I--CHARGES IN RESPECT OF GENERAL RESOURCES ACCOUNT TRANSACTIONS AND REMUNERATION
I-1. The service charge payable by a member buying, in exchange for its own currency, the currency of another member or SDRs from the General Resources Account shall be 0.5 percent, except that no service charge shall be payable in respect of any purchase to the extent that it is a reserve tranche purchase. The service charge shall be paid at the time the transaction is consummated.
Adopted September 25, 1946, amended November 19, 1951, November 14, 1952, June 26, 1953, October 14, 1953, December 23, 1953, December 15, 1954, December 27, 1955, May 23, 1956, December 21, 1956, December 9, 1957, December 12, 1958, March 20, 1959,April 20, 1959, April 19, 1960, April 17, 1961, April 25, 1962, April 24, 1963, April 13, 1964, April 28, 1965, April 22, 1966, September 18, 1969, September 10, 1971, April 1, 1978, April 22, 1981, effective May 1, 1981, July 26, 1983, and January 7, 1994; and November 28, 2000.
I-2. The Fund shall notify each member by cable, as soon as possible after July 31, October 31, January 31, and April 30, of the charges it owes to the Fund pursuant to Article V, Section 8(b) or (c) for the three calendar months ending on each such date. The charges shall be payable on the second business day following the dispatch of the notification.
Adopted September 25, 1946, amended July 30, 1948, February 24, 1954, April 1, 1977, April 1, 1978, April 22, 1981, effective May 1, 1981, April 23, 1982, January 7, 1994, and April 25, 2003.
I-3. Charges levied under Article V, Section 8(b) or (c) shall be computed for each member on the basis of the daily balances of its currency held by the Fund that are subject to charges. The Fund's holdings of each member's currency shall consist of all of its currency except amounts, not in excess of 0.1 percent of quota, in a special account to meet administrative expenses and amounts in sundry cash accounts.
Adopted July 30, 1948, amended November 1, 1968, April 1, 1978, April 22, 1981, effective May 1, 1981, and January 7, 1994
I-4. Deleted.
I-5. Deleted.
I-6.
(1) |
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Deleted. |
(2) |
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Deleted. |
(3) |
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Deleted. |
(4) |
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The rate of charge on holdings (i) acquired as a result of a purchase under a policy that has been the subject of an exclusion under Article XXX(c), or (ii) that exceed the amount of the member's quota after excluding any balances referred to in (i), shall be determined in accordance with (a), (b), and (c) below. |
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(a) | The rate of charge shall be determined at the beginning of each financial year as the SDR interest rate under Rule T-1 plus a margin expressed in basis points. The margin shall be determined on the basis of the estimated income and expense of the Fund during the year, and the target amount of net income for the year. The latter shall be 5 percent of the Fund's reserves at the beginning of the year or such other percentage as the Executive Board may determine particularly in the light of the results in the previous financial year. Notwithstanding the second sentence of this paragraph (a), in exceptional circumstances, the margin may be determined on a basis other than the estimated income and expense of the Fund during the year and a target amount of net income for the year. |
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(b) | A mid-year review of the Fund's income position shall be held shortly after October 31 of each year. (i) If the margin has been determined on the basis of the estimated income and expense of the Fund during the year and a target amount of net income for the year and actual net income for the first six months of the financial year, on an annual basis, is below the target amount for the year by an amount equal to, or greater than, two percent of the Fund's reserves at the beginning of the financial year, the Executive Board will consider how to deal with the situation. If by December 15 no agreement has been reached as a result of this consideration, the margin over the SDR interest rate under Rule T-1 determined under (a) at the beginning of the year shall be increased as of November 1 to the level necessary to reach the target amount of net income for the year. (ii) If the margin has been determined on a basis other than the estimated income and expense of the Fund during the year and a target amount of net income for the year, the Executive Board will review any change in the exceptional circumstances and decide by December 15 whether the margin over the SDR interest rate under Rule T-1 determined under (a) at the beginning of the year shall be changed as of November 1 in light of the actual income position for the first six months of the financial year, on an annual basis. |
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(c) | A review of the Fund's income position shall be held shortly after the end of each financial year. If the net income for the year just ended is in excess of any target amount for the year, the Executive Board will consider whether the whole or a part of the excess should be used to reduce the rate of charge retroactively for the year just ended, or to place all or part of the excess to reserve. |
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(d) | If the Fund's net income for a financial year is in excess of any target amount for that year, the Executive Board may for the purposes of the determinations and estimates referred to in (a) and (b) above in respect of the immediately subsequent financial year, decide to deem any part of the excess over the target amount that has been placed to reserve as income for that subsequent financial year. |
(5) Deleted.
