Rs 0.941.16 New Arrangements To Borrow From The International Monetary Fund (With Annexes), On April 12, 2010

Original Language Title: RS 0.941.16 Nouveaux accords d’emprunt du Fonds monétaire international du 12 avril 2010 (avec annexes)

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
0.941.16 translation new arrangements to borrow from the international monetary fund concluded in Washington on April 12, 2010 approved by the Federal Assembly on March 1, 2011, accession of Switzerland notified March 10, 2011, entered into force for the Switzerland (State March 11, 2011), March 11, 2011 preamble in the of allow to the international monetary Fund (the Fund) to fulfil more effectively its role in the system international monetary a number of countries with sufficient financial capacity to support the international monetary system have agreed to provide resources to the Fund of amounts determined according to the procedure laid down in this decision. The Fund is an institution based on assessments, credit agreements made available as laid down by this decision will be drawn that in event of resources assessments must be completed to prevent or alleviate a deterioration in the international monetary system. In order to give effect to these intentions, following rules are adopted under art. VII, section 1 (i), of the Statute of the Fund.

RS 0.979.1 s. 1 definitions a) in this decision, is meant by: i) 'amount of a credit agreement': the maximum amounts expressed in special drawing rights as a participant undertakes to place at the disposal of the Fund in respect of a credit agreement; ii) «articles»: the statutes of the Fund; iii) "available credit": the amount of the credit from a participant agreement decreased by any amount drawn or ongoing; iv) "borrowed money". (((: the money transferred to the account of the Fund under a credit agreement; v) "appeal": the notification given by the Fund to a participant of a transfer to the account of the Fund under its credit agreement; vi) 'credit agreement': the commitment to make resources available to the Fund as laid down in this decision; vii) "actually convertible currency. (((((: a currency included for the purposes of transfers in the quarterly plan of financial transactions of the Fund; viii) "shooter": the Member State who buys the currency borrowed from the General Fund account; ix) "debt of the Fund": the amount that the Fund is required to pay in respect of a credit agreement; x) 'Member State': a Member State of the Fund; xi) 'participant': a participating Member State or a participating institution; xii) «participating institution. (: an official agency of a Member State which has entered into a credit agreement with the Fund, with the consent of that State Member; xiii) 'Participating Member State': a Member State of the Fund which has an agreement of credit with the Fund.

((b) for the purposes of this decision, the monetary Hong Kong (AMHK) Authority is regarded as an official body of the Member State whose territories include Hong Kong, on the understanding that: i) the loans made by the AMHK and the payments from the Fund to the AMHK on the basis of this decision is carried out in currency of the United States of America, unless the Fund and the AMHK agree on a currency issued by another Member State; ii) the references to the situation of the balance of payments and reserves in arts. (((5 c), 6 (b)) 6 (c)), 7 (a)) and 11 e) relate to the situation of the balance of payments and reserves of Hong Kong. The AMHK doesn't have the right to vote for the proposals of activation within the meaning of art. 5 c) relating to a plan of mobilization of resources within the meaning of art. 6 (b)) or a call for funds within the meaning of art. 7A), and is excluded from the take-up of funds within the meaning of art. (6 c) If, at the time of the vote on the proposal, approval of the plan of mobilization of resources or the call for funds, the AMHK shall notify the Fund that the current and foreseeable balance of payments situation and Hong Kong reserves make it not respond to a call for funds in respect of the credit agreement; iii) the AMHK may require a prepayment within the meaning of art. 13 c) claims which have been transferred if, at the time of the transfer, the Fund believes that the situation of the balance of payments of Hong Kong is strong enough to justify this right.

S. 2 credit agreements) a any Member State or institution that adheres to this decision is committed to make resources available to the Fund under the terms of this decision, up to the amount in special drawing rights stipulated in annex I to this decision (annex I), which may be amended periodically to incorporate the modification of credit agreements have occurred following the implementation of art. (3B), 4, 15 (b)), 16, 17 and 19 (b)).
(b) with the exception of the cases provided for in the art.1 b) i) and unless otherwise agreed with the Fund, the resources available to the Fund under this decision shall be paid in the currency of the participant. The provisions agreed under this section for the use of the currency of another Member State are subject to the consent of the Member State which the currency will be used.

S. 3 membership) a any Member State or institution mentioned in annex I as a new participant can adhere to this decision in accordance with art. 3 c).
(b) any Member State or institution which are currently not listed in annex I may apply to become a participant at any time. The Member State or the institution which desires to become a participant shall, after consultation with the Fund, notify his desire to adhere to this decision, and if the Fund and participants whose credit agreements represent 85% of the total so agree, the Member State or the institution may adhere to this decision in accordance with the provisions of art. 3 c). By notifying its desire to join the decision under this paragraph, the Member State or the institution specifies the amount, expressed in special drawing rights, of the credit agreement that he is willing to conclude, on the understanding that this amount should not be less than the lowest amount of credit concluded with participants agreements. The accession of a new Member causes a proportional reduction in credit agreements of all participants whose amount is higher than the lowest credit agreement: the aggregate amount of the proportional reduction of the participants credit agreements is equal to the amount of the credit agreement the new participant declined from any increase in the total of credit agreements under the provisions of art. 4 a), on the understanding that no one participant credit agreement will be reduced to an amount below the minimum stipulated in Annex I. c) a Member State or an institution adheres to this decision by filing with the Fund an instrument specifying that this accession is consistent with its legislation and that all necessary measures have been taken to be able to meet the terms of this decision. When the instrument is deposited, the Member State or the institution becomes participating from the date of filing or the date of entry into force of the amendments to this decision in accordance with the decision of the Board of Directors n 14577--(10/35) April 12, 2010, whichever is later.

