2009年-IMF国际货币组织全球_Borrowing_Agreement_Between_Deutsche_Bundesbank_and_the_International_Monetary_Fund_7页_218kb

Borrowing Agreement Summary: Deutsche Bundesbank and the International Monetary Fund

Core Content

This document outlines a Borrowing Agreement between the Deutsche Bundesbank and the International Monetary Fund (IMF). The agreement allows the Deutsche Bundesbank to lend up to EUR 15 billion (equivalent to SDRs) to the IMF to support its balance of payments assistance and liquidity management. The terms are governed by the IMF Articles of Agreement and include detailed provisions on drawing periods, interest rates, currency denomination, repayment conditions, and transferability of claims.

Main Points and Key Provisions

1. Purpose and Amount

• The agreement is based on Article VII, Section 1(i) of the IMF Articles of Agreement, which permits the IMF to borrow from members to replenish its currency holdings.
• The maximum loan amount is EUR 15 billion (SDR equivalent).
• The loan is intended to provide a temporary supplement to the IMF's quota resources.

2. Term of the Agreement

• The initial term is two years, starting from the first drawing or December 31, 2009, whichever comes first.
• The term can be extended for up to two additional years (total of four years) if both parties agree.
• The extension is automatic unless the Fund notifies Deutsche Bundesbank at least five business days before the maturity date.
• Termination is possible if Deutsche Bundesbank is a participant in an enlarged and amended NAB that becomes effective after the agreement date.

3. Uses and Limits on Drawings

• The Fund may draw funds under this agreement for General Resources Account (GRA) operations or outstanding indebtedness under other official sector borrowing.
• Weekly limit: SDR 1 billion.
• Monthly limit: SDR 4 billion.
• The total outstanding drawings cannot exceed EUR 15 billion.
• The Fund must provide quarterly estimates of expected drawings and revised estimates if necessary.

4. Evidence of Indebtedness

• Deutsche Bundesbank may request non-negotiable instruments to evidence the Fund's debt.
• Upon repayment, the instrument is canceled or replaced with a new one for the remaining amount.

5. Maturity of Drawings

• Each drawing has a maturity of three months from the drawing date.
• The Fund may extend maturity by three-month periods unless it notifies Deutsche Bundesbank five business days in advance.
• The maximum maturity is five years from the drawing date.
• Interest is paid quarterly on July 31, October 31, January 31, and April 30.

6. Interest Rate

• Interest is based on the SDR interest rate established by the IMF.
• If the Fund pays a higher interest rate on other borrowings, this agreement will reflect that rate for the same period.
• Interest is daily calculated and promptly paid.

7. Denomination and Payment Modalities

• All drawings and repayments are denominated in SDRs.
• Principal is paid in euros, unless otherwise agreed.
• Interest is normally paid in SDRs, but may be in euros if agreed.
• Payments are made to specific accounts as designated by Deutsche Bundesbank or the Fund.

8. Early Repayment at Request of Deutsche Bundesbank

• Deutsche Bundesbank may request early repayment if it believes Germany’s balance of payments and reserve position justifies it.
• The Fund must agree to the early repayment based on its assessment of Germany’s position.
• Repayments may be made in SDRs or freely usable currencies.

9. Transferability of Claims

• Deutsche Bundesbank may transfer its claims to other IMF members, their central banks, or other fiscal agencies, with the Fund's consent.
• The transferee assumes liability for the maturity extension and must meet certain conditions, including being a member or fiscal agency.
• Interest and payments are made to the transferee's account.
• The price of the transfer is mutually agreed.

10. Effective Exchange Rate

• All transactions are based on the euro/SDR exchange rate determined on the second business day of the Fund before the value date.
• If the exchange rate date is not a business day in Frankfurt, it is adjusted to the last preceding business day in Frankfurt.

11. Changes in SDR Valuation Method

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

12. Non-Subordination of Claims

• Deutsche Bundesbank’s claims under this agreement are not subordinate to any other IMF borrowings under Article VII, Section 1(i).

13. Dispute Resolution

• Any disputes or questions are to be mutually resolved by the parties.

14. Final Provisions

• The agreement may be executed in duplicate counterparts.
• It becomes effective on the later of the signing date or the date Germany provides concurrence for the borrowing.

Key Signatories and Dates

• Deutsche Bundesbank:

  • President: Professor Axel A. Weber
  • Date: 14. SEP. 2009

• IMF:

  • Managing Director: Dominique Strauss-Kahn
  • Date: 14. SEP. 2009

Summary of Key Information

• Loan Amount: Up to EUR 15 billion (SDR equivalent).
• Term: Initial 2 years, extendable up to 4 years.
• Drawings Limits:
  • Weekly: SDR 1 billion
  • Monthly: SDR 4 billion
• Maturity: 3 months, extendable by 3-month periods up to 5 years.
• Interest Rate: Based on SDR rate, potentially adjusted to match other IMF borrowings.
• Currency: Drawings in SDRs, principal in euros, interest in SDRs or euros.
• Transferability: Allowed with Fund's consent and under specific conditions.
• Exchange Rate: Based on the second business day of the Fund before the transaction date.
• Non-Subordination: Claims are not subordinate to other IMF borrowings.
• Effective Date: Latest between signing date and Germany's concurrence.