The European Bank for Reconstruction and Development (Further Payments to Capital Stock) Order 1997

Made: 31st July 1997

Coming into force: 31st July 1997

Now, therefore, the Secretary of State, in exercise of the powers conferred upon her by section 4 of the Act and with the approval of the Treasury, hereby makes the following Order:—

1

• (1) This Order may be cited as the European Bank for Reconstruction and Development (Further Payments to Capital Stock) Order 1997 and shall come into force on 31st July 1997.

• (2) In this Order—

• “the Agreement” means the Agreement establishing the European Bank for Reconstruction and Development done at Paris on 29 May 1990 and ratified by the Government of the United Kingdom on 10 August 1990[^f00002];

• “the Bank” means the European Bank for Reconstruction and Development established by the Agreement;

• “ECU” means the European Currency Unit as defined in Council Regulation (EC) No. 3320/94[^f00003] or any Council regulation amending or replacing same;

• “the Government” means the Government of the United Kingdom.

• “the Resolution” means Resolution No. 59 of the Board of Governors of the Bank entitled “Increase in Authorised Capital Stock and Subscriptions thereto”, adopted on 15 April 1996.

2

The Secretary of State may, on behalf of the Government out of money provided by Parliament:—

• (a) make payment of a further subscription to the increased authorised capital stock of the Bank of sums not exceeding in the aggregate ECU 851,750,000 in accordance with the arrangements made between the Government and the Bank pursuant to the terms of the Resolution;

• (b) make payment of sums required to redeem any non-interest-bearing and non-negotiable notes or other obligations which may be issued or created by her and accepted by the Bank pursuant to the arrangements mentioned in paragraph (a) above.

3

Any sums received by the Government in pursuance of the said arrangements shall be paid into the Consolidated Fund.

Signed

Clare Short — One of Her Majesty’s Principal Secretaries of State. — 20th July 1997

We approve,

Jim Dowd — Graham Allen — Two of the Lords Commissioners of Her Majesty’s Treasury. — 31st July 1997

Explanatory note

(This note is not part of the Order)

This Order provides for the payment on behalf of the Government of the United Kingdom to the European Bank for Reconstruction and Development of a further subscription not exceeding ECU 851,750,000 to the increased authorised capital stock of the Bank pursuant to arrangements made with the Bank in accordance with Resolution No. 59 adopted by the Board of Governors of the Bank on 15 April 1996. The Order further provides for the redemption of non-interest-bearing and non-negotiable notes issued by the Secretary of State in payment of the subscription. The Order also provides that any sums which may be received by the Government of the United Kingdom in pursuance of the arrangements relating to the further subscription shall be paid into the Consolidated Fund.

The provisions of the Resolution adopted by the Bank’s Board of Governors may be obtained by application to the Department For International Development, 94 Victoria Street, London, SW1E 5JL.

Footnotes

[^f00001]: 1980 c. 63.

[^f00002]: Cm 1116.

[^f00003]: OJ No. L350, 31/12/94, p. 27.