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International Monetary Fund

Abstract

This paper examines legal provisions and practices of the IMF that involve nonmember states. It considers certain preliminary topics including: categories of nonmembers, subordinate territories for which members are responsible, and ex-members. It then discusses three ways in which nonmembers are affected either because members are limited in their freedom of action in dealing with nonmembers or because nonmembers have consented to certain obligations or standards that parallel those of the Articles. Withholding of certain benefits from nonmembers is also outlined.

International Monetary Fund

The experience of the International Monetary Fund in relation to non-member states illustrates the misleading character of any principle, however formulated, which suggests that states cannot be affected, to their advantage or disadvantage, by a treaty to which they are not parties. Article XI, Section 1, is a key provision. It does not seek to impose direct obligations on non-members, but it binds members to avoid relations with non-members that would be contrary to the provisions or purposes of the Articles. There are obscurities in the language of the

Albert Waterston, David Williams, and Robert F. Skillings

English, French, and Spanish, 1965. 6. Maintenance of the Gold Value of the Fund’s Assets , by Joseph Gold, in English, 1965; (French and Spanish, in preparation). 7. The Fund and Non-Member States: Some Legal Effects , by Joseph Gold, in English, 1966; (French and Spanish, in preparation). These pamphlets are available without charge from : The Secretary International Monetary Fund 19th and H Streets, N.W. Washington, D.C. 20431 DIRECTION OF TRADE The great expansion in world trade in recent years has emphasized the importance of

International Monetary Fund

in which treaties do have legal effects on, for, or relative to, third States, even if directly obliging or entitling the third State under the treaty is not amongst them, and even if the latter remains in principle one of the effects that a treaty cannot have for a third State. However, it is unlikely that any unifying legal principle runs throughout these qualifications. It is the purpose of this paper to gather together the legal provisions and practices of the International Monetary Fund that involve non-member states. The relations of the Fund with non

International Monetary Fund. External Relations Dept.

; in French, 1966. The International Monetary Fund and International Law: An Introduction , by Joseph Gold, in English, 1965; in French, 1966; (Spanish, in preparation). The Financial Structure of the Fund , by Rudolf Kroc, in English, French, and Spanish, 1965. Maintenance of the Gold Value of the Fund’s Assets , by Joseph Gold, in English, 1965; (French and Spanish, in preparation). The Fund and Non-Member States: Some Legal Effects , by Joseph Gold, in English, 1966; (French and Spanish, in preparation). These pamphlets are available without charge

International Monetary Fund. Monetary and Capital Markets Department

automated fashion with existing reports and customizable tools. The DNB has introduced a policy rule in addition to the LCR/NSFR designed to constrain the investment of deposit funds in non-Member States. It introduces an upper limit to the extent to which banks licensed in the Netherlands may, under the protection of the Dutch DGS, serve as intermediaries for deposits raised in the Netherlands and other EU Member States to be invested outside the Member States. The rule restricts the proportion of loans and investments in non-Member States in the balance sheet to no more

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) agricultural levies; and (ii) customs duties collected on imports from non-member states. Member states pass 75 percent of their collections of customs duties to the EU budget, and retain the remainder. VAT-based resources . This is derived from the application of a uniform rate to the VAT assessment base for the member. GNI-based resources . This is a variable topping up resource to help cover the EU’s payment appropriations. It is the largest revenue source for the EU budget. UK rebate . The UK negotiated a rebate on its payments to the common budget. This

International Monetary Fund

Financial Supervision Act. For non-Member States, the Act stipulates that under certain conditions, information exchange may take place (this is not compulsory). 125. Recommendation III : Continue to work with cross-border counterparts to further improve securities settlement arrangements . Improvements are being made through supporting Euroclear’s single settlement platform and promoting the use of delivery of securities against payment (DVP) in making settlements. However, DVP will not be used in all cases and there will always be some free of payments

International Monetary Fund. Monetary and Capital Markets Department
This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for the Netherlands on banking supervision. The financial resilience of banks in the Netherlands has been strengthened in recent years, and banks are benefiting from continuing economic recovery. Broad-based economic recovery is helping stimulate demand for credit, although credit growth remains slow and unemployment continues to fall. Housing markets have started to recover since 2013 with prices and transaction volumes picking up. There has been an improvement in the financial position of Dutch banks. Cost efficiency has improved, and profitability has recovered. The banks migration to the new Basel III standards is also well underway for capital adequacy and liquidity.
International Monetary Fund

. EU Macro-financial assistance (MFA) provides policy-based balance-of-payments support to non-member states. MFA includes economic policy conditionality, the observance of which is verified before the release of the successive tranches of the assistance. Unlike the MTFA to non-Euro member states, MFA is contingent upon the orderly implementation of a respective Fund (World Bank) program with the country in question. MFA conditionality is generally consistent with the reform programs of the country agreed with other IFIs and is designed to minimize cross