolution of member countries representing a majority of the votes of the member countries.