Law 6/1989, Of 3 April, Which Authorizes The Contribution Of The Kingdom Of Spain To The Fourth Replenishment Of The Resources Of The Asian Development Fund.

Original Language Title: Ley 6/1989, de 3 de abril, por la que se autoriza la contribución del Reino de España a la Cuarta Reposición de los Recursos del Fondo Asiático de Desarrollo.

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JUAN CARLOS I, King of Spain to all that the present join together and Act, know: that the Cortes Generales have approved and I come in to sanction the following law: Spain joined the Asian Development Bank on 14 February of 1986 by law 44/1985, of 19 December, authorizing the signing of 6.020 shares of the Bank, as well as a contribution of 4,335 million pesetas to fund Asian development and another of 21.7 million of pesetas to the technical assistance Special Fund.

The Asian Development Fund (in later FAD) is the core of resources provided by the Group of the Asian Development Bank on concessional terms to their countries developing members eligible for it.

This fourth replenishment (FAD V on nomenclature of the institution) aims to provide to the FAD) new resources for lending to projects and programmes during the four-year period 1987-1990, with financing to fifty years, ten years grace period and zero interest rate.

Both reasons welfare as legitimate wishes of trade policy, advise now that Spain participate in the initiative to which the practical locality of industrialized countries have joined already.

The object of this law is to establish the instrumentalization of the Spanish participation.

First article authorizes the Government to take the necessary measures so that the Kingdom of Spain to participate in the fourth replenishment of resources of the Asian Development Fund (FAD V) provided for in resolution number 182 adopted by the Board of Governors in October 1986, published as annex to this law.

Second article in accordance with the provisions of the aforementioned resolution, is authorized a new contribution to the Asian Development Fund by the Kingdom of Spain in pesetas four thousand one hundred forty and six million two hundred seventy and three thousand four hundred twenty ( pesetas) or its equivalent in dollars of the United States, to the dollar exchange rate peseta/established by the Asian Development Bank at the time of payments , in accordance with the conditions laid down in the resolution that integrates the annex to this law.

Third article authorizes the Bank of Spain so that in accordance with article 21 of the Decree-Law 18/1962, June 7, nationalization and reorganization of the Bank of Spain, and other provisions in force on the subject perform necessary disbursements for the payment of the aforementioned subscription.

ADDITIONAL provisions first empowers with the ministries of Foreign Affairs and of finance to adopt whatever measures are called for the implementation of this law.

Second this law shall enter into force the day after its publication in the "Official Gazette".

Therefore, command to all Spaniards, private individuals and authorities, which have and will keep this law.

Palacio de la Zarzuela, Madrid, on April 3, 1989.


The Prime Minister, FELIPE GONZALEZ MARQUEZ annexed resolution number 182 REPLENISHMENT of the Fund Asian development and the background special of assistance technical because: the Board of Directors has submitted to the Board of Governors a report on the replenishment of the Asian Development Fund (FAsD) and the Special Fund of the Bank's technical assistance (FEAT);

Considering that the needs of the poorest and least developed member countries, the Bank should make a substantial replenishment of the FAsD in order to finance the programme of concessional loans to the four-year period that begins in January 1987;

Bearing basin of the advisability and importance of the regularization of the replenishment of the FEAT, the Bank must also start the periodic replacement of the same together with the periodic replacement of the FAsD, and all developed member countries and some developing member countries have indicated their intention to make contributions to the fourth replenishment of the FAsD and the first regularized replenishment of the FEAT , can agree the provisions stated in this resolution, even if not you can get to any commitment on the matter until all necessary internal approvals, the Board of Governors meets LO following 1 obtained. Such definitions as used in this resolution: to) the word 'Member' means a member of the Asian Development Bank.

(b) the expression "contribution instrument" means the instrument whereby a member confirms its intention to contribute pursuant to paragraph 4 of this resolution.

((c) the expression "unconditional contribution" means the contribution covered by an instrument of unconditional contribution, such as is defined in paragraph 4.b) of this resolution.

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

e) the expression 'unity of obligation' means the national currency of a member, the United States dollar, or the SDR, as applicable, each Member has chosen to describe their contribution which is specified in the last column of the tables A and B attached to this resolution, which has made the contribution pursuant to section 4.a) of this resolution.

(f) "payment of" a contribution, or «pay» a contribution means a contribution payment, or pay the same in several instalments, by cash or deposit promissory notes or similar documents pursuant to paragraphs 6, 7 and 8 of this resolution.

(g) the word «term» means one of the deadlines that should pay a contribution.

