2009年-IMF国际货币组织全球_Borrowing_Agreement_with_Danmarks_Nationalbank_7页_289kb

Borrowing Agreement Summary: Danmarks Nationalbank and the International Monetary Fund

Core Content

This document outlines the Borrowing Agreement between Danmarks Nationalbank and the International Monetary Fund (IMF), dated November 4, 2009. The agreement is based on Article VII, Section 1(i) of the IMF's Articles of Agreement and is designed to support the IMF's balance of payments assistance by allowing Danmarks Nationalbank to lend up to EUR 1.95 billion in SDR (Special Drawing Rights). The agreement includes detailed terms and conditions regarding the term, use, interest rate, repayment, transferability, and valuation of SDR.

Main Points and Key Information

1. Purposes and Amounts

• Danmarks Nationalbank agrees to lend up to EUR 1.95 billion (SDR-denominated) to the IMF.
• The agreement is based on Article VII, Section 1(i) of the IMF Articles of Agreement, which allows the Fund to borrow from members or other sources.
• Quota subscriptions are the primary source of IMF financing, with borrowing serving as a temporary supplement.

2. Term of the Agreement

• The initial term is two years, starting from the first drawing or October 31, 2009, whichever comes first.
• The Fund may extend the term for up to three additional one-year periods, making the total term up to four years, provided it gives one month prior notice.
• Danmarks Nationalbank may terminate the agreement if Denmark participates in an enlarged and amended NAB (New Arrangements to Borrow) after the agreement date.

3. Uses, Estimates and Limits on Drawings

• The Fund may use the loan for General Resources Account (GRA) operations or to repay outstanding indebtedness under other official sector borrowing.
• Drawing limits are set at:
  • EUR 400 million per calendar week
  • EUR 1 billion per calendar month
• The total outstanding drawings cannot exceed EUR 1.95 billion at any time.
• The Fund must provide quarterly estimates of expected drawings and may update them as needed.

4. Evidence of Indebtedness

• Danmarks Nationalbank may request non-negotiable instruments to evidence the IMF's debt.
• Upon repayment, the instrument is returned for cancellation. If only a part is repaid, a new instrument is issued for the remaining amount.

5. Maturity

• Each drawing has a maturity of three months from the drawing date.
• The Fund may extend maturity by three-month periods, up to the fifth anniversary of the drawing.
• Early repayment is allowed with five business days prior notice.
• Repayments restore the drawing capacity and do not reduce the maximum amount.
• If a maturity date falls on a non-business day, the payment is moved to the next business day, with interest accruing up to that date.

6. Rate of Interest

• Interest is based on the SDR interest rate set by the IMF.
• If the IMF pays a higher interest rate on other borrowings, the rate under this agreement will match that.
• Interest is daily calculated and paid quarterly on July 31, October 31, January 31, and April 30.

7. Denomination and Modalities of Drawings and Payments

• All drawings and repayments are denominated in SDRs.
• Payments are made in Danish kroner (unless otherwise agreed), with interest paid in SDRs or Danish kroner.
• Payments are credited to specified accounts depending on the currency used.

8. Termination of Drawings

• Danmarks Nationalbank may terminate its commitment if it determines that Denmark’s balance of payments and reserve position no longer justifies further drawings.
• The Fund must agree to this termination after considering the representation.

9. Early Repayment

• Danmarks Nationalbank may request early repayment if it believes Denmark’s balance of payments and reserve position justifies it.
• The Fund may choose to repay in SDRs or freely usable currency.
• The repayment is made at face value.

10. Transferability

• Danmarks Nationalbank may transfer its claims on the IMF to other members, central banks, or other fiscal agencies of members, or official entities designated as SDR holders.
• The transferee assumes the liability for maturity extensions and holds the claim under the same terms.
• The price of the transfer is mutually agreed.
• The Fund must be notified of the transfer, including the transferee's name, amount, and value date.
• The transfer is effective on the agreed value date.

11. Effective Exchange Rate

• All transfers and payments are made at the SDR exchange rate determined on the second business day of the Fund before the value date.
• If the exchange rate determination date is not a business day in Copenhagen, it is adjusted to the last preceding business day in both locations.

12. Changes in Valuation of SDR

• If the IMF changes the method of valuing SDR, the new method applies to transfers, exchanges, and payments made two or more business days after the change.

13. Non-Subordination of Claims

• Danmarks Nationalbank's claims on the IMF are not subordinate to any other claims under Article VII, Section 1(i).

14. Settlement of Questions

• Any disputes or questions under the agreement are to be mutually resolved.

15. Final Provisions

• The agreement is executed in duplicate and is effective on the later of the signing date or the date of Denmark’s concurrence.

Signatories

• Danmarks Nationalbank
  Signed by: Nils Bernstein, Governor
  Date: November 4, 2009

• International Monetary Fund
  Signed by: Dominique Strauss-Kahn, Managing Director
  Date: November 4, 2009