Decree of the Minister for Foreign Affairs No. 175 / 1964 Coll.
Decree of the Minister for Foreign Affairs on the Multilateral Settlement Agreement in Transferable roubles and establishing the International Bank of Economic Cooperation
Valid
Effective from 18.05.1964
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175
DECLARATION
Minister for Foreign Affairs
of 6 July 1964
on the Multilateral Settlement Agreement in transferable roubles and establishing the International Bank of Economic Cooperation
On 22 October 1963, the Agreement on multilateral settlement in transferable roubles and the establishment of the International Bank of Economic Cooperation between the Governments of the People's Republic of Bulgaria, the Czechoslovak Socialist Republic, the People's Republic of Hungary, the Mongolian People's Republic, the German Democratic Republic, the Polish People's Republic, the Romanian People's Republic and the Union of Soviet Socialist Republics was signed in Moscow.
The Government agreed to the Agreement on 12 December 1963 and the National Assembly on 31 January 1964. The President of the Republic ratified the Agreement on 24 February 1964.
The instruments of ratification of the Czechoslovak Socialist Republic to the Agreement were deposited in the Secretariat of the Council of Mutual Economic Assistance in Moscow - depositary of the Agreement - on 12 March 1964.
The Agreement entered into force on 18 May 1964 pursuant to Article XIV thereof.
The Czech translation of the Agreement is announced simultaneously.
David v. r.
Translation
AGREEMENT
on multilateral settlement in transferable rubles and establishing the International Bank of Economic Cooperation
Governments of the People's Republic of Bulgaria, the People's Republic of Hungary, the German Democratic Republic, the People's Republic of Mongolia, the People's Republic of Poland, the People's Republic of Romania, the Union of Soviet Socialist Republics and the Czechoslovak Socialist Republic
in order to develop and deepen the international socialist division of labour, to further expand and consolidate trade and economic contacts; and
in order to improve the clearing system and strengthen the foreign exchange and financial performance of mutual commitments
agree as follows:
Settlement on the basis of bilateral and multilateral agreements and individual contracts on the reciprocal supply of goods, as well as agreements on other salaries between the Contracting Parties, will take place from 1 January 1964 in transferable rubles.
The gold content of the transferable rubble is 0,987412 g of pure gold.
Any Contracting Party having funds in accounts in transferable roubles may freely dispose of such funds for settlement with other Contracting Parties.
Each Party shall ensure, when concluding trade agreements, the balance of income and salaries in transferable rubles within a calendar year with all other Parties as a whole. In doing so, account shall be taken of the creation or use of any reserves in transferable rubles as well as of credit operations.
Each Party shall ensure the timely and complete fulfilment of its payment obligations in transferable rubles vis-à-vis other Contracting Parties and the International Bank of Economic Cooperation.
In order to facilitate economic cooperation and the development of the national economies of the Contracting Parties, as well as to enhance cooperation between the Parties with other States, the International Bank of Economic Cooperation, based in Moscow, shall be established.
The members of the Bank shall be the Contracting Parties.
The task of the bank is:
(a) conduct multilateral settlement in transferable rubles;
(b) to credit foreign trade and other operations of the Contracting Parties;
(c) to obtain and store free means in transferable rubles;
(d) to obtain gold in accounts and deposits, and freely convertible and other currencies from the Bank's Member States as well as from other States, and to carry out operations with such funds up to the amounts collected. After the end of the first year of the Bank's activities, the Bank Board shall discuss the issue of the formation of part of the Bank's capital in gold and freely convertible currencies, as well as the possibility of exchanging transferable rubles into gold and freely convertible currencies through the Bank;
(e) carry out other banking operations corresponding to the objectives and tasks of the Bank resulting from its Statute.
In addition to the above functions, the Bank shall, under the authority and resources of the participating States, finance and credit the joint construction, reconstruction and operation of industrial enterprises and other buildings.
The activities of the Bank shall be governed by this Agreement, the Statute of the Bank which forms an integral part of this Agreement, as well as by directives and regulations issued by the Bank under its jurisdiction.