(h) the term «loan commitment» means spare parts funding commitment made by the Bank to carry out liberal concessional loans or technical assistance operations.

(i) the word "section" means the part of a contribution that has rid by loan commitments in each of the four years covered by the replenishment pursuant to paragraph 9 of this resolution.

(j) the word «disposal» means the use of contributions by the Bank, for the purposes of the loan commitments, through the withdrawal of funds in the case of payments in cash and making effective the notes (or other documents) in the case of payments made by such promissory notes (or other documents).

(k) the term «reset» means the replacement of the FAsD and the FEAT authorized by this resolution.

2 clause general Board of Governors accepts the report of the Board of Directors and submit it for consideration by all Member countries of the Bank as a basis for obtaining the necessary internal approval for the replacement.

3 3 contributions. (a) contributions from the developed members. It is authorized the Bank to accept countries developed member contributions for the replacement in quantities of not less than those indicated for each of them, expressed in units of obligation in the table to this resolution Assistant.

(3 b) member contributions in development. It is also authorized the Bank to accept countries developing members listed in table B attached to this resolution contributions for the replacement in quantities of not less than those indicated for each of them, expressed in the corresponding units of obligation.

(3 d) mapping between the FAsD and the FEAT. Payment of the first instalment of each contribution that is made in accordance with this resolution, shall depart in proportion to the total amount of the contribution a total amount equivalent to 72 million dollars from the United States, which is assigned to the FEAT. Except the part so assigned to the FEAT, all contributions which are carried out in accordance with this resolution will be used and managed in accordance with the regulation of the Asian Development Fund (regulation FAsD) of the Bank. The share allocated to the FEAT will be used and managed in accordance with the regulations of the Special Fund of technical assistance (regulation FEAT) of the Bank, with the caveat that some of these resources will be used exclusively to help poorer developing member countries and the regional technical assistance undertaken by the Bank.

(3 d) waiver of restrictions on the acquisition. All contributions made in accordance with this resolution may be used to acquire, within the territory of any member country of the Bank, goods produced in that territory or services provided from the same.

(3 e) additional contributions. Still the provisions in paragraphs 3.a) and 3B), the Bank may accept from any member country any additional contributions to the FAsD or the FEAT, in the terms and conditions, consistent with the regulation of the FAsD or with the FEAT of bank regulation, which agreed with this. Provisions on assignments in the section 3.c) above shall not apply to any of these additional contributions, unless specified otherwise in the document of the relevant contribution.

4. implementation of contribution 4. (a) general clause. To make a contribution with Member arranged to this resolution, be deposited in the Bank a contribution instrument that formally according to its intention to contribute pursuant to that resolution and specify the amount in the unit's corresponding obligation, as set out in table A or table B attached.

(4 b) unconditional contribution. Without prejudice to the provisions of paragraph 4. (c) that follows, the instrument's contribution will be an unconditional commitment to the Member with the Bank for the payment of the contribution of the mode and conditions expressed in this resolution and referred to by the same. Cough effects of this decision, identified as unconditional contribution contribution covered by that instrument.

4 c conditional contribution. As exceptional case, when a member can not provide a commitment to unconditional contribution due to their legislative practices, the Bank may accept it a contribution instrument that contains the condition that payment of all periods for the contribution, except the first, will be subject to future budget allocations. This instrument, however, include the guarantee that seek necessary appropriations, at the rate specified in paragraph 9 (b)), during the period of replacement and that, as soon as you get them, shall be notified to the Bank. For the purposes of this resolution, contributions covered by this Institute are referred to as conditional contributions, and will be considered stalwarts in so far as appropriations are getting.

5 entry into force 5. (a) duration of the replacement. The replacement shall enter into force on the date on which have been deposited in Bank instruments of contribution relating to the contributions referred to in paragraph 3. (a) previous corresponding to commitments of unconditional contributions totalling at least equals 800.000.000 dollars in the United States. Unless the guidelines Board determines otherwise, that date will not be later than the May 31, 1987.

(5 b) validity of each one of the contributions. Contribution of instruments deposited at the date of entry into force of the replenishment or before it shall take effect on such date, and contribution of instruments deposited after that date will take effect in their respective dates of deposit.

6. payment deadlines 6. (a) payment dates. Without prejudice to the provisions to the contrary in this resolution, each contribution made pursuant thereto will be paid in installments, at the rate of a payment, at least, in each of the four years covered by the replacement, although, unless the Board of Directors determines otherwise, the first, second and third instalments will be paid over take on November 1, 1987 1988 and 1989, respectively, and the last term, at the latest on 31 December 1990. Relating to conditional contributions payments shall be made within the period of 90 days, to the extent that each term has become unconditional and without prejudice to the annual payment dates specified above in this same section.