S. 4 change in the amounts of credit agreements a) when a Member State or an institution is authorized to join this decision under art. 3 (b)), the Fund may increase the total amount of credit agreements with the consent of participants whose credit agreements represent 85% of the total; the increase should not be higher than the amount of the credit from the new participant agreement.
(b) the amount of individual credit agreements of the participants can be reviewed periodically in the light of changing circumstances, and modified with the consent of the Fund and participants whose credit agreements represent 85% of the total, including the participant which the credit agreement is amended. This provision can be amended only with the consent of all the participants.

S. 5 activation period has) when the Director general considers that the resources of the General account which the Fund has to provide financing to Member States must be completed in order to prevent or alleviate a deterioration in the international monetary system, and after consultation with the administrators and participants, the Director general may propose to open an activation during which period the Fund may : (i) engage under the agreements of the Fund with an appeal to participants under their credit agreements; and (ii) finance firm purchases by offering appeals to participants under their credit agreements.

An activation period may not exceed six months and the amount of fund-raising to finance the liabilities of the Fund and the firm purchase agreements may not exceed the maximum amount provided for in the proposal. Opening of an activation period proposal must contain information: (i) out of the total potential of the agreements of the Fund on which carry discussions; (ii) on the part of the agreements to which it is intended to draw and planned agreements; (iii) on the needs of additional funding that the Director general, may occur during the period of activation; and (iv) on the distribution between assessments and the new arrangements to borrow from resources allocated to purchases of the general account during the period following the approval of an activation period.

This information will be updated on a quarterly basis during the period of activation.

(b) if the participants are not unanimously decide that they are willing to accept the proposal of the Director general to initiate an activation period within the meaning of art. 5A), the question is put to a vote. A favourable decision requires the consent of participants admitted to vote whose credit agreements represent at least 85% of the total. The decision is notified to the Fund.
(c) a participant is not allowed to vote if, due to the current situation and foreseeable balance payments and reserves of the Member State, at the time of the decision on the proposal for opening a period of activation the currency of the Member State is not included for the purposes of transfers in the financial transactions plan.
(d) an activation period takes effect only if it is accepted by the participants in accordance with the provisions of art. 5 (b)) and is then approved by the Board of Directors.

S. 6 shots of mobilization of resources and fund-raising has) to finance purchases closed during a period of activation and the commitments under the agreements approved during an activation period, calls for funding of participants credit agreements can be launched on the basis of plans for mobilization of resources approved by the Board of Directors in principle on a quarterly basis, in conjunction with the quarterly plan of financial transactions to the General ledger account. These resource mobilization plans specify the maximum amount of possible fund-raising for each participant during the period in question. The Board of Directors may modify at any time the maximum amounts and periods of fund-raising of these plans. In a resource mobilization plan, the maximum amounts allocated to participants are normally apportioned so that the commitments of participants are proportional to their credit agreements.
(b) a participant is not included in the plan of mobilization of resources if, due to the current situation and predictable its balance of payments and reserves, the Member State does not appear, and the Director-general does not have to be included on the list of countries whose currency is included for the purposes of transfers in the quarterly financial transactions plan.
(c) the Director general proposes appeals to participants during the period of the plan of mobilization of resources with due account of the objective set at the art. 6a), namely that the commitments of participants are proportionate to their credit agreements. No appeal shall be addressed to a participant that is contained in the plan of mobilization of resources if, at the time of the call, the currency of the Member State is not used in transfers from the plan of financial transactions, because of the situation of the balance of payments and reserves of the Member State.
(d) when the Fund launches an appeal under this section, the participant shall promptly transfer the call.

S. 7 procedures for special fund-raising has) calls of funds within the meaning of art. 11 e) can be launched at any time, taking due account of the target to the art. 6a), namely that the commitments of participants are proportionate to their credit agreements. These appeals may not be directed to a participant if, because of the situation current and foreseeable its balance of payments and reserves, the Member State is not, and the Director-general does not have to be included on the list of countries whose currency is included for the purposes of transfers in the quarterly financial transactions plan or When the Member State included in the plan's financial transactions, if at the time of the call, the currency of the Member State is not used in the transfer of the plan because the situation of the balance of payments and reserves of the Member State. Calls for funds launched in accordance with this paragraph are not subject to the rules of procedure set out in art. 5 and 6.
b) Fund-raising within the meaning of art. 23 can be launched at any time and are not subject to the rules of procedure set out in art. 5 and 6.
(c) when the Fund launches an appeal under this section, the participant shall promptly transfer the call.

