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This is a Bill, not an Act. For current law, see the Acts databases.
INTERNATIONAL MONETARY AGREEMENTS AMENDMENT (LOANS) BILL 2012
2010-2011-2012
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
International Monetary Agreements
Amendment (Loans) Bill 2012
No. , 2012
(Treasury)
A Bill for an Act to amend the International
Monetary Agreements Act 1947, and for related
purposes
i International Monetary Agreements Amendment (Loans) Bill 2012 No. , 2012
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
3
Schedule 1--International Monetary Agreements Act 1947
4
Part 1--Amendments commencing on or after 17 November
2012
4
Part 2--Amendments with later contingent commencement
6
International Monetary Agreements Amendment (Loans) Bill 2012 No. , 2012 1
A Bill for an Act to amend the International
1
Monetary Agreements Act 1947, and for related
2
purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the International Monetary Agreements
6
Amendment (Loans) Act 2012.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
13
2 International Monetary Agreements Amendment (Loans) Bill 2012 No. , 2012
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1,
Part 1
The later of:
(a) 17 November 2012; and
(b) the day after this Act receives the Royal
Assent.
3. Schedule 1,
Part 2
The later of:
(a) immediately after the commencement of
the provision(s) covered by table item 2;
and
(b) the start of the day the changes in credit
arrangements made by paragraph 1 of
Decision No. 15073-(12/1), dated
21 December 2011, of the Executive
Board of the International Monetary
Fund become effective for Australia.
However, the provision(s) do not commence
at all if the event mentioned in paragraph (b)
does not occur.
The Minister must announce by notice in the
Gazette the day the changes in credit
arrangements become effective for
Australia.
The notice is not a legislative instrument.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
International Monetary Agreements Amendment (Loans) Bill 2012 No. , 2012 3
3 Schedule(s)
1
Each Act that is specified in a Schedule to this Act is amended or
2
repealed as set out in the applicable items in the Schedule
3
concerned, and any other item in a Schedule to this Act has effect
4
according to its terms.
5
6
Schedule 1 International Monetary Agreements Act 1947
Part 1 Amendments commencing on or after 17 November 2012
4 International Monetary Agreements Amendment (Loans) Bill 2012 No. , 2012
Schedule 1--International Monetary
1
Agreements Act 1947
2
Part 1--Amendments commencing on or after
3
17 November 2012
4
1 Subsection 3(1)
5
Omit "(1)".
6
2 Subsection 3(1) (definition of New Arrangements to
7
Borrow)
8
Repeal the definition, substitute:
9
New Arrangements to Borrow means Decision No. 11428-(97/6),
10
dated 27 January 1997, of the Executive Board of the Fund, as
11
amended and renewed by the following decisions of the Executive
12
Board of the Fund:
13
(a) Decision No. 14577-(10/35), dated 12 April 2010;
14
(b) Decision No. 15014-(11/110), dated 16 November 2011.
15
A copy of Decision No. 11428-(97/6) as so amended is set out in
16
Schedule 4.
17
3 Schedule 4 (heading)
18
Repeal the heading, substitute:
19
Schedule 4--New Arrangements to Borrow
20
4 Schedule 4 (note to Schedule heading)
21
Repeal the note, substitute:
22
Note:
See the definition of New Arrangements to Borrow in section 3.
23
5 Schedule 4 (paragraph 11(a) of New Arrangements to
24
Borrow)
25
Omit "five" (wherever occurring), substitute "ten".
26
6 Schedule 4 (paragraph 4(a) of Annex II to New
27
Arrangements to Borrow)
28
After "Notes", insert "shall".
29
International Monetary Agreements Act 1947 Schedule 1
Amendments commencing on or after 17 November 2012 Part 1
International Monetary Agreements Amendment (Loans) Bill 2012 No. , 2012 5
7 Schedule 4 (paragraph 4(a) of Annex II to New
1
Arrangements to Borrow)
2
Omit "five", substitute "ten".
3
4
Schedule 1 International Monetary Agreements Act 1947
Part 2 Amendments with later contingent commencement
6 International Monetary Agreements Amendment (Loans) Bill 2012 No. , 2012
Part 2--Amendments with later contingent
1
commencement
2
8 Section 3 (paragraph (b) of the definition of New
3
Arrangements to Borrow)
4
Omit "2011.", substitute "2011;".
