2010年-IMF国际货币组织全球_Borrowing_Agreement_with_the_Czech_National_Bank_7页_261kb

Borrowing Agreement Summary: Czech National Bank and International Monetary Fund

Core Content

This document outlines the terms and conditions of a borrowing agreement between the Czech National Bank (CNB) and the International Monetary Fund (IMF). The agreement allows the CNB to lend up to EUR 1.03 billion in SDR (Special Drawing Rights) to the IMF, with specific rules governing the duration, usage, repayment, interest, and transferability of the loan.

Key Provisions

1. Purposes and Amounts

• The CNB agrees to lend up to EUR 1.03 billion in SDRs to the IMF.
• The agreement is based on Article VII, Section 1(i) of the IMF's Articles of Agreement, which allows the Fund to borrow from members to replenish its General Resources Account (GRA).
• Quota subscriptions remain the primary source of IMF financing, and borrowing is a temporary supplement to these resources.

2. Term of the Agreement

• The initial term is one year, starting from the effective date.
• The term can be extended by one year if warranted by the Fund’s liquidity and borrowing needs, up to a maximum of four years.
• The CNB may terminate the agreement if the Czech Republic participates in an enlarged and amended NAB (New Arrangements to Borrow) after the agreement’s date.

3. Uses, Estimates and Limits on Drawings

• Drawings can be made for General Resources Account (GRA) operations or to repay outstanding debts under other IMF borrowings.
• The weekly limit for drawings is EUR 500 million.
• The total amount drawn cannot exceed EUR 1.03 billion.
• The Fund must provide quarterly estimates of expected drawings to the CNB, with possible revisions.

4. Evidence of Indebtedness

• The Fund issues non-negotiable instruments to the CNB to evidence its indebtedness.
• Upon repayment, the instrument is canceled. If only partial repayment occurs, 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 the maturity by three-month periods, up to a maximum of five years from the drawing date.
• Early repayment is allowed with five business days’ notice.
• Repayments do not increase the total draw limit, and maturity extensions do not reduce the draw limit.

6. Rate of Interest

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

7. Denomination, Media and Modalities of Drawings and Payments

• All drawings and repayments are denominated in SDRs.
• Payments are made in Czech koruna unless otherwise agreed.
• Interest payments are typically in SDRs but can be in Czech koruna or a freely usable currency.
• Payments are credited to pre-specified accounts based on the currency.

8. Termination of Drawings at Request of the CNB

• The CNB can request termination of its commitment if it believes the balance of payments and reserve position of the Czech Republic no longer justifies further drawings.
• The Fund will evaluate the request and decide whether to terminate based on its assessment.

9. Early Repayment at Request of the CNB

• The CNB may request early repayment of drawings if the Czech Republic's balance of payments and reserve position justifies it.
• The Fund will assess the request and decide whether to approve the early repayment.
• Repayments can be made in SDRs or freely usable currency, as determined by the Fund.

10. Transferability

• The CNB may transfer its claims on the Fund to other entities, including IMF members, central banks, or other fiscal agencies, with the Fund’s prior consent.
• The transferee assumes the liability of the CNB regarding maturity extensions and must comply with terms and conditions.
• Transfer details must be communicated to the Fund, including the transferee’s name, amount transferred, agreed price, and value date.

11. Effective Exchange Rate

• All drawings, exchanges, and payments are made at the SDR exchange rate for the relevant currencies, based on the second business day of the Fund before the value date.
• If the exchange rate determination date is not a business day in Prague, it is adjusted to the last preceding business day in Prague.

12. Changes in Method of Valuation of SDR

• If the Fund changes its method of valuing SDRs, all transfers and payments made two or more business days after the change will use the new valuation method.

13. Non-Subordination of Claims

• The Fund cannot subordinate the CNB’s claims resulting from this agreement to any other IMF borrowings under Article VII, Section 1(i).

14. Settlement of Questions

• Any dispute or question arising under this agreement shall be settled by mutual agreement between the CNB and the Fund.

15. Final Provisions

• The agreement is executed in duplicate and is effective on the later of the signing date or the date of concurrence by the Czech Republic.
• Signing dates:
  • Czech National Bank: 25/3/2010
  • International Monetary Fund: 3/31/2010

Main Views and Key Information

• The agreement is a temporary and supplementary source of financing for the IMF.
• Czech koruna is used for repayment of principal, while SDRs are used for interest payments.
• Draw limits and maturity extensions are strictly regulated to ensure financial stability and transparency.
• The transferability of claims is allowed under certain conditions, ensuring flexibility while maintaining control.
• The non-subordination of claims ensures the CNB's position is not weakened by other IMF borrowings.
• Dispute resolution is handled through mutual agreement, emphasizing cooperation between the parties.