Decree No. 86 / 1975 Coll.
Decree of the Minister for Foreign Affairs on the Protocol on Amendments to the Agreement on Multilateral Settlement in Transferable roubles and establishing the International Bank of Economic Cooperation
Valid
Effective from 26.06.1973
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86
DECLARATION
Minister for Foreign Affairs
of 22 May 1975
on the Protocol on amendments to the Agreement on multilateral settlement in transferable rubles and establishing the International Bank of Economic Cooperation
On 18 December 1970, a Protocol was signed in Moscow on the amendments to the Agreement on Multilateral Settlement in Transferable roubles and on the establishment of the International Bank of Economic Cooperation, signed in Moscow on 22 October 1963 and published by Decree of the Minister of Foreign Affairs of 6 June 1964 No 175 Coll.
According to the provisions of its point III, the Protocol entered into force on 26 June 1973.
Czech translation of the Agreement as amended The Protocol shall be published simultaneously.
Minister:
Ing. Chupek v. r.
AGREEMENT
on multilateral settlement in transferable rubles and establishing the International Bank of Economic Cooperation
Governments of the People's Republic of Bulgaria, the Republic of Hungary, the German Democratic Republic, the People's Republic of Mongolia, the People's Republic of Poland, the Socialist 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 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 Member State of the International Bank of Economic Cooperation (hereinafter referred to as the Bank) that has funds in accounts in transferable rubles may freely dispose of such funds.
Each Member State of the Bank shall ensure, when concluding trade agreements, the equilibrium of income and salaries in transferable roubles with all other Member States of the Bank as a whole within a calendar year or other period agreed by the Bank's Member States. 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 Member State of the Bank shall ensure the timely and complete fulfilment of its payment obligations in transferable rubles vis-à-vis the other Member States of the Bank 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 founding members of the Bank shall be the Contracting Parties.
The job of the bank is
(a) conduct multilateral settlement in transferable rubles;
(b) to credit foreign trade and other operations of the Bank's Member States;
(c) to obtain and store free means in transferable rubles;
(d) to obtain gold, freely convertible and other currencies from the Member States of the Bank and from other States, as well as to carry out other operations with gold, freely convertible and other currencies.
The Bank Board shall examine the possibility of carrying out transactions involving the exchange of transferable roubles for gold and freely convertible currencies through the Bank;
(e) conduct other banking operations corresponding to the objectives and tasks of the Bank resulting from its Statute.
In addition to those functions, the Bank may finance and credit the operation of functioning joint industrial enterprises and other buildings under the authority and from the resources of the participating States.
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. According to the decision of the Bank Board, part of this capital is created in gold and freely convertible currencies. 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 socialistickou republiku | 16 mil. rublů |
| Svaz sovětských socialistických republik | 116 mil. rublů |
| Československou socialistickou republiku | 45 mil. rublů |
The repayment of the bank's capital in transferable rubles will be ensured by supplies of goods in excess of imports in excess of the balance-sheet supply of goods in 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 Bank's Member States.
The Bank has 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 Bank may also have specific funds created by the Bank Board under the agreement of the Bank's Member States.
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 relating to the Bank's activities, the Bank's Member States have equal rights.
The settlement between the Bank's Member States will be carried out in transferable rubles through the International Bank of Economic Cooperation with the participation of Member States' 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 Member States; the accounts shall be opened in the International Bank of Economic Cooperation or in agreement with the banks of the Member States. 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 Member State in whose name the account is opened;
(d) the own and borrowed funds of the banks of the Member States in transferable roubles shall be segregated and, for that purpose, those banks shall be opened up, on the one hand, the accounts on which the funds belonging to those banks are collected and, on the other hand, the credit accounts on which the credit accounts on the loans granted to those banks by the International Bank of Economic Cooperation are charged;
(e) the preferred form of settlement is the collection with a subsequent acceptance (spot debit). Under the agreement between the banks of the Member States, other forms of settlement may also be used (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.
According to the decision of the Bank Board, the bank may not interest current accounts.
The Bank may provide loans in transferable rubles:
(a) settlement credit - to cover the needs of authorised banks in the short-term excess payments over income. This loan has a revolving character. It shall be provided as soon as necessary within the limit set by the Bank Board. The repayment deadline shall not be fixed. Debt may be transferred to the next year for the loan;
(b) fixed-term credit - to meet the longer-term financial needs of the authorised banks. The loan is granted for measures related to specialisation and co-operation of production, expansion of turnover of goods, balance of payments, seasonal needs, etc. The Bank shall grant this loan on the basis of reasoned applications by authorised banks for fixed periods of up to one year and, in individual cases, as decided by the Banking Board for two to three years.
Interest shall be paid on the use of loans. The level of interest rates on loans in transferable rubles shall be determined by the Bank Board, based on the necessity to stimulate the economical use of funds and ensure the bank's profitability.
States whose exports are highly seasonal shall be granted a fixed-term loan for seasonal needs in a manner determined by the Bank Board at favourable (interest rates) terms.
The International Bank of Economic Cooperation shall, in the performance of its duties in the area of clearing and lending, facilitate in a broad manner the fulfilment of binding mutual supplies of goods between the Bank's Member States and the consolidation of planning and payment discipline in the context of mutual clearing.
In this context, the Bank shall be empowered to:
(a) restrict or suspend entirely the granting of loans to banks of those Member States which do not comply with their payment obligations towards the bank or other Member States. 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 Member States of the Bank, on the basis of the supporting documents in its possession, of infringements of payment obligations for the goods delivered.
