Communication from the Ministry of Foreign Affairs No. 64 / 1993 Coll.
Communication from the Ministry of Foreign Affairs on the negotiation of the Payment Agreement between the Czech Republic and the Slovak Republic
Valid
Effective from 07.02.1993
64
COMMUNICATION
Ministry of Foreign Affairs
The Ministry of Foreign Affairs announces that the Payment Agreement between the Czech Republic and the Slovak Republic was signed in Prague on 4 February 1993.
The Treaty has been approved The Chamber of Deputies of the Parliament of the Czech Republic and the President of the Czech Republic ratified it.
The Treaty entered into force on 8 February 1993 pursuant to Article 10 (2) thereof.
The Czech version of the Treaty is hereby published at the same time.
Payment agreement
between the Czech Republic and the Slovak Republic
The Czech Republic and the Slovak Republic, for the purpose of adjusting payment arrangements between the two countries and seeking to promote the development of relations on the basis of equality and mutual benefit, have agreed as follows:
Any payments between natural or legal persons having their permanent residence or registered office in the Czech Republic and natural or legal persons having their permanent residence or registered office in the Slovak Republic (hereinafter referred to as "the entities') shall be made, with the exception of the payments referred to in Articles 2 and 3 of this Treaty, by clearing payment.
The clearing unit between the Czech Republic and the Slovak Republic (hereinafter referred to as the "Contracting Parties') is the settlement European Currency Unit (hereinafter referred to as the" clearing ECU ').
Payments for supplies of goods and services purchased by an entity of one of the Contracting Parties in a third country and resold without subsequent modification and change in the own quality of the goods and services supplied to the entity of the other Party shall be made in freely convertible currencies, unless otherwise provided for in another agreement to which both Contracting Parties are bound.
Reimbursement of claims and liabilities between legal persons or natural persons - entrepreneurs with their registered office or permanent residence in the Czech Republic and legal persons or natural persons - entrepreneurs with their registered office or permanent residence in the Slovak Republic born before 8 February 1993, shall be carried out in accordance with the Protocol between the Czech Republic and the Slovak Republic on the settlement of mutual claims and obligations of legal persons and natural persons - entrepreneurs, arising before 8 February 1993, which forms an integral part of this Treaty.
Payment settlement of the Czech National Bank's debt to the National Bank of Slovakia arising from the distribution of the balance of the former Czechoslovak State Bank will be settled by a separate agreement.
The sale of funds in the national currencies of the Contracting Parties on private and business trips of natural persons within the territory of the other Contracting Party and the treatment of such funds shall be governed by a contract between the Contracting Parties.
Payment accounts are made on the Czech side via the Czech National Bank and on the Slovak side via the National Bank of Slovakia. For this purpose, the Czech National Bank and the National Bank of Slovakia shall open mutual accounts in the CET held without expenses and commissions.
The Czech National Bank and Národná banka Slovenska will conclude a contract for the coordination and technical provision of payment.
The Contracting Parties shall grant each other a marginal credit on accounts opened in accordance with Article 5 at an interest rate of 5% per annum.
The marginal credit shall be set at ECU 130 million. The amount of the marginal credit may be covered by an agreement between the Governments of the Contracting Parties.
The amount of exceeding the marginal credit shall be remunerated at 10% per annum.
The excess amount of the marginal credit on the last day of each calendar month shall be paid by the debtor party in freely convertible currency - ECU - (hereinafter referred to as ECU) by the 15th day of the following month. For this purpose, the rate of 1 ECU settlement = 1 ECU.
If the amount of the excess of the marginal loan is not settled by that date, it shall be remunerated at 15% per annum starting on the 16th day.
In the case of two successive delays in payment of the excess amount of the marginal credit, the governments of the Contracting Parties shall agree without delay to settle the amount due.
The exchange rate of the national currencies of the Contracting Parties to the clearing ECU shall be derived from the exchange rate of the national currencies of the Contracting Parties to the ecus determined independently by the Czech National Bank and the National Bank of Slovakia. The Contracting Parties undertake to take measures to ensure that the difference between the ECU and the ECU does not exceed ± 5%. Should the maintenance of this derogation jeopardise the essential economic interests of one of the Contracting Parties, the Governments of the Contracting Parties shall immediately enter into negotiations to resolve the situation.
The balance of mutual accounts held by the Czech National Bank and Národná banka Slovenska shall be settled by the debtor party within 6 months by supplying goods, services or making other payments.
If, after the expiry of these 6 months, the balance of mutual accounts is not fully settled, the governments of the Contracting Parties shall agree to settle the amount due without delay.
