Financial Transactions Plan - Temporary Modification of Guidelines for Allocation of Currencies Used for Transfers

March 18, 2011

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Financial Transactions Plan - Temporary Modification of Guidelines for Allocation of Currencies Used for Transfers, (USA: International Monetary Fund, 0) accessed November 21, 2024

Summary

This paper proposes a temporary modification of the current guidelines for allocation of currencies used for transfers in the Financial Transactions Plan (FTP). This temporary modification is designed to promote fair burden sharing between NAB participants that have bilateral borrowing agreements or note purchase agreements (hereafter referred to as “bilateral agreements”) and participants that do not have such agreements, and would result in a change from the current approach only for those FTP members that are NAB participants. It is proposed that the current guidelines for allocation of currencies used for transfers be reinstated automatically for all FTP members when all pre-NAB bilateral agreements have been terminated and when any imbalances in NAB positions resulting from the folding in of claims under bilateral agreements have been eliminated, or at an earlier date as decided by the Executive Board.

Subject: Borrowing agreements, Burden sharing, Currencies, Executive Board decisions, Financial transactions plan, Lapse of time approval, New Arrangements to Borrow

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