S. 8 nature and proof of the debt has) the claims of the participants on the basis of calls for funds launched by the Fund under this decision shall take the form of loans to the Fund. At the request of the participant, Fund emits one or more promissory notes in the name of the participant, and the participant acquired, up to the amount of the call for funds to which he responded. These promissory notes have the same scope and the same effects as the loans granted within the framework of this decision and are subject to the General Conditions relating to promissory notes NAE (CG) set out in annex II to this decision. The CG may be amended by decision of the Fund, with the consent of participants whose credit agreements represent 85% of the total. Any modification of the CG must be in accordance with the provisions of this decision. Upon their entry into force, the CG change apply to all outstanding promissory notes that have been issued pursuant to this decision.
(b) where the claim of a participant takes the form of a loan, the Fund presents the participant, on request, instruments evidencing the debt of the Fund. The Fund and the participant set agreed the shape of these instruments. When the repayment of the amount of these instruments and all accrued interest, the instrument is returned to the Fund to be cancelled. If the refund is less than the amount of said instrument, it is returned to the Fund and a new instrument, of an amount equal to the balance due and bearing the same date of maturity as the former, he is substituted.
(c) where the claim of the participant takes the form of promissory notes, these are issued in the form of ledger. At the request of the participant, the Fund issues a registered promissory note in the forms laid down in the annex to the CG. On a promissory note and accrued interest repayment, promissory note is returned to the Fund to be cancelled. If the refund is less than the amount of the promissory note, the latter is returned to the Fund and a new ticket order, an amount equal to the balance due and bearing the same date of maturity than the former, it is substituted.

S. 9 interests) the Fund pays interest on his debt to the title of this decision at a rate equal to the composite of the market rate, that the Fund calculates periodically to determine the rate of interest it pays on the holdings of special drawing rights or, where appropriate, at a higher rate may be agreed between the Fund and participants whose credit agreements represent 85% of the total.
(b) the interest is calculated on a daily basis and paid as soon as possible after 31 July, 31 October, 31 January and 30 April.
(c) interest payable to a participant are paid, depending on whether the Fund decides in consultation with the participant, in special drawing rights, in the currency of the participant, in borrowed money, in freely usable currencies or, with the consent of the participant, in other actually convertible.

S. 10 use of borrowed currency policies and practices of the Fund referred to in art. V, sections 3 and 7, of the Statute regarding the use of its general resources, and in particular those relating to the period of use, apply to purchases of currencies borrowed by the Fund. Nothing in this decision affects the authority of the Fund with regard to applications for the use of its resources submitted by the various Member States. Member States access to these resources is determined by the policies and practices of the Fund and does not depend on loans that Fund may borrow under this decision.

S. 11A reimbursements by the Fund) subject to other provisions of this article, the Fund, five years after a transfer has been operated by a participant in response to an appeal on the basis of this decision, shall reimburse it an amount equal to the transfer, calculated in accordance with the provisions of art. 12. If a shooter for the purchase of which resources have been made available under this decision made a takeover less than five years after the purchase, the Fund shall reimburse participants a equivalent amount during the quarter in which the acquisition is carried out, pursuant to art. 11 d). The refund pursuant to the art. 11A) or 11 c) is carried out, depending on whether the Fund decides, in the currency borrowed as far as possible, or in the currency of the participant, or in special drawing rights, subject to the holdings of special drawing rights of the participant beyond the limit provided for in art. XIX, section 4, of the Statute, unless the participant agrees to receive special drawing rights beyond this limit for this rebate, in freely usable currencies or, with the consent of the participant in other actually convertible.

(b) before the date specified in art. 11A), the Fund, after consultation with the participants, may pay one or more participants in part or in full, in accordance with art. 11 d). The Fund has the option of making the refund pursuant to this paragraph in the currency of the participant in the borrowed currency, special drawing rights, subject to the holdings of special drawing rights of the participant beyond the limit provided for in art. XIX, section 4, of the Statute, unless the Member agrees to receive special drawing rights beyond this limit for this rebate, in freely usable currencies or, with the consent of the participant in other actually convertible.
(c) where a reduction in the assets of the Fund in the currency of a sniper is attributed to the purchase of a currency borrowed pursuant to this decision, the Fund shall reimburse promptly one amount equivalent to participants. If the Fund has used resources in respect of the decision to finance the purchase of a slice of reserve by a gunman and that the assets of the Fund in the currency of the latter who are not subject to redemption are reduced as a result of net sales of this currency during a quarterly period covered by a plan of financial transactions , the Fund reimburses at the beginning of the next quarterly period an amount equivalent to the reduction to the participants, to the extent of the amount of the purchase of the reserve tranche. Payments made in respect of this paragraph are divided between the participants in accordance with the provisions set out in art. 11 d).
d) amounts refunded pursuant to the art. 11A), second sentence, 11b) and 11 c) are distributed among participants taking due account of the target to the art. 6a), namely that the commitments of participants are proportionate to their credit agreements. Amounts refunded to participants are assigned in the first place to their oldest claims in respect of the credit agreement. If the refund pursuant to this paragraph must be assigned to an assigned receivable, repayment is sent to the assignee.
(e) before the date specified in art. 11A), a participant may assert its balance of payments situation makes it necessary to the repayment of the whole or part of the debt of the Fund towards him and apply for this rebate. Wishing to obtain a refund you must consult with the Director general and other participants before notifying its intention. The Fund did benefit from a highly favourable presumption the declaration of the participant. The refund shall be made promptly, in consultation with the participant, in freely usable currencies or in special drawing rights, depending on whether the Fund decides, or actually convertible currencies other Member States. If the assets of the funds in the currencies to be used for repayment are not completely sufficient, the Superintendent may issue a call for funds to particular participants in competition of the necessary balance, under their agreement of credit and subject to the limits of their available appropriations. At the time of the call for funds and the participant having requested the early repayment as required: (i) a participant that provides funds under its credit agreement in a currency that is not freely usable must ensure that these funds can be exchanged for freely usable choice currency. and (ii) a participant that provides funds under its credit agreement in a freely usable currency must collaborate with the Fund and the other Member States so that these funds can be exchanged for another freely usable currency.

