TNAG-1489-FCO40-2046-Hong-Kong-and-the-Asian-Development-Bank-1986 — Page 28

Bank's Finances

at 31 December 1984 the Bank's authorised capital was US$14,475.7

million (SDR14,768.1 million) of which $14,058.1 million was subscribed. These figures include a general capital increase of 105% - $7,398.1 million - agreed

in 1983, of which 5% will be paid-in and the rest will be callable.

At the same date ASDF resources totalled $4.615m of which $4,459 million had been

committed.

The Bank also has a Technical Assistance Special Fund contributed on an ad hoc

basis. At the end of 1984 resources totalled $69.2 million, of which nearly

$62 million had been utilised.

Cost to UK

Capital Stock - The UK has 36,131 shares (about 2.5% of the total subscribed) with

a total value of some $378 million. Of that about $43 million is paid-in

and the rest is callable. About 22.4 million has been paid out to date.

Under

the latest capital increase three more annual payments are due in 1985 to 1987, and promissory notes under the second general increase will also be encashed.

We are liable for payments to maintain the value of our subscription; but MOV

adjustments have been suspended pending a decision on the Bank's unit of value

(ie whether it should be the SDR rather than the US dollar).

ASDF We have committed over £161 million to the Fund and £6m to one of its

predecessors. £53.2 million has actually been spent. Our committed resources

will probably take the rest of the decade and into the 1990s to be disbursed.

This includes our latest commitment of nearly £72 million under the third

replenishment which became effective in April 1983. Our share of earlier funding

was 5.24% but it was reduced to 4.14% in the third replenishment.

or so.

TASF We have provided a total of £2,760,000 (including £280,000 pledged in

1985) over the years on an ad hoc basis, and annually for the last eight years All but this year's contribution has been spent. Our contributions in the past have been tied to the provision of British consultants and services, but since 1983 our contributions were untied to developing member countries and those other developed countries which also untie their contributions.

International Financial Institutions Department

Overseas Development Administration

1 November 1985