Consents and Adherences to the Proposed Expansion of the Fund’s New Arrangements to Borrow (NAB)
Last Updated: August 05, 2013
On April 12, 2010, the Executive Board adopted a proposal on an expanded and more flexible NAB, that would be expanded to SDR 367.5 billion (about $588.6 billion, using an exchange rate of 1.60168 USD = 1 SDR, as of November 24, 2009), with the addition of 13 new participants. On November 15, 2011, the National Bank of Poland joined the NAB as a new participant, bringing the total to about SDR 370 billion (about $593 billion, using the same exchange rate) and the number of new participants to 14 (once all new participants have joined).
The expanded and modified NAB became operational (that is to say, the expanded NAB could be activated for drawings) on March 11, 2011, when:
1. Current participants
Current participants have agreed to the amendments to the NAB decision and the changes in credit arrangements of current participants, which require the consent of participants representing at least 85 percent of total credit arrangements, including, with respect to the change in credit arrangements, the agreement of each participant whose credit arrangement is changed.
Of the 26 current participants, consent was required from the 22 participants for which a change in the size of their credit arrangements has been proposed. As of March 11, 2011, consents from 22 such participants have been received.
2. New Participants
The adherence to the modified NAB of new participants representing at least 70 percent of the proposed total credit arrangements of new participants. (The total size of the proposed credit arrangements of new participants is SDR 69.661 billion)
As of March 11, 2011, new participants representing 81 percent of the total have adhered to the modified NAB. To date, adherences of such participants are at 95 percent.
Countries and Institutions that have Consented or Adhered to the Proposed Expansion of the Fund’s New Arrangements to Borrow (as of the date of the last update above)
|Country/Institution||Date of Consent/Adherence (month/day/year)|
|Hong Kong Monetary Authority||6/4/2010|
|Banco Central de Chile||6/29/2010|
|Bank of Israel||11/9/2010|
|Banco de Portugal||12/14/2010|
|Swiss National Bank||3/11/2011|
|National Bank of Poland||11/15/2011|
|Bangko Sentral ng Pilipinas||1/24/2012|