Title and introductory text
2024 No. 1345
International Development
The European Bank for Reconstruction and Development (Further Payments to Capital Stock) Order 2024
Made
16th December 2024
Coming into force
17th December 2024
The Treasury make the following Order in exercise of the powers in section 11(4) of the International Development Act 2002 (“the Act”) for the purposes of approving a payment under section 11(3) of the Act.
Section 11 of the Act provides that where the Government of the United Kingdom becomes bound to make a relevant payment to a multilateral development bank the Minister may make the relevant payment and other associated payments specified in section 11(3).
Section 11(4) of the Act provides that section 11(3) applies to a payment only if it is approved by an order made by the Treasury, or by the Secretary of State with the approval of the Treasury.
In accordance with section 11(5) of the Act, a draft of this Order has been laid before the House of Commons and approved by resolution of that House.
Propose a change1 Citation, commencement and extent
(1) This Order may be cited as the European Bank for Reconstruction and Development (Further Payments to Capital Stock) Order 2024 and comes into force on the day after the day on which it is made.
(2) This Order extends to England and Wales, Scotland and Northern Ireland.
Propose a change2 Interpretation
In this Order—
“the Bank” means the European Bank for Reconstruction and Development established by agreement dated 29th May 1990 and ratified by the Government of the United Kingdom on 10 August 1990;
“the Resolution” means Resolution No. 265 adopted by the Board of Governors of the Bank on 15th December 2023 entitled “Increase in authorised capital stock and subscriptions thereto”.
Propose a change3 Relevant Payments
In accordance with section 11 of the International Development Act 2002, the Minister may, on behalf of the Government of the United Kingdom—
(a) make further payments to the capital stock of the Bank not exceeding in aggregate 343,600,000 euros in accordance with arrangements made between the Government and the Bank in accordance with the Resolution, and
(b) make payment of sums required to redeem any non-interest-bearing and non-negotiable notes or other obligations which may be issued or created by the Minister and accepted by the Bank pursuant to the arrangements mentioned in paragraph (a).
Propose a change