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ASIAN DEVELOPMENT BANK: UK GUARANTEE OF HONG KONG'S
OBLIGATIONS
NOTES FOR SUPPLEMENTARIES AND WINDING UP
Other Guarantees
Note No A10
(1) Territories covered by our guarantee to the Asian Development Bank
Hong Kong is now the only one; our guarantee to ADB formerly covered callable
capital subscriptions from and loans to the Solomon and Gilbert Islands; but
these liabilities ceased for the UK when those territories became independent.
(2) Similar guarantees needed by other international financial institutions
IBRD/IDA Although it is unlikely that IBRD/IDA would lend direct to a British
dependency, if either did so the UK would be required to provide a guarantee in accordance with Section 8 of the Overseas Development and Co-operation Act 1980. This would also apply to any IBRD/IDA loans to the Caribbean Development Bank
which might be on-lent to Caribbean Commonwealth countries. The statutory limit
for UK guarantee of such lending is £150 million under Section 8(2) of the 1980
Act.
African Development Bank There are no dependencies to be covered.
Inter-American Development Bank - The Bank's Articles preclude membership of (and thus borrowing by) dependencies.