(f) where a refund is made in respect of a receivable arising from a call to fund proposed pursuant to this decision, the amount that may be called for under the agreement of the Member under which the debt was born following a call for funds of this decision is restored even.
(g) unless otherwise agreed between the Fund and the participating institution, the Fund is deemed to be discharged from its obligation to reimburse the participating institution in accordance with the provisions of this article, or to pay interest in accordance with the provisions of art. 9, if it transfers an equivalent amount in special drawing rights to the Member State where the participating institution is established.

S. 12 exchange rate has) any transfer value is calculated on the date of the sending of the transfer instructions. The calculation is performed in special drawing rights in accordance with art. XIX, section 7) of the Statute, and the Fund shall reimburse an equivalent value.
(b) for the purposes of the application of all the provisions of this decision, the value of a currency in terms of drawing rights special is calculated by the Fund in accordance with regulation O-2 of the rules and regulations of the Fund.

S. 13 transferability has) participating and non-participating licensees are authorized to assign the whole or any part of their claims in respect of a credit agreement unless: (i) the terms provided for in this article; or (ii) with the prior approval of the Fund, and on such terms as he may approve.

(b) any claim in respect of a credit agreement may be transferred in whole or in part, at any time, to a member or a non-participant who has quality: (i) of Member State of the Fund; (ii) Central Bank or other financial institution of any member designated pursuant to art. V, section 1, of the Statute (other financial institution); or (iii) official body authorized as holder of special drawing rights in accordance with art. XVII, section 3, of the Statute.

c) A from the date of the assignment, the assignee value holds the assigned receivable in the same manner as receivables arising under its credit agreement (if the transferee is a participant) or as if the debt was held by the transferor (if the transferee is a non-participant): (i) the transferee has however the right to request prepayment of the assigned receivable for reasons of balance of payments in accordance with the provisions art. 11 e) that if a Member State or an institution of a Member State whose situation of the balance of payments and reserves, at the time of the transfer, the transferee is considered to be strong enough so that its currency is used in transfers under the plan of the Fund financial transactions; (ii) if the transferee is a non-participant (((, references to the currency of the participant are deemed to relate: A) if the transferee is a Member State, in the currency of the transferee, B) if the transferee is an institution of a Member State, in the currency of that Member State, etC) in other cases in a freely usable currency depending on whether the Fund decides; and (iii) the receivables transferred pursuant to this section are considered to be amounts drawn by the first participant grantor when the determination of credit available under its credit agreement and claims received by a participant in the context of an assignment are not considered amounts drawn by the transferee in determining credit available under its credit agreement.

(d) the price of the assigned receivable is agreed between the assignee and the assignor.
(e) the transferor shall communicate promptly to the Fund the following information: assigned receivable, the assignee name, amount of the assigned receivable, agreed transfer prices and the transaction value date.
(f) the transfer is registered by the Fund and the transferee is deemed to be the holder of the claim if the transfer is made pursuant to this decision. Subject to the foregoing provisions, the assignment shall take effect on the date agreed between the assignee and the assignor value.
(g) any notification given to or by an assignee who has quality of non-participant must be sent by letter or through the fastest and addressed to the financial institution or the financial institution designated by the transferee pursuant to art. V, section 1, of the Statute and rule G-1 of the rules and regulations of the Fund, if the transferee is a Member State, and by the transferee itself if it has no Member State.
(h) if all or part of a receivable is transferred during one of the quarterly periods defined in art. 9 b), interest shall be paid by the Fund to the transferee, in the amount of the debt transferred for the whole of that period.
(i) unless otherwise agreed between the Fund and the assignee if it is either a participating institution or the Central Bank or other financial institution of any Member State pursuant to art. V, section 1, of the Statute, the Fund is deemed be released from its obligation to pay the assignee in special drawing rights in accordance with art. 11 or pay the interest in special drawing rights in accordance with art. 9, if the fund transfer an equivalent amount in special drawing rights on the account of the Member State in which the institution is established.
(j) if the request was made, the Fund can help organize assignments of receivables.
(k) the transferee of a debt may require, at the time of the transfer, that the Fund exchange a debt in the form of a loan against a promissory note of the same amount in accordance with the GC, or that it will exchange a debt in the form of promissory note against a debt a loan of the same amount.