When clearing and lending in transferable rubles, the bank shall ensure a record of the fulfilment of the payment obligations of the bank's Member States.
The accounting of non-commercial transactions carried out on the basis of internal retail prices and service rates will be carried out in special accounts in national currencies in the banks of the Member States under the non-commercial wage arrangements applicable between them. 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 by applying that coefficient and rate.
On the basis of a decision of the Board International economic cooperation banks may settle in transferable roubles with non-member States. 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 between the Bank's Member States and with each other.
The International Bank of Economic Cooperation shall have in the territory of each Member State 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 Banking Board and the Bank's officials shall enjoy in the territory of each Member State the privileges and immunities necessary for the performance of their duties and for the 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 amendments resulting from this Agreement in those 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 under 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.
This Agreement may be acceded to and joined by other States. To this end, the State shall submit to the Bank Board an official statement that it recognises the objectives and principles of the Bank's activities and accepts the commitments under this Agreement and the Statute of the Bank.
Admission as a member of the Bank shall be carried out with the agreement of all Member States and on the basis of a decision of the Bank Board.
A duly certified copy of the decision of the Bank Board to accept a new State as a member of the Bank and the document relating to the connection to this Agreement (ratification of the Agreement) shall be transmitted to the depositary of this Agreement. The date of surrender of those documents to the depositary of the Agreement shall be deemed to be the date of accession to the Agreement and the acceptance of the relevant State as a member of the Bank.
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.
This Agreement may be amended only with the consent of all the Member States of the Bank.
Each State may terminate this Agreement and its membership by notifying it at least six months in advance to the Bank Board. During this period, the relationship between the bank and the relevant State must be adjusted according to their mutual obligations. The Bank Board shall officially notify the Depositary of the fact that States have withdrawn their participation in this Agreement and their membership of the Bank.
This Agreement shall cease to apply if at least two-thirds of the Member States of the Bank declare that they waive participation in this Agreement and membership of the Bank pursuant to the provisions of the second paragraph of this Article.
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.
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 Socialist 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 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."
2. The Bank is empowered
(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 is 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, its 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. According to the decision of the Bank Board, part of this capital is created in gold and freely convertible currencies.
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.
At the end of the Bank's operations, the shares and other funds of the Bank shall be returned to the Member States after deduction of the amount necessary to offset the payment obligations resulting from the mutual settlement of the Bank's 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 has reserve capital, the deadline, 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
The Bank shall organise and carry out multilateral clearing of commercial and other operations in transferable roubles.
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 or in agreement with the International Bank of Economic Cooperation by 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 roubles and other currencies on the basis of the principles established by the Board. The Bank also carries out other banking operations.
The principles of the conduct of operations, opening, holding and closing of accounts in the bank shall be laid down by the Bank Board.
Authorised banks which have funds in accounts in transferable roubles in a bank may freely dispose of such funds in settlement 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 may carry out settlement operations linked 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 also settle in transferable roubles with non-members of the Bank. The arrangements and conditions for such settlement in transferable roubles shall be determined by the Bank Board as agreed with the States concerned.
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 accept 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 the tasks of the Bank or become a member of it.
The Bank shall conclude agreements with other banks and international organisations on the arrangements for clearing and keeping accounts opened in the Bank, as well as correspondent and other contracts.
Bank lending operations
The Bank shall provide 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 bank's credit plans shall be drawn up on the basis of credit applications from authorised banks based on data from national economic development and foreign trade plans as well as trade agreements and contracts; the bank also uses its own data and calculations to compile credit plans. 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.
The repayment of the loan granted by the bank shall be effected within the repayment period in a manner specified by the Bank Board.
The Bank may, under the authority and resources of the participating States, finance and credit the operation of functioning joint industrial enterprises and other objects.
The Bank shall conduct settlement, credit, deposit, arbitrage, guarantee and other operations in freely convertible and other currencies, as well as gold operations.
IV.
Management of the Bank
The governing bodies of the bank are the banking board and the banking administration.
Bank Board
The Bank Board shall be the highest management body, which shall overall manage the Bank's activities.
The Bank Board shall be composed of the representatives of all the Member States of the Bank, each Member State of the Bank having one vote, regardless of the amount of the share it has put into the Bank's capital.
The members of the Bank Board shall be appointed by the governments of the Member States of the Bank of up to three representatives from each State.
The Bank Board shall meet as necessary but at least twice a year.
The meetings of the Bank Board shall be chaired gradually by the representatives of each Member State of the Bank.
The resolutions of the Bank Board shall be adopted unanimously. The Rules of Procedure of the Banking Board shall be laid down by the Banking Board itself.
The Bank Board shall discuss and address fundamental issues determining the policy and focus of the Bank's work:
(a) determine the overall focus of the Bank's activities in establishing contacts and cooperation with the banks of the Member States and with banks of other States, financial and other international economic organisations, as well as cooperation or participation in organisations whose activities correspond to the tasks of the Bank;
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Regulation Information
| Citation | Decree of the Minister for Foreign Affairs No. 86 / 1975 Coll., on the Protocol on Amendments to the Agreement on Multilateral Settlement in Transferable Roubles and on the Establishment of the International Bank of Economic Cooperation |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 12.08.1975 |
|---|---|
| Effective from | 26.06.1973 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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