Decree No. 62 / 2010 Coll.
Decree amending Decree No. 278 / 1998 Coll., implementing Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Support and supplementing Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended, Act No. 60 / 1998 Coll., as amended
Valid
Effective from 20.03.2010
62
DECLARATION
of 23 February 2010
amending Decree No. 278 / 1998 of the Ministry of Finance Coll., implementing Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Aid and supplementing Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended, as amended by Act No. 60 / 1998 Coll., as amended
The Ministry of Finance provides pursuant to Sections 4 (5) and (7) and 7a (10) of Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Aid and on the addition of Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended, as amended by Act No. 60 / 1998 Coll., Act No. 282 / 2002 Coll., Act No. 23 / 2006 Coll. and Act No. 293 / 2009 Coll.:
Decree No. 278 / 1998 Coll., implementing Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Aid and supplementing Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended by Act No. 60 / 1998 Coll., as amended by Decree No. 88 / 2000 Coll., Decree No. 355 / 2001 Coll., Decree No. 29 / 2003 Coll. and Decree No. 407 / 2006 Coll., is amended as follows:
1. In Section 4, "9,5% 'is replaced by" 8%';
2.
Method of calculating the matching of interest differences
(K § 7a (10) of the Act)
(1) The interest difference is calculated using the formula as follows:
HR = JU x Rfix100xDs36- JU x Rt + Mb100xDs360,
where
Interest rate difference
JU - loan principal
Rfix - fixed interest rate
Ds - number of days of interest-bearing balance of principal of credit in the settlement period
Rt - floating interest rate
Mb - reward of the exporter's bank.
(2) For the purposes of determining the fixed interest rate, the fixed reference rate declared monthly by the Organisation for Economic Cooperation and Development shall be used, namely:
(a) valid on the date of signature of the credit agreement between the exporter's bank and the debtor; or
(b) valid on the date of fixing of the interest rate by the exporter's bank in the period up to 120 days prior to the signature of the credit agreement and increased by 0,20% per year, where the exporter's bank has demonstrated its commitment to such a rate within that period.
(3) For the purpose of determining the floating interest rate, the EURIBOR shall be used for the granting of a loan in euro, respectively, for the granting of a loan in US dollars, the LIBOR for the six-month deposit on the interbank market, published by Reuters and valid for the first day of credit drawdown and, respectively, for the first day of credit repayment under the relevant export credit agreement, and for the first day of each six-month period of credit drawdown or repayment.
(4) For the purposes of determining the principal of the loan, it shall be used in the period:
(a) drawing an export credit weighted average of the amount of credit drawn over the relevant six-month period,
(b) repayment of the export credit at the relevant date of the principal amount,
1. at the date of the start of the repayment of the export credit, the exporter's bank is authorised for the first instalment period to consolidate the interest outstanding and to capitalise any interest into principal; and
2. on the first day of each six-month repayment period, the principal amount for that repayment period shall be determined.
(5) The foreign exchange market rate of the Czech National Bank for the euro or US dollars applicable on the last day of the relevant interest period on which the interest difference is calculated shall be used for the purposes of converting the interest difference into Czech crowns. The resulting amount is rounded to thousands.
(6) The model for calculating the balance of interest differences is set out in Annex 2. "
3. The following Section 8a is inserted after Section 8:
Remuneration of the exporter's bank
The remuneration of the exporter's bank shall be set at a premium of 0,50% per year to the floating interest rate for export credits with a principal value of over EUR 10 million or their equivalent in US dollars and 0,70% per year for all export credits with a principal value of up to and including EUR 10 million, or their equivalent in US dollars. '
4. Annex 2 shall read as follows:
"Annex No 2 to Decree No. 278 / 1998 Coll.
Efficacy
This decree shall take effect on the 15th day following its publication.
Minister:
Ing. Janota v. r.
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Regulation Information
| Citation | Decree No. 62 / 2010 Coll., amending Decree No. 278 / 1998 Coll., implementing Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Aid and supplementing Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended by Act No. 60 / 1998 Coll., as amended |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 05.03.2010 |
|---|---|
| Effective from | 20.03.2010 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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