(l) derivative operations on debt obligations issued pursuant to this decision and the disposal of interests in these claims are prohibited.

S. 14 notifications any notification given under this decision at a participating Member State or by a participating Member State shall be sent by letter or fastest ways and addressed to the financial institution or by the institution of the participating Member State designated pursuant to art. V, section 1, of the Statute and rule G-1 of the rules and regulations of the Fund. Any notification given at a participating institution or by a participating institution must be sent by letter or by the expressways at this institution or this institution.

S. 15 amendment a) subject to the provisions of the art. 4 b), 15 (b)) and 16, this decision may be amended during the period specified in art. 19a) and during any period of subsequent extension which could be decided under the provisions of art. 19 (b)), by a decision of the Fund and with the consent of participants whose credit agreements represent 85% of the total. This consent is not required to amend the decision when it is extended pursuant to the provisions of art. 19 b).
(b) If a participant believes that an amendment he voted against which materially affect its interests, the participant has the right to withdraw its accession to this decision by notifying the Fund and other participants within a period of 90 days from the date of the adoption of the amendment. This provision can be amended only with the consent of all the participants.

S. 16 withdrawal of membership without prejudice to the provisions of art. 15 (b)), a participant may withdraw its accession to this decision in accordance with the provisions of art. 19 (b)), but cannot do so during the period specified in art. 19) only with the agreement of the Fund and all participants. This provision can be amended only with the consent of all the participants.

S. 17 withdrawal of the funds if a participating Member State, or a Member State whose institution is participating, withdrew from the Fund, the credit of this participant agreement ends on the date on which the withdrawal takes effect. The debt of the Fund under the agreement of credit in question is treated as an amount due from the Fund for the purposes of art. XXVI, section 3, and annex J of the articles.

S. 18 suspension of foreign exchange transactions and liquidation has) the right to fund calls for funds under the provisions of the art. 6, 11 th) and 23 and the obligation to make payments under the provisions of art. 11 are suspended during any interruption of foreign exchange under art. XXVII of the statutes.
(b) in the case of liquidation of the Fund, credit agreements expire and fund debt constitutes commitments within the meaning of Annex K to the statutes. For the purposes of the provisions of art. 1 a) Annex K, the currency in which the commitments of the Fund are payable in the first place is borrowed money, then the currency of the participant and finally the currency of the shooter for purchases of which participants have made transfers to the title of the take-up of funds according to the art. 6 s. 19 period of validity and extension a) this decision remains in force until November 16, 2012. When they will consider the extension of this decision for a period following the period referred to in this paragraph, the Fund and participants will examine the implementation of the decision, in particular: (i) the operation of activation procedures; and (ii) the effects of the fourteenth general revision of assessments on the overall volume of assessments;

and consult to decide on any change.
(b) the decision may be extended for any period (s) and with all the changes which the Fund may decide, subject to the provisions of the art. 4 b), 15 (b)) and 16. Fund will take a decision on the extension and modification, where appropriate, twelve months at the latest before the expiration of the period specified in art. 19 a). Any participant may notify the Fund six months prior to the expiry of the period specified in art. 19 a), its intention to withdraw its accession to extended decision. In the absence of notification, the participant is deemed to continue to adhere to the extended decision. Any withdrawal of membership by a member in accordance with the provisions of this paragraph shall not prevent subsequent accession under the provisions of art. 3 (b)).
(c) If this decision is repealed or if it is not extended, the provisions of the art. 8 to 14, 17 and 18 (b)) However, continue to apply with respect to any debt of the Fund under credit agreements in force at the date of the repeal or expiry of this decision, until repayment is complete. If a participant withdraws its accession to this decision in accordance with the provisions of the art. 15 (b)), 16 or 19 b), it ceases to be a participant in the title of this decision, but the date of the withdrawal, the art. 8 to 14, 17 and 18 (b)) of that decision, however, continue to be applicable to the indebtedness of the funds resulting from the former credit agreement until repayment is complete.

S. 20 interpretation any question of interpretation raised by this decision (including CG) which is not art. XXIX of the statutes shall be settled to the mutual satisfaction of the Fund, the participant or the assignee of a receivable having raised the issue, and all other participants. For the purposes of the application of this article, the participants are considered include former participants in which the art. 8 to 14, 17 and 18 (b)) continue to be applicable under art. 19 c), insofar as any of these former participants is concerned with a question of interpretation raised.

S. 21 report with General agreements with associated loan agreements and loan a) when it will have to decide whether to enable the new arrangements to borrow, or the General borrowing arrangements, the Fund will be guided by the principle that the new arrangements to borrow are the ease of first and principal recourse, on the understanding that if a proposal to open an activation period in respect of the new arrangements to borrow is not accepted under the provisions of art. 5A), a fund-raising proposal can be submitted under the General arrangements to borrow.
(b) outstanding prints and the appropriations available in the title of the new arrangements to borrow and the General arrangements to borrow will not exceed 367 467,36 million SDRS, or any other total amount of credit agreements that may be applicable in accordance with this decision. Credit available to a participant in the title of the new arrangements to borrow is reduced by the amount of any draw not repaid the amount of his credit and agreement of its commitments under the General arrangements to borrow. Credit available to a participant in the title of the General arrangements to borrow is reduced inasmuch as the amount of its credit agreement in respect of the General arrangements to borrow exceeds its available credit in respect of the new arrangements to borrow.
(c) references to the prints and commitments under the General arrangements to borrow include prints and commitments under the associated loan agreements referred to in art. 23 of the General arrangements to borrow.

