CELEX: 11957E/PRO/BEI/07
Language: en
Date: 1957-03-25 00:00:00
Title: TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PROTOCOL ON THE STATUTE OF THE EUROPEAN INVESTMENT BANK, ARTICLE 7

Avis juridique important

|

11957E/PRO/BEI/07

TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PROTOCOL ON THE STATUTE OF THE EUROPEAN INVESTMENT BANK, ARTICLE 7  

++++Article 7  1 . Should the parity of the currency of a Member State in relation to the unit of account defined in Article 4 be reduced , that State shall adjust the amount of its capital share paid up in its own currency in proportion to the change in parity by making a supplementary payment to the Bank . The amount to be adjusted may not , however , exceed the aggregate amount of the loans granted by the Bank in the currency concerned and of the assets of the Bank in that currency . The payment shall be made within two months or , in so far as it relates to loans , on the dates when they fall due .  2 . Should the parity of the currency of a Member State in relation to the unit of account defined in Article 4 be increased , the Bank shall adjust the amount of the capital share paid up by that State in its own currency in proportion to the change in parity by making a repayment to that State . The amount to be adjusted may not , however , exceed the aggregate amount of the loans granted by the Bank in the currency concerned and of the assets of the Bank in that currency . The repayment shall be made within two months or , in so far as it relates to loans , on the dates when they fall due .  3 . For the purpose of this Article , the parity of the currency of a Member State in relation to the unit of account defined in Article 4 shall be taken as the rate for converting the unit of account into this currency and vice versa based on market rates . (*)  4 . In the event of a uniform proportionate change in the par values of the currencies of all members of the International Monetary Fund or of all members of the Bank , the Board of Governors may decide that paragraphs 1 and 2 shall not apply . Furthermore it may , acting unanimously on a proposal from the Board of Directors , alter the method of converting sums expressed in units of account into national currencies and vice versa . (**)  (*) Paragraph 3 as amended by the Decision of the Board of Governors of 30 December 1977 ( Official Journal of the European Communities , No L 199 , 24 July 1978 ) .  (**) Second sentence of paragraph 4 as added by Article 2 of the Treaty amending the Protocol on the Statute of the Bank .