Capital International economic cooperation banks shall be set at three hundred million transferable rubles. The shares (quotas) of the Contracting Parties in this capital shall be determined by the volume of exports in their mutual trade and shall be:
| Bulharskou lidovou republiku | 17 mil. rublů |
| Maďarskou lidovou republiku | 21 mil. rublů |
| Německou demokratickou republiku | 55 mil. rublů |
| Mongolskou lidovou republiku | 3 mil. rublů |
| Polskou lidovou republiku | 27 mil. rublů |
| Rumunskou lidovou republiku | 16 mil. rublů |
| Svaz sovětských socialistických republik | 116 mil. rublů |
| Československou socialistickou republiku | 45 mil. rublů |
The repayment of the Bank's capital will be ensured by supplies of goods in excess of those in excess of the balance sheet of supplies of goods to the Contracting Parties by amounts equal to their quotas. The payment of the bank's capital (in transferable roubles) may also be made in freely convertible currency or gold, as requested by the State.
The shares will be repaid by each Contracting Party in the first year of 20% of its quota and in subsequent years as decided by the Banking Board.
The amount of the Bank's capital may be amended by a resolution of the Contracting Parties.
The Bank shall have reserve capital; the deadline, the amount, the purpose and the way in which it is created shall be determined by the Bank Board.
The Bank may also have special funds created by the Banking Board under the agreement of the Contracting Parties.
The International Bank of Economic Cooperation shall carry out its activities on the basis of full equality and recognition of the sovereignty of the Member States of the Bank.
When discussing and addressing issues related to the Bank's activities, members of the Bank shall have equal rights.
The settlement between the Contracting Parties will be carried out in transferable rubles through the International Bank of Economic Cooperation with the participation of the Contracting Parties' banks. The following basic principles of the multilateral settlement system shall be established:
(a) settlement shall be carried out in transferable rubles on the accounts of the banks of the Contracting Parties; the accounts shall be opened in the International Bank of Economic Cooperation or in agreement with it in the banks of the Contracting Parties. In so doing, the bank of the exporting State shall send the relevant layout documents on the goods and payment documents directly to the bank of the importing State. National banks shall communicate daily to the International Bank of Economic Cooperation established in the form of an indication indicating the amount of claims (income) or payments to the exporter's bank;
(b) salaries shall be paid in transferable rubles within the limits of each bank's own funds in accounts for which all revenue is charged to the bank holding the account, including the amounts of loans received;
(c) the funds in the accounts in transferable rubles are held by the bank of the Contracting Party in whose name the account is opened;
(d) the own and borrowed funds of the banks of the Contracting Parties in transferable roubles shall be segregated and, for that purpose, the accounts of the banks in which the funds belonging to those banks are collected shall be opened and the credit accounts in which the loan obligations granted to those banks by the International Bank of Economic Cooperation shall be charged;
(e) the preferred form of settlement is the collection with a subsequent acceptance (spot debit). Other forms of settlement may also be used according to an agreement between the banks of the Contracting Parties (direct debit, letters of credit, bank transfers, etc.);
(f) The International Bank of Economic Cooperation shall pay interest on account funds and deposits differentiated according to the time of deposit.
The Bank Board may determine the minimum amount of the balance of non-remunerated accounts.
