2011年-IMF国际货币组织全球_Borrowing_Agreement_with_Banca_d39Italia_7页_201kb

报告摘要

Borrowing Agreement Between Banca d'Italia and the International Monetary Fund (March 10, 2011) Summary

1. Core Content

This document outlines a Borrowing Agreement between Banca d'Italia (the Italian central bank) and the International Monetary Fund (IMF), dated March 10, 2011. The agreement allows Banca d'Italia to lend up to EUR 8.11 billion (denominated in SDRs) to the IMF, subject to specific terms and conditions. The purpose is to support the IMF's ability to provide balance of payments assistance to its members and to supplement the IMF's quota resources in case of liquidity needs.

2. Key Terms and Conditions

2.1 Term of the Agreement

The agreement allows the IMF to draw funds for up to two years, starting from the first drawing or one month after the agreement becomes effective, whichever is earlier.
The term may be extended for up to two additional years (total of four years) in one-year increments, provided the Fund notifies Banca d'Italia at least one month in advance.
Banca d'Italia may terminate the agreement if Italy participates in an enlarged and amended New Arrangements to Borrow (NAB) after the agreement's date.

2.2 Limits on Drawings

The IMF may not draw more than EUR 1 billion per week or EUR 4 billion per month, as calculated using the effective exchange rate.
The total outstanding drawings under this agreement shall not exceed EUR 8.11 billion at any time.
The Fund must provide quarterly estimates of expected drawings and may update them as needed.

2.3 Maturity of Drawings

Each drawing has a maturity of three months from the drawing date.
The Fund may extend the maturity by three-month periods, but not beyond the fifth anniversary of the drawing.
Repayments are made on the maturity date, and if the date is not a business day, the payment is made on the next business day with interest accrued up to that date.

2.4 Interest Rate

Interest is based on the SDR interest rate established by the IMF.
If the IMF pays a higher interest rate on other comparable borrowings, the interest rate under this agreement will be adjusted accordingly.
Interest is calculated daily and paid on July 31, October 31, January 31, and April 30.

2.5 Denomination and Payment Methods

All drawings and repayments are denominated in SDRs.
Payments are made in euros unless otherwise agreed, and interest is typically paid in SDRs, though the Fund may agree to euros or another freely usable currency.
Payments are credited to Banca d'Italia's account or Italy's SDR account, depending on the currency.

3. Additional Provisions

3.1 Transferability of Claims

Banca d'Italia may transfer its claims on the Fund to:
- Any IMF member,
- The central bank or fiscal agency of a member,
- Any official entity designated as an SDR holder.
The transferee assumes all obligations related to the maturity extension of the transferred claim.
The Fund will update its records and the transfer will be effective on the agreed value date.
The price of the transfer is negotiated between Banca d'Italia and the transferee.
The Fund may assist in arranging transfers if requested.

3.2 Effective Exchange Rate

The euro value of SDR-denominated drawings is fixed on the value date using the SDR/euro exchange rate from the second business day before the transaction date.
If the exchange rate determination date is not a business day in Rome, it is adjusted to the last preceding business day in Rome.

3.3 Changes in SDR Valuation Method

If the IMF changes the method of valuing SDRs, all transactions two or more business days after the change will be based on the new valuation method.

3.4 Non-Subordination of Claims

The Fund agrees that Banca d'Italia's claims will not be subordinated to any other borrowing under Article VII, Section 1(i) of the IMF's Articles of Agreement.

3.5 Dispute Resolution

Any disputes or questions arising under this agreement are to be resolved by mutual agreement between Banca d'Italia and the IMF.

3.6 Final Provisions

The agreement may be executed in duplicate counterparts, both of which are valid.
It becomes effective on the later of the signing date or the date Italy provides concurrence for the borrowing of euros from Banca d'Italia.