## Financial Transactions Plan - Temporary Modification of Guidelines for Allocation of Currencies Used for Transfers

_Policy Papers, March 18, 2011_

## Source details

**Canonical URL:** [Financial Transactions Plan - Temporary Modification of Guidelines for Allocation of Currencies Used for Transfers](https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/financial-transactions-plan-temporary-modification-of-guidelines-for-allocation-of-pp4654)

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## Bibliographic details
- Published: March 18, 2011
- Series: Policy Papers

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### Summary
- 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:
  - all pre-NAB bilateral agreements have been terminated, and
  - any imbalances in NAB positions resulting from the folding in of claims under bilateral agreements have been eliminated,
  - or at an earlier date as decided by the Executive Board.

### Proposed modification and rationale
- Targeted alteration of allocation guidelines for currencies used for transfers limited to NAB participants.
- Designed to address fairness in burden sharing between:
  - NAB participants with bilateral agreements (including note purchase agreements), and
  - NAB participants without such bilateral agreements.

### Implementation and timing
- 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.

### Administrative and metadata information
- 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

*International 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*

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/financial-transactions-plan-temporary-modification-of-guidelines-for-allocation-of-pp4654_