The International Bank of Economic Cooperation may grant loans:
(a) to ensure timely settlement of the turnover of goods in the short-term excess payments over income (settlement credit). A credit for the payment of goods shall be granted immediately in the absence of funds in the payer's account. The amount of the loan to the bank of each Contracting Party shall be determined by the Banking Board;
(b) to cover an increase in payments above the revenue caused by seasonal and other conditions for the production and realisation of goods. The amount of the loan and its repayment deadlines shall be determined by the Bank Board on the basis of the revenue and payment plans resulting from the export and import plan of goods and other operations. Such credit shall be granted for a period within a calendar year;
(c) to cover the temporary unplanned excess payments over revenue caused by delays in the supply of goods against the deadlines laid down. Such a loan shall be granted according to the decision of the Bank Board with a maturity of up to the end of the calendar year and at increased interest rates. At the same time as granting such credit, the bank of the Contracting Parties shall inform it in accordance with Article VII. of this Agreement;
(d) operations linked to the expansion of the turnover of goods over the contingent of goods agreed between the Contracting Parties for a period up to the end of next year;
(e) to balance the balance of payments in connection with temporary difficulties in the exchange of national goods. This loan shall be granted in exceptional cases, as decided by the Bank Board, with the term of payment of such a loan being determined by the Bank Board, depending on specific conditions, but not with a longer deadline than the end of next year;
(f) the joint construction, reconstruction and operation of industrial enterprises and other objects. This loan shall be granted from resources provided by the participating States.
Interest shall be paid on the use of the loan. The amount of the interest rate shall be determined by the Bank Board on a differentiated basis according to the type and maturity of the loan, based on the necessity to encourage the economical use of the funds and to ensure the bank's profitability.
According to the decision of the Bank Board, the settlement loan may be granted at an interest-free rate; taking into account the particularities of the exchange of national goods, an interest-free credit may also be granted for seasonal needs, but the total amount of interest-free loans may not exceed 3% of the annual turnover of the exchange of goods between the Member States of the Bank.
The International Bank of Economic Cooperation shall, in the performance of its clearing and lending functions, facilitate in a broad manner the fulfilment of binding reciprocal supplies of goods between the Contracting Parties and the consolidation of planning and payment discipline in mutual clearing.
In this context, the Bank shall be empowered to:
(a) restrict or suspend entirely the granting of loans to banks of those Contracting Parties which do not comply with their payment obligations towards the Bank or other Contracting Parties. The limitation and termination of credit shall be carried out within the time limits set by the Bank Board;
(b) inform the competent authorities and, where necessary, the governments of the Contracting Parties, on the basis of the supporting documents available to them, of the breaches of payment obligations for the goods supplied, as well as of the obligations linked to the financing and lending of the construction, reconstruction and operation of joint industrial enterprises and other objects.
When clearing and lending in transferable rubles, the bank shall ensure a record of the performance of the payment obligations of the parties.
The accounting of non-commercial transactions carried out according to internal retail prices and service rates will be carried out in special accounts in national currencies in the banks of the Contracting Parties under the non-commercial wage settlement agreements applicable between those parties. Such accounts may be replenished from the accounts in transferable rubles, after conversion by the coefficient and by the rate of surpluses (haircuts) for non-commercial salaries laid down by those non-commercial wage settlement agreements. Funds from the non-commercial salary account may be transferred to accounts in transferable rubles also using the above-mentioned coefficient and rate.
On the basis of a decision of the Board International Economic Cooperation Banks may settle in transferable roubles with States not Parties to this Agreement. The arrangements and conditions for settlement in transferable roubles with these States shall be determined by the Banking Board in agreement with the States concerned.
The participation of States in the International Bank of Economic Cooperation and the activities of that Bank cannot be hindered by the development of immediate financial and other relations of the Contracting Parties, both between themselves and with other States.
The International Bank of Economic Cooperation shall enjoy, within the territory of each Contracting Party, the legal capacity necessary for the performance of its functions and for the achievement of its objectives.
The Bank and the representatives of the States on the Bank Board and the Bank's officials shall enjoy in the territory of each Contracting Party the privileges and immunities necessary for the performance of the functions and achievement of the objectives set out in this Agreement and the Statute of the Bank.
The Statute of the Bank shall determine the legal capacity, privileges and immunities referred to in this Article.
The Contracting Parties shall implement the changes resulting from this Agreement in bilateral agreements in force between them that provide for clearing accounts or enter into new agreements that envisage settlement in transferable roubles.
Following the signature of this Agreement, the Contracting Parties shall declare the multilateral clearing agreement of 20 June 1957 repealed pursuant to Article 15 of the same Agreement.