(6) Deleted.
(7) Deleted.
(8) Deleted.
(9) Deleted.
(10) Deleted.
(11) Deleted.
Adopted as I-7 April 24, 1963, amended April 13, 1964, April 28, 1965, April 22, 1966, June 13, 1974, September 13, 1974, April 4, 1975, April 1, 1977, April 1, 1978, October 25, 1978, effective January 1, 1979, April 22, 1981, effective May 1, 1981, and amended January 7, 1994; paragraphs (1), (2), and (3) deleted January 7, 1994; paragraph (4) amended May 13, 1981, August 23, 1988, September 17, 1990, December 5, 1990, April 23, 1993, and January 7, 1994; paragraph (4)(a) amended June 9, 1982, June 5, 1985, January 7, 1994, April 22, 2005, and April 28, 2006; paragraph (4)(b) amended January 7, 1994, April 22, 2005, and April 28, 2006; paragraph (4)(c) amended January 7, 1994, and April 28, 2006; paragraph (4)(d) adopted June 9, 1982, amended April 28, 2006; paragraphs (5), (6), (7), (8), (9), (10), and (11) deleted January 7, 1994
I-7. Deleted.
I-8. The following provisions shall apply to all GRA arrangements.
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A charge shall be payable at the beginning of each twelve-month period ("the relevant period") of an arrangement as follows: (i) 15/100 of 1 percent per annum on amounts of up to 200 percent of the member's quota that could be purchased during the relevant period; and (ii) 3/10 of 1 percent per annum on amounts in excess of 200 percent and up to 1000 percent of the member's quota that could be purchased during the relevant period; and (iii) 3/5 of 1 percent per annum on amounts in excess of 1000 percent of the member's quota that could be purchased during the relevant period. |
| (b) |
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When a purchase is made under an arrangement, the amount of the charge paid shall be reduced, and a refund equal to the reduction shall be made, as follows: (i) to the extent that purchases during the relevant period do not exceed 200 percent of the member's quota, the portion of the charge calculated in accordance with subparagraph (a)(i) above shall be reduced by the proportion that the amount of the purchase bears to the amount of the arrangement not exceeding 200 percent of the member's quota that could be purchased during the relevant period; (ii) to the extent that purchases during the relevant period exceed 200 percent but do not exceed 1000 percent of the member's quota, the portion of the charge calculated in accordance with subparagraph (a)(ii) above shall be reduced by the proportion that the amount of the purchase bears to the amount of the arrangement exceeding 200 percent but not exceeding 1000 percent of the member's quota that could be purchased during the relevant period; and (iii) to the extent that purchases during the relevant period exceeds 1000 percent of the member's quota, the portion of the charge calculated in accordance with subparagraph (a)(iii) above shall be reduced by the proportion that the amount of the purchase bears to the amount of the arrangement exceeding 1000 percent of the member's quota that could be purchased during the relevant period. |
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If a member notifies the Fund that it wishes to cancel an arrangement, the Fund shall repay to the member a portion of the charge. The portion repaid shall represent the charge for the period remaining unexpired at the date of cancellation for the amount that could still be purchases under the arrangement at the date of cancellation for which the member has paid a charge. |
| (d) |
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Refunds for reductions under subparagraph (b) above and repayments under subparagraph (c) above of a charge paid for an arrangement shall be made in the media selected by the Fund. |
Adopted April 1, 1978; amended January 7, 1994; and November 28, 2000, March 24, 2009, and April 10, 2009
I-9.
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Remuneration shall accrue daily. The amount that has accrued during each quarter of the financial year of the Fund shall be paid as of the beginning of the following quarter. |
| (b) |
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A member that wishes to receive in its own currency the whole or a specified portion of the remuneration payable to it shall so notify the Fund. |
Adopted September 18, 1969; amended April 1, 1978; and July 26, 1983, effective August 1, 1983
I-10.
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The rate of remuneration shall be equal to 100 percent of the rate of interest on holdings of SDRs under Rule T-1 (hereafter referred to as "SDR interest rate"). |
| (b) |
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The relationship of the rate of remuneration to the SDR interest rate will be referred to as the "remuneration coefficient." |
Adopted June 13, 1974; amended July 7, 1975; June 30, 1976; April 1, 1978; October 25, 1978, effective January 1, 1979; September 17, 1980, effective January 1, 1981; April 22, 1981, effective May 1, 1981; July 26, 1983, effective August 1, 1983; January 6, 1984; and July 25, 1986, effective August 1, 1986 and February 1, 1987