RS 0.941.15 s. 22. other arrangements to borrow nothing in this decision will prevent the Fund to conclude any type of loan agreements.

S. 23 transitional agreements relating to the amendments adopted under decision No. 14577-(10/35) at the request of a participant who has claims to the Fund in the form of loans or promissory notes under bilateral borrowing agreements entered into by the Fund prior to the entry into force of the amendments to the decision adopted on 12 April 2010, pursuant to decision No. 14577-(10/35) the Director-general can launch appeals in respect of the credit of this participant agreement in order to finance the repayment of these debts. By analogy, at the request of the participant concerned, fund-raising may be offered to a member who has the status of participating institution, in order to repay the debts held by the State Member whose participant is an official body, or by the Central Bank or other financial institutions designated by the Member State or to a member who is a Member State in order to repay the debt held by the Central Bank or other financial institutions designated by the Member State. Notwithstanding the provisions of art. 11A), the due date of the claims in respect of agreements arising from this type of fund-raising is the due date of the claim to the title of the agreement of bilateral borrowing that the call for funds is intended to reimburse.

S. 24 report of the prints no draw will be made in respect of this decision before that participants whose credit agreements represent 70% of the total of new participants in the list of annex I have adhered to this decision in accordance with art. 3 c).

Annex I Participants and amounts of credit (in million special drawing rights) agreements course new credit agreements Participants credit current Saudi Arabia 1 760,86 11 Australia 126,03 801,29 4 370,41 monetary authority of Hong Kong 340.00 340.00 Austria 407,57 3 579,24 Central Bank of Chile 340,00 1 360.00 Central Bank of Denmark 367,01 3 207,78


Bank national Switzerland 1 540,26 10 905,42 Belgium 956,60 7 861,85 Canada 1 380,99 7 624,43 Deutsche Bundesbank 3 518,75 25 370,81 Spain 664,77 6 702,18 United States of America 6 639,83 69 074,27 Finland 340,00 2 231,76 France 2 549,29 18 657,38 Italy 1 752,95 13 578,03 Japan 3 518,75 65 953,20 Kuwait 341,29 341,29 Luxembourg 340,00 970,59 Malaysia 340.00 340.00 Norway 378.88 3 870,94 Netherlands 1 301,85 9 043,72 Republic of Korea 340,00 6 583,44 United Kingdom 2 549,29 18 657,38

Singapore 340,00 1 276,52 Sveriges Riksbank 849,76 4 439,74 Thailand 340.00 340.00 new participants South Africa...

340,00 Central Bank of the Mexico...

4 994,76 Israeli Central Bank...

500.00 Brazil...

8 740,82 China...

31 217,22 Cyprus...

340,00 Greece...

1 654,51 India...

8 740,82 Ireland...

1 885,52 New Zealand...

624,34 Philippines...

340,00 Portugal...

1 542.13 Russia...

8 740,82 total 367 467,36 the minimum amount of credit agreements is 340 million special drawing rights.

State March 11, 2011 annex II General Conditions of the Monetary Fund international relating to promissory notes issued in respect of the new arrangements to borrow (NAB) the General Conditions relating to promissory notes are issued by the international monetary Fund (Fund) under arts. 8 and 13 k) of the decision of the Board of Directors n 11428-(97/6) of 27 January 1997 concerning the new arrangements to borrow (NAB decision) in their amended version. Terms used in these terms are not defined have the scope given to them in the NAE decision.

S. 1 issuance of promissory notes, orders for the participants and other holders a) at the request of a participant pursuant to art. 8) NAE decision, the Fund issues, and the participant acquires, promissory notes drawn up on behalf of the participant and for the amount asked by the amount of the call for funds in respect of the credit of the participant agreement. At the request of the assignee of a receivable in the form of loan, the Fund issues promissory notes drawn up on behalf of the transferee in Exchange for the debt, in accordance with art. 13 k) decision NAE.
(b) the promissory notes are denominated in special drawing rights.

S. 2 form, delivery and filing of promissory notes a) promissory notes are issued in the form of ledger. To this end, the Fund will open a register in which he reflects a nominal for each holder, which contains all relevant details concerning issued promissory notes, in particular the number, the date of issuance, the nominal amount and due date. The date of value of each purchase and each Exchange or assignment of a promissory note under art. 13 of the NAE, the Fund decision saves the transaction in his books with the information required on the promissory note acquired or transferred. The inclusion of this information in the books of the Fund is delivery of the ticket order to the purchaser or assignee, and the registrant in that capacity is therefore deemed to be holder of the promissory note to all effects.
(b) at the request of a holder, the Fund issues a nominative promissory in forms defined in the annex to the present General Conditions, including with the clause on restrictions on transfer of promissory notes. Tickets in preference order are established on behalf of their owner and bear as date of issue either the value date of the purchase of the promissory note or the value of the debt in the form of loan date in exchange of which the promissory note issued under art. 13 k) decision NAE. Unless otherwise agreed between the holder and the Fund, the Fund acts as depositary of preference promissory notes on behalf of the holders and the acceptance of custody for deposit by the Fund worth delivery of tickets in preference order to holders.