The amounts owed by the Contracting Parties, reported in bilateral clearing accounts on 1 January 1964, shall be taken into account when concluding trade agreements for 1964 and shall be settled within those agreements in transferable roubles in a manner agreed between the interested parties.
With the agreement of all Contracting Parties, this Agreement may be acceded to by other States which recognise its objectives and principles and which make commitments under this Agreement and the Statute of the International Bank of Economic Cooperation.
The accession document shall be forwarded to the depositary of this Agreement.
This Agreement shall be subject to ratification and enter into force on the date on which the last of the Contracting Parties submits its instrument of ratification to the depositary of this Agreement.
However, the Agreement shall be provisionally applied as from 1 January 1964 if it does not enter into force on that date under the first paragraph of this Article.
For States acceding to this Agreement, the date of entry into force of the Agreement shall be the date of the agreement of all Contracting Parties with the accession of any State to the Agreement.
This Agreement may be amended only with the consent of all Contracting Parties.
Each Contracting Party may terminate this Agreement by notifying it at least six months in advance to the Secretariat of the Council for Mutual Economic Assistance and by settling its obligations under this Agreement during that period.
This Agreement shall cease to apply if it is declared repealed by at least two thirds of the Contracting Parties.
This Agreement shall be deposited in the Secretariat of the Council of Mutual Economic Assistance, which shall fulfil the functions of depositary of this Agreement.
Written in Moscow on 22 October 1963 in one copy in Russian. The certified copies of this Agreement shall be circulated by the depositary to all Contracting Parties.
The President
S. Todorov v. r.
On behalf of the President,
A. Apro v. r.
For the Government of the German Democratic Republic:
W. Rumpf v. r.
For the Government of the People's Republic of Mongolia:
D. Molomjamo v. r.
For the Government of the Polish People's Republic:
P. Jaroszewicz v. r.
For the Government of the Romanian People's Republic:
A. Birladeanu v. r.
For the Government of the Union of Soviet Socialist Republics:
M. Lesečko v. r.
For the Government of the Czechoslovak Socialist Republic:
O. Šimonek v. r.
Annex to Decree No 175 / 1964 Coll.
STATUT
International Economic Cooperation Banks
The International Bank of Economic Cooperation is established under the Agreement between the Governments of the People's Republic of Bulgaria, the People's Republic of Hungary, the German Democratic Republic, the People's Republic of Mongolia, the People's Republic of Poland, the People's Republic of Romania, the Union of Soviet Socialist Republics and the Czechoslovak Socialist Republic in order to facilitate economic cooperation and the development of the national economies of the Member States of the Bank, as well as to facilitate the expansion of their trade and economic relations with other countries.
I.
General provisions
The International Bank of Economic Cooperation, hereinafter referred to as "the Bank ', shall organise and conduct settlement, credit, financial and other banking operations.
1. The Bank is a legal person and is called the "International Bank of Economic Cooperation."
The Bank shall be empowered to:
(a) conclude agreements and conduct any operation within the limits of its competence;
(b) to acquire, lease and dispose of property;
(c) to sue and answer in court and arbitration;
(d) establish branches and branches in the territory of the State in which it is established and have representatives in other States;
(e) to issue directives and provisions on matters within its competence;
(f) carry out further activities to carry out the tasks assigned to the Bank by this Statute.
3. The Bank shall be liable for its liabilities up to the amount of its assets. The Bank is not liable for the liabilities of the Bank's Member States, nor are the banks' Member States responsible for the liabilities of the Bank's Member States, nor are the bank's Member States responsible for the liabilities of the Bank.
4. The Bank has a stamp with the title "International Bank of Economic Cooperation." The branches and the management of the bank shall have stamps bearing the same title and with an addition to the name of the branch or management.
The seat of the bank is Moscow, the USSR.
The bank is responsible for keeping secrets about the operations, accounts and deposits of its customers and correspondents.
All bank officials and employees are obliged to keep secrets about the bank's operations, accounts and deposits, customers and correspondents.
II.
Capital and funds of the Bank
The Bank has capital and reserves. The Bank may also have special funds.
