{
  "title": "Financial Transactions Plan - Temporary Modification of Guidelines for Allocation of Currencies Used for Transfers",
  "publication": "Policy Papers, March 18, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/financial-transactions-plan-temporary-modification-of-guidelines-for-allocation-of-pp4654",
  "canonical": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/financial-transactions-plan-temporary-modification-of-guidelines-for-allocation-of-pp4654",
  "overlayPath": "/en/publications/policy-papers/issues/2016/12/31/financial-transactions-plan-temporary-modification-of-guidelines-for-allocation-of-pp4654/index.md",
  "summary": "This paper proposes a temporary modification of the current guidelines for allocation of currencies used for transfers in the Financial Transactions Plan (FTP).",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Paper proposes a temporary modification of the current guidelines for allocation of currencies used for transfers in the Financial Transactions Plan (FTP).\n- Purpose: to promote fair burden sharing between NAB participants that have bilateral borrowing agreements or note purchase agreements (hereafter referred to as “bilateral agreements”) and participants that do not have such agreements.\n- Scope: change would apply only to FTP members that are NAB participants.\n- Reinstatement trigger: current guidelines would be reinstated automatically for all FTP members when both conditions are met:\n  - all pre-NAB bilateral agreements have been terminated, and\n  - any imbalances in NAB positions resulting from the folding in of claims under bilateral agreements have been eliminated,\n  - or at an earlier date as decided by the Executive Board."
    },
    {
      "heading": "Proposed modification and rationale",
      "content": "- Targeted alteration of allocation guidelines for currencies used for transfers limited to NAB participants.\n- Designed to address fairness in burden sharing between:\n  - NAB participants with bilateral agreements (including note purchase agreements), and\n  - NAB participants without such bilateral agreements."
    },
    {
      "heading": "Implementation and timing",
      "content": "- Automatic reinstatement condition: both termination of all pre-NAB bilateral agreements and elimination of imbalances in NAB positions created by folding in claims under those bilateral agreements.\n- Alternative reinstatement: earlier date as decided by the Executive Board."
    },
    {
      "heading": "Administrative and metadata information",
      "content": "- Publication date: March 18, 2011\n- Subjects listed: Borrowing agreements; Burden sharing; Currencies; Executive Board decisions; Financial transactions plan; Lapse of time approval; New Arrangements to Borrow\n- Citation provided in source: Financial Transactions Plan - Temporary Modification of Guidelines for Allocation of Currencies Used for Transfers, (USA: International Monetary Fund, 0) accessed 9/17/2026\n\nInternational Monetary Fund — Financial Transactions Plan - Temporary Modification of Guidelines for Allocation of Currencies Used for Transfers (March 18, 2011); canonical URL: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/financial-transactions-plan-temporary-modification-of-guidelines-for-allocation-of-pp4654\n\n---\n\n Content in this bundle\n\n- 031811\n  - 031811 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 031811 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/financial-transactions-plan-temporary-modification-of-guidelines-for-allocation-of-pp4654"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/policy-papers/issues/2016/12/31/financial-transactions-plan-temporary-modification-of-guidelines-for-allocation-of-pp4654/index.md)",
    "[Structured JSON version](/en/publications/policy-papers/issues/2016/12/31/financial-transactions-plan-temporary-modification-of-guidelines-for-allocation-of-pp4654/index.json)",
    "[Bundle manifest](/en/publications/policy-papers/issues/2016/12/31/financial-transactions-plan-temporary-modification-of-guidelines-for-allocation-of-pp4654/bundle-manifest.json)",
    "Published: March 18, 2011",
    "Series: Policy Papers",
    "Paper proposes a temporary modification of the current guidelines for allocation of currencies used for transfers in the Financial Transactions Plan (FTP).",
    "Purpose: to promote fair burden sharing between NAB participants that have bilateral borrowing agreements or note purchase agreements (hereafter referred to as “bilateral agreements”) and participants that do not have such agreements.",
    "Scope: change would apply only to FTP members that are NAB participants.",
    "Reinstatement trigger: current guidelines would be reinstated automatically for all FTP members when both conditions are met:",
    "Targeted alteration of allocation guidelines for currencies used for transfers limited to NAB participants.",
    "Designed to address fairness in burden sharing between:",
    "Automatic reinstatement condition: both termination of all pre-NAB bilateral agreements and elimination of imbalances in NAB positions created by folding in claims under those bilateral agreements.",
    "Alternative reinstatement: earlier date as decided by the Executive Board.",
    "Publication date: March 18, 2011",
    "Subjects listed: Borrowing agreements; Burden sharing; Currencies; Executive Board decisions; Financial transactions plan; Lapse of time approval; New Arrangements to Borrow",
    "Citation provided in source: Financial Transactions Plan - Temporary Modification of Guidelines for Allocation of Currencies Used for Transfers, (USA: International Monetary Fund, 0) accessed 9/17/2026",
    "**_031811**"
  ],
  "related": [
    {
      "title": "_031811",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2011/_031811.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2011/_031811.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2011/_031811.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/policy-papers/issues/2016/12/31/financial-transactions-plan-temporary-modification-of-guidelines-for-allocation-of-pp4654/index.md",
    "json": "/en/publications/policy-papers/issues/2016/12/31/financial-transactions-plan-temporary-modification-of-guidelines-for-allocation-of-pp4654/index.json",
    "bundleManifest": "/en/publications/policy-papers/issues/2016/12/31/financial-transactions-plan-temporary-modification-of-guidelines-for-allocation-of-pp4654/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-18T21:23:58.540Z"
}