S. 3 interest) the Fund pays interest on promissory notes at a rate equal to the composite of the market rate, that the Fund calculates periodically to determine the rate of interest it pays on the holdings of special drawing rights or, where appropriate, at a higher rate may be agreed between the Fund and participants whose credit agreements in respect of the NAE decision represent 85% of the total.
(b) the interest is calculated on a daily basis and paid as soon as possible after 31 July, 31 October, 31 January and 30 April.
(c) the interest due to a holder are paid, depending on whether the Fund decides in consultation with the participant, in rights special drawing, in the currency of the cardholder if a Member State, in the currency borrowed, in freely usable currencies or, with the consent of the participant in other actually convertible.

S. 4 maturity and reimbursement by the Fund has) issued promissory notes have a maturity in five years. When the promissory note is issued under art. 13 k) decision NAE, the due date is that of the debt a loan in Exchange for which it is issued. The nominal amount of the promissory note is repaid to the holder as laid down in art. 11 of the NAE decision.
(b) unless otherwise agreed between the Fund and the holder, if it is either a participating institution or the Central Bank or other financial institution of any Member State pursuant to art. V, section 1, of the Statute, the Fund is deemed be released from its obligation to pay the holder in special drawing rights in accordance with art. 11 of decision NAE or pay the interest in special drawing rights in accordance with art. 3 of these General Conditions, if the fund transfer an amount equivalent in special drawing rights on the account of the Member State in which the institution is established.
(c) the Fund cancels a promissory note when: (i) the nominal amount and the interest of the ticket order repaid; (ii) the promissory note is transferred pursuant to art. 6 of these General Conditions; or (iii) the promissory is exchanged for a debt in the form of loan in accordance with art. 13 k) decision NAE.

In the event of early repayment, by the Fund, an amount less than the nominal amount of the promissory note, the Fund cancels the promissory and emits a new of an amount equal to the balance due.
(d) If a promissory note must be cancelled by the Fund while it is not kept on deposit by the Fund, the holder must return to the Fund for the purpose of cancellation.

S. 5 Exchange rate for the purposes of the application of all the provisions of these General Conditions, the value of a currency in terms of drawing rights special is calculated by the Fund in accordance with regulation O-2 of the rules and regulations of the Fund.

S. 6. transferability of promissory notes a) holders are allowed to transfer all or any portion of their tickets to order except: (i) under the terms provided for in this article; or (ii) with the prior approval of the Fund, and on such terms as he may approve.

Any other form of disposal by a participant or a holder is deemed null and void.
(b) a promissory note may be transferred in whole or in part, at any time, to a member or a non-participant who has quality: (i) of Member State of the Fund; (ii) Central Bank or other financial institution of any member designated pursuant to art. V, section 1, of the Statute (other financial institution); or (iii) official body authorized as holder of special drawing rights in accordance with art. XVII, section 3, of the Statute.

(c) effective the value date of the transfer, the transferee holds the promissory note given in the same manner as the PNs issued in respect of the credit agreement (if the transferee is a member of the NAE) or as if the promissory note was held by the transferor (if the transferee is a non-participant to the NAE) : (i) the transferee has however the right to request early repayment of the ticket order transferred for reasons of balance of payments in accordance with the provisions of art. 11 e) NAE decision that if a Member State or an institution of a Member State whose situation of the balance of payments and reserves, at the time of the transfer, the transferee is deemed strong enough so that its currency is used in transfers under the plan of financial transactions of funds or, in the case of the AMHK (if the situation of the balance of payments and reserves of Hong Kong is deemed strong enough by the Fund to justify that right; ii) if the transferee is a non-participant, references to the currency of the participant in the art. 11 of decision NAE are deemed to relate: A) if the transferee is a Member State, in the currency of the transferee, B) if the transferee is an institution of a Member State, in the currency of that Member State, etC) in other cases in a freely usable currency depending on whether the Fund decides; and iii) promissory notes transferred pursuant to this section are considered amounts drawn by the first participant grantor when the determination of credit available under its credit agreement and promissory notes received by a participant assignee are not considered to be amounts received by that participant in the determination of credit available under its credit agreement.

(d) the price of the transferred promissory agreed between the assignee and the assignor.