(6 b) amount of time. The terms relating to each contribution unconditional payments will be, at the option of the Member: i) equal amounts, or ii) amounts graduates progressively in such a way that the first run suppose at least 20 per 100 of the contribution, the second term at least 23 per 100, the third term of at least 27 per 100 , and the fourth term to cover the remaining balance. The terms relating to each conditional contribution payments will have equal amounts.

6 c optional regime. Any Member who wish may pay their contribution in a lower number of deadlines in percentage higher or earlier dates than those specified in paragraphs 6. (a) and 6. (b) above, provided that such payments scheme is not less favourable to the Bank.

(6 d) deferred contribution. If someone deposited an instrument of contribution after the date that the first instalment be paid pursuant to paragraph 6. (a) above, the payment of any instalment expired at the time of the deposit of the instrument of contribution pursuant to the provisions of paragraphs 6. (a) and 6. (b) above shall be made within the 90 days following the date of such deposit.

(6 e) payment program. At the time of the deposit of its instrument of contribution, each Member shall inform the bank payment program of time limits proposed by based on the regime set out in the foregoing provisions of section 6.

(6 f) payment terms. Notwithstanding the provisions above in this section 6, no Member shall be obliged to make a payment with respect to your contribution, except insofar as it is available for loan commitments as specified in paragraph 9.

7. mode of payment all payments relating to each contribution made pursuant to this resolution will be made in cash or, at the option of the Member, by the deposit of non-negotiable promissory notes and without interest or documents that reflect similar obligations by the Member, which can be made effective by the Bank at the same presentation to meet the commitments of loans in accordance with the regime of use determined by the Board of Directors.

8. currency of payment 8. (a) general clause. All contributions made pursuant to this resolution shall be paid in freely convertible currencies.

(8 b) applicable exchange rate. When the currency for the payment of the contribution is different from unit applicable to the contribution obligation, as set out in table A or table B attached to this resolution, the amount of the payment for each period relating to the contribution shall be determined on the basis of the exchange rate used by the Bank for the purpose of conversion in their books of account at the time in which such payment is made.

9. conditions for the commitment of loans 9. (a) unconditional contribution. The purpose of the commitments of funds by the Bank, each unconditional contribution will be divided into four equal sections and is available for loan commitments as follows: (i) the first section: on the date that enters into force the relevant instrument of contribution.

(ii) the second section: since January 1, 1988 (or the date that enters into force the relevant instrument of contribution, whichever later), always that prior to that date have been deposited in the Bank instruments of contribution relating to the contributions referred to in paragraph 3. (a) prior equivalent at least to 2.880.000.000 dollars from the United States, which must include all the conditional contributions, totalling and provided that for each conditional contribution has become unconditional in the amount of one-quarter of its total amount.

(iii) in the third installment: since 1 January 1989 (or from the date on which enters into force the relevant instrument of contribution, if later), always who, before that date, each conditional contribution has become a stalwart in the amount of half of the total amount.

(iv) the fourth section: in proportion to the amount that each conditional contribution has become unconditional over three-quarters of its total amount.

(9 b) conditional contribution. Each conditional contribution will become available for loan commitments insofar as it has become unconditional, which occurs to the rhythm of an agreement of the total amount in each of the four years covered by the replacement. The provision for proportional release of unconditional contributions set out in paragraph 9.c ci), (iii), shall apply also to the unconditional sections of a conditional contribution.

9 c exception clause. However the foregoing provisions of paragraph 9, the Bank may contract loan commitments in accordance with the following: (i) any Member may notify the Bank that its contribution, or part of it, be considered as early contribution which may have the Bank for loan commitments until entry into force of the replenishment. At the time of that entry into force, the amounts thus placed at the disposal of the Bank will no longer be considered prospective.

(ii) any Member may authorize the Bank to use the second, third or fourth tranche of its contribution, or part thereof, for loan commitments in accordance with a timetable that is more favorable to the Bank as specified in paragraphs 9. (a) and 9. (b) above.

(iii) If a member who has made a conditional contribution cannot, any year, put at the disposal of the Bank for loan commitments an amount equal to a quarter of their total contribution, that Member shall indicate to the Bank the revised amount which will become unconditional and their intention as to insufficiency in the term or following periods , and, therefore, it is estimated that the conditions precedent to the release of the second and third sections, as appropriate, of the unconditional contributions specified in the second stipulation of paragraph 9. ), (ii), above, and in paragraph 9. a), (iii), above have changed AIDS so that these sections of unconditional contributions be released in proportion to the amount in which the conditional contribution become unconditional.