The capital of the bank is 300 million transferable rubles and shares in transferable rubles are formed.
The Bank's Member State has the right to deposit a share in the Bank's capital (in transferable roubles) also in freely convertible currency or gold.
The payment of the capital shall be made in the manner and within the time limits set by the Bank Board.
The bank's capital is used to secure its liabilities and is used for the purposes laid down by the Bank's Statute.
The amount of the Bank's capital may be altered by decision of the Bank's Member States.
If the State withdraws from the bank, its share shall be repaid. In doing so, the amounts owed by that State to the bank shall be deducted from the total amount of the share.
When the Bank ceases to operate to the Member States, after deduction of the amount necessary to offset the payment obligations arising from the mutual settlement of the Bank's Member States' claims.
The State which has put its share in the bank's capital shall be issued with a certificate certifying the composition of the holding.
The Bank shall have reserve capital, the time limit, the amount, the purpose and the way in which it is created shall be determined by the Bank Board.
The special funds shall be created by the Bank Board on the basis of an agreement between the Member States of the Bank.
III.
Bank operations
Bank settlement operations
Banks organise and carry out multilateral clearing of business and other operations in transferable rubles.
The accounting shall be carried out in transferable rubles through the accounts of the banks of the Member States, hereinafter referred to as "authorised banks', which shall be opened in the International Bank of Economic Cooperation or in agreement with them in other authorised banks.
Salaries shall be made within the limits of the funds held by each authorised bank in the accounts in transferable rubles.
The Bank shall receive and distribute funds in transferable rubles and other currencies in a manner specified by the Banking Board. The Bank also carries out other banking operations.
The arrangements for carrying out operations, opening, holding and closing accounts in the bank shall be determined by the Bank Board.
Authorised banks which have funds in their accounts with a bank in transferable roubles may freely dispose of such funds in the settlement carried out in transferable roubles.
Account holders in a bank which are denominated in other currencies may freely dispose of funds in those accounts.
The funds in transferable rubles are deposited by authorised banks in the International Bank of Economic Cooperation. The Bank shall pay interest equivalent to that fixed by the Bank Board.
The Bank shall carry out the settlement of operations related to the financing of investment and the lending of undertakings and other objects which are jointly built, reconstructed and operated by the participating States.
The Bank shall carry out the settlement of operations related to the financing of investment and the lending of undertakings and other objects which are jointly built, reconstructed and operated by the participating States.
The Bank may issue cheques in transferable rubles and other currencies and carry out transactions in such cheques as well as in cheques of other banks. Other payment documents may be issued, as decided by the Bank Board.
The Bank may assume guarantees for the monetary liabilities of banks of Member States, other legal entities and natural persons.
The Bank may cooperate with organisations whose activities correspond to or become a member of the Bank.
The Bank shall conclude agreements with other banks on the arrangements for clearing and keeping accounts opened in the Bank, as well as correspondent and other contracts.
Bank lending operations
The Bank provides loans to authorised banks. Loans shall be granted for specified purposes and on condition that the loan is repaid within agreed deadlines.
The purposes for which loans are granted, the way in which loans are granted, their collateral and repayment shall be determined by the Bank Board.
In order to conduct credit operations, the bank shall draw up credit plans.
The loan plans of the Bank shall be drawn up on the basis of bilateral and multilateral trade agreements at the request of the authorised banks for lending. Credit plans shall be approved by the Bank Board. The request by the authorised bank to the State for loans exceeding the amounts contained in the credit plan shall be discussed by the bank taking into account the information submitted by the authorised bank on the compliance of the State with the trade agreements and other necessary material.
Loans received from a bank shall be subject to interest rates set by the Bank Board.
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Regulation Information
| Citation | Decree of the Minister for Foreign Affairs No 175 / 1964 Coll., on the Agreement on Multilateral Settlement in Transferable Roubles and establishing the International Bank of Economic Cooperation |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 19.09.1964 |
|---|---|
| Effective from | 18.05.1964 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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