(e) the transferor shall communicate promptly to the Fund the following information: promissory note assigned, the assignee name, nominal amount of the promissory note assigned, agreed transfer prices and the transaction value date.
(f) the transfer is registered by the Fund and the transferee is deemed to be the holder of the promissory note only if the transfer is made in accordance with decision NAE and these General Conditions. Subject to the foregoing provisions, after registering the assignment takes effect on the date agreed between the assignee and the assignor value.
(g) the transferee of a promissory note may require, at the time of the transfer, the Exchange promissory fund against a debt in the form of a loan pursuant to art. 13 k) of the NAE decision, that the assignee will hold the same title transferred promissory note.
(h) any notification given to or by an assignee who has quality of non-participant must be sent by letter or through the fastest and addressed to the financial institution or the financial institution designated by the transferee pursuant to art. V, section 1, of the Statute and rule G-1 of the rules and regulations of the Fund, if the transferee is a Member State, and by the transferee itself if it has no Member State.
(i) if all or part of a promissory note is transferred during one of the quarterly periods defined in art. 3B) of these general terms, the interests are paid by the Fund holder assignee at the date of payment of interest applicable on the amount of the ticket assignment order and for the whole of that period.
(j) if the request was made, the Fund can help organize assignments of promissory notes.
(k) in any assignment made in accordance with this article, the Fund cancels ceded promissory note in whole or in part. If it's a registered promissory note is not on deposit with the Fund, the transferor must return to the Fund for the purpose of cancellation. After cancellation of the promissory note granted, the Fund issues a new promissory note prepared on behalf of the transferee in respect of the transferred amount and, if applicable, a new promissory note on behalf of the assignor for any remaining balance. The date of issuance of the new promissory notes is cancelled to order tickets. The deadline for the new PNS is canceled promissory notes (including if the due date is the result of the extension of earlier dates). New promissory notes are issued in the forms and delivered according to the terms and conditions set out in art. 2 of these General Conditions.
(l) derivative operations on promissory notes and assignment of interests in these promissory notes are prohibited.

S. 7 notifications any notification given under this decision to a registrant who has quality of participating Member State shall be sent by letter or through channels faster and more addressed to the financial institution or the financial institution of the participating Member State designated pursuant to art. V, section 1, of the Statute and rule G-1 of the rules and regulations of the Fund. Any notification given to a holder or a registrant who has quality of participating institution shall be sent by letter or by the expressways at this institution or this institution.

S. 8 interpretation any question of interpretation raised by a promissory note which is not art. XXIX of the statutes shall be settled to the mutual satisfaction of Fund, the holder having raised the issue, and all other participants in the NAB. For the purposes of the application of this article, the participants are considered include former participants in the NAE to which the art. 8 to 14, 17 and 18 (b)) of the NAE decision continue to be applicable under art. 19 c) NAE decision, to the extent where one of these former participants is concerned by a question of interpretation raised.

S. 9 decision NAE and modifications of the General Conditions promissory notes governed by the present General Conditions as well as claims they represent or therefrom, are subject to the provisions of the NAE decision in force. Any change to these General Conditions adopted in accordance with the art. 8) decision NAE applies to all outstanding promissory notes that have been issued in respect of the NAE decision.
Promissory note NAE nominative form N DTS fund international monetary nominal order ticket issue Date: Maturity Date: the international monetary Fund (the Fund) is committed, for value received, to pay to, in his capacity as titu - registered laire of this effect, a sum equivalent to rights of drawing special (...) to the above deadline and the interest payable on this amount according to the terms and conditions below.
This promissory note is issued in accordance with the new arrangements to borrow (NAB) and the General Conditions of the international monetary fund relating to promissory notes issued in respect of the new arrangements to borrow (General Conditions). The holder of the promissory note shall be deemed to have accepted the General Conditions and the applicable provisions of the NAE in their modified version according to NAE, including those concerning maturity, interest rate, the conditions of prepayment at the request of the Fund or the holder of the promissory note, and the conditions of total or partial assignment of promissory note.
This promissory note is approved in accordance with negotiable instrument of no jurisdiction law.
The holder of this promissory note may not sell, assign, dispose or dispose of a in any way, directly or indirectly, this promissory note to an entity that is not: (i) a Member State of the Fund; (ii) the Central Bank or another financial institution designated by a Member State of the Fund in accordance with art. V, section 1, of the Statute of the Fund; (iii) an official organisation recognised as holder of special drawing rights in accordance with art. XVII, section 3, of the Statute of the Fund; or (iv) an entity that the Fund with permitted in writing to hold the promissory note in accordance with art. 6) of the General conditions.

The derivative operations on this promissory note and the disposal of interests in this promissory note are prohibited.
The Fund pays interest on the promissory note at a rate equal to the composite of the market rate, that the Fund calculates periodically to determine the rate of interest it pays on the holdings of special drawing rights or, where appropriate, at a higher rate may be agreed between the Fund and participants whose credit in respect of the NAE agreements represent 85% of the total. The interest is calculated on a daily basis and paid as soon as possible after 31 July, 31 October, 31 January and 30 April. The interest due to a holder are paid, depending on whether the Fund decides in consultation with the participant, in rights special drawing, in the currency of the holder if it is a Member State, in the borrowed currency or in other convertible actually.
(Follow signatures)

[2002 3614 RO]

2011 2307 RO; FF 2010 5541 translation of the original English text, in the version adopted by the international Board of Directors of the Monetary Fund.
RS 941.16 State March 11, 2011

Related Laws