Other claims and obligations arising out of the implementation of this Treaty shall be converted from ECU to ECU or any other freely convertible currency, as agreed between the competent bodies of the Contracting Parties.
This Agreement may be amended only with the agreement of the Contracting Parties at the written request of one of them.
The Ministry of Finance of the Contracting Parties and the Czech National Bank and the National Bank of Slovakia are hereby authorised to provide for a derogation from the foreign exchange rules applicable in the territories of the Contracting Parties when implementing this Treaty by mutual agreement.
The Treaty shall enter into force on the date of the exchange of diplomatic notes confirming its approval in accordance with the constitutional procedure of the competent State and shall apply until 31.12.1993, unless the Contracting Parties agree to terminate it earlier.
After 31.12.1993, the Treaty shall be extended for an indefinite period, subject to the possibility that the Treaty may be terminated by written declaration by one of the Contracting Parties to the other Contracting Party no later than 3 months after the proposed termination of the Treaty.
Dane in Prague on 4 February 1993 in two copies, each in Czech and Slovak languages, both texts being equally authentic.
For the Czech Republic:
Ivan Kočárník v. r.
Deputy Prime Minister and Minister for Finance
For the Slovak Republic:
Július Tóth v. r.
Minister for Finance
Protocol
between the Czech Republic and the Slovak Republic on the payment of mutual claims and obligations of legal persons and natural persons - entrepreneurs created before 8 February 1993
In accordance with Article 3 of the Payment Agreement between the Czech Republic and the Slovak Republic of 4 February 1993, the Czech Republic and the Slovak Republic agreed as follows:
Any payments between legal persons or natural persons - entrepreneurs who have their permanent residence or registered office in the Czech Republic and between legal or natural persons - entrepreneurs who have their permanent residence or registered office in the Slovak Republic (hereinafter referred to as "entities') to cover their mutual claims and liabilities arising before 8 February 1993 shall be made in the form of special clearing payments.
The unit of account for this special clearing payment between the Czech Republic and the Slovak Republic (hereinafter referred to as "the Contracting Parties') is the settlement crown (hereinafter referred to as" settlement XCS ').
For the purposes of the implementation of this Protocol, a fixed rate shall be fixed for the national currencies of the Contracting Parties to the settlement XCS at a rate of 1 XCS = 1 koruna of the Czech Republic = 1 koruna of the Slovak koruna and at the same time a fixed rate of the settlement XCS vis-à-vis the ecus, identical to that of the Czechoslovak koruna, declared by the Czech National Bank and the National Bank of Slovakia on 5 February 1993.
Payment accounts are made on the Czech side via the Czech National Bank and on the Slovak side via the National Bank of Slovakia. The Czech National Bank and Národná banka Slovenska will open mutual accounts for this purpose in settlement XCS held without expenses and commissions.
The Czech National Bank and Národná banka Slovenska will conclude a contract for the coordination and technical provision of payment.
Balance of mutual accounts held by the Czech National Bank and the National Bank of Slovakia pursuant to Article 3 Protocol with interest rate of 3% per annum
Balance of mutual accounts in XCS settlement held by the Czech National Bank and National Bank of Slovakia pursuant to Article 3 Protocol of 15 May 1993, including interest, and thereafter after 3 months, shall be settled by the debtor party either:
(a) in an agreed freely convertible currency; or
(b) by transferring to mutual accounts in the ECU held by the Czech National Bank and the National Bank of Slovakia pursuant to Article 5 of the Payment Agreement;
unless otherwise agreed by the Parties.
For settlement purposes, the exchange rate of the XCS settlement vis-à-vis the ECU laid down in Article 2 of this Protocol shall be that set out in the following table:
The Governments of the Contracting Parties shall evaluate the implementation of this Protocol on 15 August 1993 and agree on a further procedure.
In the case of claims due before 14 February 1993 which are not settled under this Protocol or will be settled in the ecus of settlement within the meaning of the Payment Agreement, creditors shall not claim any sanctions against debtors or banks relating to such claims or any claim for compensation in connection with the settlement of such claims.
Dane in Prague on 4 February 1993 in two copies, each in Czech and Slovak languages, both texts being equally authentic.
For the Czech Republic:
Ivan Kočárník v. r.
Deputy Prime Minister and Minister for Finance
For the Slovak Republic:
Július Tóth v. r.
Minister for Finance
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Regulation Information
| Citation | Communication from the Ministry of Foreign Affairs No. 64 / 1993 Coll., on the negotiation of the Payment Agreement between the Czech Republic and the Slovak Republic |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 08.02.1993 |
|---|---|
| Effective from | 07.02.1993 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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