10 meeting of contributing countries

If, during the period covered by the replacement, delays in the completion of any contribution commitments originated or threatened to cause a suspension of operations of concessional loans and technical assistance from the Bank, or prevent otherwise substantial achievement of the objectives of the replenishment, the Bank shall convene a meeting of representatives of the contributing countries referred to in paragraph 3. (a) to examine the situation and consider ways of obtaining the necessary contribution commitments and, based on the recommendation of the meeting, the Board of Directors shall take the measures it deems necessary.

11 exchange rates to determine the monetary equivalent, for the purposes of this resolution, the exchange rate to be applied to the national currency of a member, the United States dollar and the SDR will be, except for the exception provided for in paragraph 8. (b) above, the exposed in the table C attached to this resolution.

TABLE: contributions of the countries members developed country member dollars of the United States currency national DEG obligation Australia 287 438.920 410.000.000 $ 255.583.050 to national currency unit.

Austria 31.320.000 517.067.520 S 27.848.910 national currency.

28.800.000 1.385.723.810 BFr 25.608 190 domestic currency Belgium.

Canada 299.000.000 419.721.250 C $265.862.850 national currency.

Denmark 32.040.000 277.374.120 DKr 28.489.120 national currency.

151.732.510 28,800.000 Finland FMk 25.608.190 national currency.

France 194.040.000 1.401.197.770 FF 172.535.210 national currency.

236.160.000 Germany 555.398.730 DM 209.987.200 DEG.

Italy 159.120.000 254.532.447.750 Li 141.485.280 national currency.

Japan 1.321.220.000 248.026.711.530 Y 1.174.793.710 national currency.

Netherlands (1) 90.480.000 240.143.870 f 80.452.410 national currency.

New Zealand 14.400.000 27.419.180 NZ$ 12.804.100 national currency.

Norway 28.080.000 205.936.190 NKr 24.967.990 national currency.

Spain pesetas 28.080.000 24 967 990 national currency.

Sweden 49.320.000 365.651.580 SKr 43.854.030 national currency.

44.280.000 87.654.470 39 372.600 national currency SwF Switzerland.

United Kingdom 136.800.000 95.082.840 L 121.638.920 national currency.

United States 584.280.000 584.280.000 $519.526.250 national currency.

Total 3.593.658.920 3.195.386.000 Note: this table is based on the rates of Exchange referred to in paragraph 11 of the resolution.

(1) the contribution of the Netherlands includes an imposes $ 3.000.000 (equivalents, approximately, to 8,000,000 guilders), which the Netherlands have agreed to contribute as additional contributions, on condition that this is not in antler to calculate relative percentage shares of donor countries for the purposes of negotiating future replenishments of the FDAs.

TABLE B: contributions from member countries in developing member country U.S. dollars.

DEG unit of obligation Indonesia 2,000,000 1.778.350 U.S. dollars.

Korea, Republic of 5,000,000 4.445.870 dollars of the USA.

Other Member countries in developing 1.550.000 1.333.760 US dollars. U U.

Total 8,500,000 7.557.980 Note: this table is based on the exchange rates referred to in paragraph 11 of the resolution.

Table C: types of change member country currency national currency units per U.S. dollar.

SDR Australia to$ 1,42639 1,60380 Austria 18,55400 16,50918 S Belgium 48,11541 BFr 54,05040 Canada C $1,40375 1,57835 Denmark 8,65712 DKr 9,72301 Finland FMK 5,26849 5,91957 France 8,11196 7,22118 FF Germany DM 2,35179 2,64183 Italy Li 1.599,62574 1.798,10000 Japan and

187,72552 211,09700 f 2,65411 Netherlands 2,98149 New Zealand NZ$ 1,90411 2,14133 Norway Nkr 7,33391 8,23775 Spain 165,91900 147,65931 PTS Sweden Skr 7,41386 8,33462 Switzerland SwF 1,97955 2,22430 United Kingdom L 0,69505 0,78113 United States $1,00000 1.12464 Note: pursuant to paragraph 11 of the resolution, the exchange rates listed in this table are apl icables to determine the monetary equivalents for the purposes of the resolution, unless the exception provided in section 8.b) resolution. These types of change represent the daily average rates for the period between 1 January and 31 March 1986.

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