ESTABLISHMENT A RESERVE INTERSTATE BANK FROM 04/08/2016
**** ******** passport No:*********** Republic of *******, **** ******* ******** passport No:********* Republic of ********, ********* ******* ****-***** passport No:******** Republic of *******, – being the Parties to this Agreement (hereinafter referred to as the “Contracting Parties”), in view of interests to maintain and develop diversified production, trading and financial relations, in an attempt to secure currency circulation stability, recognizing the necessity and importance to coordinate banking structures activities, with a view to arrange the multilateral interstate payment system, to enhance monetary and financial impact on fulfillment of mutual interstate obligations and influence of the payment and settlement mechanism on extension of direct connections of the enterprises, organizations and business entities now hereby agree as follows.
1. Enter the founders of the Reserve Interstate Bank, hereinafter referred to as “the Bank”. The establishers (members) of the Bank shall be are private individuals.
2. The Bank shall ensure arrangement and settlement of accounts between Central (National) banks resulting from trading and other operations.
3. The Bank, within the framework of powers and authorities granted by the Contracting Parties, shall coordinate the monetary policy of the parties to the Agreement in order to facilitate economic cooperation and economic development.
4. The supreme governing body of the Bank is the Council of the Bank. **** ******** is appointed Chairman of the Council of the Bank in accordance with this decision.
5. The Council of the Bank shall be the management body of the Bank consisting of one authorized representative of each member of the Bank. The decisions of the Board of the Bank shall be made in a manner determined by the Bank Statute.
6. Payments transferred through the Bank shall be made in any national currencies. Clearing settlements at the specified date shall be completed upon decision of the Board of the Bank in a freely convertible currency (US dollars and Euros).
The Bank shall be the legal entity in accordance with the generally accepted provisions of the international financial and banking law.
The location of the Bank is determined after signing an Agreement with the governments of the States interested in the work and stay of the Bank on its territory.
The Bank may participate in international financial and banking institutions and associations.
The Bank activity shall be governed by this Agreement and the Bank Statute, which forms an integral part thereof, and by generally accepted provisions of the international financial and banking law.
Relations between the Bank and the country of residence of the Bank, including its privileges and immunities, shall be governed by the relevant bilateral agreement.
The Bank shall be vested with the following functions:
– to arrange and make multilateral interstate payments under trading and other operations and to regularly complete operations based on multilateral clearing (offset of reciprocal claims);
– to arrange management of the cash national currencies issue and loan issue by the Central (National) banks of the Contracting Parties. The stated function shall be carried out only in case of delegation of such powers to the Bank by the legislative authority (-ies) of the interested Contracting Parties and conclusion of the relevant agreement;
– to study and analyze the economy of the Contracting Parties and to prepare proposals and recommendations to the Central (National) banks in order to coordinate their monetary and foreign exchange policy;
– to coordinate activity of the Central (National) banks of the Contracting Parties with regard to payment operations procedures, arrangement of the accounting and reporting system for payment and other operations, to develop proposals on convergence of commercial bank oversight regimes;
– to grant technical and seasonal loans to Central (National) banks when making multilateral interstate payments;
– to carry out other operations meeting relevant objectives and tasks of the Bank, which arise out of this Agreement and the Bank Statute.
1. The initial charter capital of the Bank equal to the amount of fifty billion US dollars shall be created at the expense of contributions of the members of the Bank at the rate to be determined by the Board of the Bank.
2. Contributions into the charter capital of the Bank may be made in national currency and freely convertible currency, by buildings, constructions, equipment, other valuables and property. The management of the Bank represented by the President of the Bank shall involve the international expert panel for valuation of property and valuables (except for funds) provided as a contribution into the charter capital of the Bank.
The promoters of the Bank shall be obliged to make contributions into the charter capital of the Bank within one month following the effective date of this Agreement.
3. The size of the charter capital of the Bank may be changed upon decision of the Board of the Bank.
The charter capital of the Bank shall be increased in case of accession of a new member of the Bank. The amount, method, period and payment of the contribution into the charter capital the Bank by a new (re-acceded) member of the Bank shall be determined by the Board of the Bank as may be agreed with the acceding member.
4. The Bank may have special funds, including the reserve fund, created upon decision of the Board of the Bank.
1.Current payments between the economic entities of the Contracting Parties shall be made on a bilateral basis and governed by their national law.
Completion of settlements between Central (National) banks of the Contracting Parties shall be carried out via the Bank by bank transfers based on multilateral clearing.
2. One correspondent account shall be opened in the Bank for each Central (National) bank.
3. The Bank shall carry out multilateral clearing every day and determine a settlement position of each Central (National) bank in relations with all other Central (National) banks.
Frequency and the procedure of completion of settlements upon multilateral clearing results shall be determined by the Council of the Bank.
1. The ceiling amount of allowable loans of the Bank to the Central (National) banks shall be determined by the Board of the Bank.
2. The Central (National) banks shall repay their debts to the Bank at the expense of loans obtained on a bilateral basis or by freely convertible currency.
3. The Central (National) banks shall be obliged to regulate their bilateral payment relations in such a way to ensure observation of technical loan limits determined for each of these banks by the Board of the Bank.
4. Loans shall be granted for up to regular settlement of clearing accounts. The technical loans shall be subject to interest to be determined by the Board of the Bank.
5. Claims to the Central (National) debtor bank in excess of the allowable amount of the technical loan shall be discharged by the Central (National) debtor bank within five banking days upon receipt of the relevant claim from the Bank.
6. The Bank shall notify the relevant authorities of the Contracting Parties of any occurring violations of payment obligations.
7. The Bank shall be competent to limit or terminate payments of the Central (National) banks, which violate their payment obligations before the Bank.
The Bank may open correspondent accounts with Central (National) banks of any state to participate in multilateral settlements in national currency with Central (National) banks that have a correspondent account with the Bank, in the manner and on the terms determined by the Board of the Bank.
The parties agreed to appoint the President of the Bank – Chairman of the Management Board of the Bank – Vladimir Sipachev – a citizen of the Russian Federation, a passport of the 4508 series number 124828.
In order to ensure that the Bank fulfills the tasks and functions stipulated by this Agreement, the Central (National) banks of the Contracting Parties shall provide it with the necessary information for joint work in the terms and volumes determined by the Bank’s Board.
Other members, which share objectives and principles of activity of the Bank, may accede to this Agreement.
The procedure of admission of new members of the Bank shall be determined by its Statute.
This Agreement may be amended only upon consent of all Contracting Parties.
Each Contracting Party may withdraw from this Agreement notifying the Board of the Bank thereof not less than six months in advance. Within the stated period, the Contracting Party shall regulate relations with the Bank in respect of their mutual obligations.
This Agreement shall come into force from the date of signing thereof and with regard to the Contracting Parties. This Agreement is made out in one original copies in English.
The original copies shall be kept in the Reserve Interstate Bank that shall submit the certified copy to the signatory states to this Agreement.
**** ******* ********
********* ******* ****-*****