International Monetary Agreements Amendment (Loans) Act 2012 No. 139, 2012 An Act to amend the International Monetary Agreements Act 1947, and for related purposes Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—International Monetary Agreements Act 1947 Part 1—Amendments commencing on or after 17 November 2012 Part 2—Amendments with later contingent commencement International Monetary Agreements Amendment (Loans) Act 2012 No. 139, 2012 An Act to amend the International Monetary Agreements Act 1947, and for related purposes [Assented to 25 September 2012] The Parliament of Australia enacts: 1 Short title This Act may be cited as the International Monetary Agreements Amendment (Loans) Act 2012. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day this Act receives the Royal Assent. 25 September 2012 2. Schedule 1, Part 1 The later of: 17 November 2012 (a) 17 November 2012; and (paragraph (a) applies) (b) the day after this Act receives the Royal Assent. 3. Schedule 1, Part 2 The later of: 8 February 2016 (a) immediately after the commencement of the provision(s) covered by table item 2; and (C2017G00864) (b) the start of the day the changes in credit arrangements made by paragraph 1 of Decision No. 15073‑(12/1), dated 21 December 2011, of the Executive Board of the International Monetary Fund become effective for Australia. (paragraph (b) applies) However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. The Minister must announce by notice in the Gazette the day the changes in credit arrangements become effective for Australia. The notice is not a legislative instrument. Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Schedule 1—International Monetary Agreements Act 1947 Part 1—Amendments commencing on or after 17 November 2012 1 Subsection 3(1) Omit "(1)". 2 Subsection 3(1) (definition of New Arrangements to Borrow) Repeal the definition, substitute: New Arrangements to Borrow means Decision No. 11428‑(97/6), dated 27 January 1997, of the Executive Board of the Fund, as amended and renewed by the following decisions of the Executive Board of the Fund: (a) Decision No. 14577‑(10/35), dated 12 April 2010; (b) Decision No. 15014‑(11/110), dated 16 November 2011. A copy of Decision No. 11428‑(97/6) as so amended is set out in Schedule 4. 3 Schedule 4 (heading) Repeal the heading, substitute: Schedule 4—New Arrangements to Borrow 4 Schedule 4 (note to Schedule heading) Repeal the note, substitute: Note: See the definition of New Arrangements to Borrow in section 3. 5 Schedule 4 (paragraph 11(a) of New Arrangements to Borrow) Omit "five" (wherever occurring), substitute "ten". 6 Schedule 4 (paragraph 4(a) of Annex II to New Arrangements to Borrow) After "Notes", insert "shall". 7 Schedule 4 (paragraph 4(a) of Annex II to New Arrangements to Borrow) Omit "five", substitute "ten". Part 2—Amendments with later contingent commencement 8 Section 3 (paragraph (b) of the definition of New Arrangements to Borrow) Omit "2011.", substitute "2011;". 9 Section 3 (after paragraph (b) of the definition of New Arrangements to Borrow) Insert: (c) Decision No. 15073‑(12/1), dated 21 December 2011. 10 Schedule 4 (at the end of paragraph 11(b) of New Arrangements to Borrow) Add "At the request of a participant, the Fund shall repay, in accordance with this subparagraph (b), any claims resulting from calls under the participant's credit arrangement that exceed the amount of the participant's credit arrangement as changed in accordance with Executive Board Decision No. 15073 adopted December 21, 2011, provided that no such repayment shall be made until the quota increase for the relevant member under the Fourteenth General Review of Quotas has become effective.". 11 Schedule 4 (Annex I to New Arrangements to Borrow) Repeal the Annex, substitute: Annex I Participants and Amounts of Credit Arrangements (in Millions of SDRs)1 Current New2 Current Participants Australia 4,370.41 2,220.45 Austria 3,579.24 1,818.49 Banco Central de Chile 1,360.00 690.97 Banco de Portugal 1,542.13 783.50 Bank of Israel 500.00 340.00 Belgium 7,861.85 3,994.33 Brazil 8,740.82 4,440.91 Canada 7,624.43 3,873.71 China 31,217.22 15,860.38 Cyprus 340.00 340.00 Danmarks Nationalbank 3,207.78 1,629.76 Deutsche Bundesbank 25,370.81 12,890.02 Finland 2,231.76 1,133.88 France 18,657.38 9,479.16 Hong Kong Monetary Authority 340.00 340.00 India 8,740.82 4,440.91 Italy 13,578.03 6,898.52 Japan 65,953.20 33,508.50 Korea 6,583.44 3,344.82 Kuwait 341.29 341.29 Luxembourg 970.59 493.12 Malaysia 340.00 340.00 Mexico 4,994.76 2,537.66 National Bank of Poland 2,530.00 1,285.40 Netherlands 9,043.72 4,594.80 New Zealand 624.34 340.00 Norway 3,870.94 1,966.69 Russian Federation 8,740.82 4,440.91 Saudi Arabia 11,126.03 5,652.74 Singapore 1,276.52 648.55 South Africa 340.00 340.00 Spain 6,702.18 3,405.14 Sveriges Riksbank 4,439.74 2,255.68 Swiss National Bank 10,905.42 5,540.66 Thailand 340.00 340.00 United Kingdom 18,657.38 9,479.16 United States 69,074.27 28,202.47 Prospective Participants Greece3 1,654.51 840.60 Ireland3 1,885.52 957.97 Philippines4 340.00 340.00 Total 369,997.36 182,371.14 1/ Credit arrangements are subject to a minimum of SDR 340 million. 2/ If requested by a participant, the Fund may confirm the new credit arrangement to the participant effective the morning of the business day of the scheduled payment of the quota increase under the Fourteenth General Review of Quotas, on the condition that the quota payment of the relevant member is received later that day. The rollback would be reversed if the quota payment is not received. 3/ Greece and Ireland may continue to adhere to the NAB with the credit arrangements approved in April 2010 (for purposes of this table "current amount") until the effectiveness of their respective quota increases under the Fourteenth General Review, after which they may adhere with the proposed new amount set forth in this table ("new amount"). If these members adhere with their current amount, the credit arrangements would be changed to the new amount on the day their respective quota increases under the Fourteenth General Review of Quotas become effective. 4/ The Philippine authorities have requested a name change in Annex I of the NAB Decision from "Philippines" to "Bangko Sentral ng Pilipinas". Following Executive Board approval of the change and consent of NAB participants (on a non‑objection basis), Annex I of the NAB Decision would be revised accordingly. [Minister's second reading speech made in— House of Representatives on 15 August 2012 Senate on 23 August 2012] (136/12)