5
9 Section 3 (after paragraph (b) of the definition of New
6
Arrangements to Borrow)
7
Insert:
8
(c) Decision No. 15073-(12/1), dated 21 December 2011.
9
10 Schedule 4 (at the end of paragraph 11(b) of New
10
Arrangements to Borrow)
11
Add "At the request of a participant, the Fund shall repay, in accordance
12
with this subparagraph (b), any claims resulting from calls under the
13
participant's credit arrangement that exceed the amount of the
14
participant's credit arrangement as changed in accordance with
15
Executive Board Decision No. 15073 adopted December 21, 2011,
16
provided that no such repayment shall be made until the quota increase
17
for the relevant member under the Fourteenth General Review of
18
Quotas has become effective.".
19
11 Schedule 4 (Annex I to New Arrangements to Borrow)
20
Repeal the Annex, substitute:
21
Annex I
22
23
Participants and Amounts of Credit Arrangements
(in Millions of SDRs)
1
Current
New
2
Current Participants
Australia 4,370.41
2,220.45
Austria 3,579.24
1,818.49
Banco Central de Chile
1,360.00
690.97
Banco de Portugal
1,542.13
783.50
Bank of Israel
500.00
340.00
Belgium 7,861.85
3,994.33
Brazil 8,740.82
4,440.91
Canada 7,624.43
3,873.71
International Monetary Agreements Act 1947 Schedule 1
Amendments with later contingent commencement Part 2
International Monetary Agreements Amendment (Loans) Bill 2012 No. , 2012 7
China 31,217.22
15,860.38
Cyprus 340.00
340.00
Danmarks Nationalbank
3,207.78
1,629.76
Deutsche Bundesbank
25,370.81
12,890.02
Finland 2,231.76
1,133.88
France 18,657.38
9,479.16
Hong Kong Monetary Authority
340.00
340.00
India 8,740.82
4,440.91
Italy 13,578.03
6,898.52
Japan 65,953.20
33,508.50
Korea 6,583.44
3,344.82
Kuwait 341.29
341.29
Luxembourg 970.59
493.12
Malaysia 340.00
340.00
Mexico 4,994.76
2,537.66
National Bank of Poland
2,530.00
1,285.40
Netherlands 9,043.72
4,594.80
New Zealand
624.34
340.00
Norway 3,870.94
1,966.69
Russian Federation
8,740.82
4,440.91
Saudi Arabia
11,126.03
5,652.74
Singapore 1,276.52
648.55
South Africa
340.00
340.00
Spain 6,702.18
3,405.14
Sveriges Riksbank
4,439.74
2,255.68
Swiss National Bank
10,905.42
5,540.66
Thailand 340.00
340.00
United Kingdom
18,657.38
9,479.16
United States
69,074.27
28,202.47
Prospective Participants
Greece
3
1,654.51
840.60
Ireland
3
1,885.52
957.97
Philippines
4
340.00
340.00
Total 369,997.36
182,371.14
1/ Credit arrangements are subject to a minimum of SDR 340 million.
2/ If requested by a participant, the Fund may confirm the new credit arrangement to the
participant effective the morning of the business day of the scheduled payment of the quota
Schedule 1 International Monetary Agreements Act 1947
Part 2 Amendments with later contingent commencement
8 International Monetary Agreements Amendment (Loans) Bill 2012 No. , 2012
increase under the Fourteenth General Review of Quotas, on the condition that the quota payment
of the relevant member is received later that day. The rollback would be reversed if the quota
payment is not received.
3/ Greece and Ireland may continue to adhere to the NAB with the credit arrangements approved
in April 2010 (for purposes of this table "current amount") until the effectiveness of their
respective quota increases under the Fourteenth General Review, after which they may adhere
with the proposed new amount set forth in this table ("new amount"). If these members adhere
with their current amount, the credit arrangements would be changed to the new amount on the
day their respective quota increases under the Fourteenth General Review of Quotas become
effective.
4/ The Philippine authorities have requested a name change in Annex I of the NAB Decision from
"Philippines" to "Bangko Sentral ng Pilipinas". Following Executive Board approval of the
change and consent of NAB participants (on a non-objection basis), Annex I of the NAB Decision
would be revised accordingly.
1