TNAG-2028-FCO40-2890-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 176

(j)

distributions and payments to residents of the United Kingdom under wills and intestacies and under trusts set up before 2 August 1990.

13 The Bank of England will consider applications to debit "Kuwaiti Accounts" for

the following purposes:-

(a)

payments to meet travel expenditure by residents of Kuwait leaving the United Kingdom;

(b) payments for charitable purposes;

(c) payments of the types described in paragraphs 12 (e), (f), (g) and (j) to

residents outside the United Kingdom.

Provision of cash to residents of Kuwait in the United Kingdom

14 Banks and other persons in the United Kingdom may provide cash in reasonable

amounts in sterling in the United Kingdom to residents of Kuwait -

(a)

(b)

in exchange for foreign currency of equivalent value;

against cheques, travellers' cheques, travellers' letters of credit, credit and debit cards and other payment instruments;

(c) through automated teller machines.

Payments by branches in the United Kingdom of companies resident in Kuwait

15 Permission is hereby given for branches in the United Kingdom of companies or businesses resident in Kuwait to make salary and pension payments to persons living in the United Kingdom.

16 The Bank of England will consider applications from branches in the United Kingdom

of companies or businesses resident in Kuwait to make other payments.

Pensions etc due to residents of Kuwait

17 Any necessary permission is hereby given for the payment outside the United Kingdom of pensions due to residents of Kuwait and of widows' and widowers' annuities associated with deceased husbands' and wives' employments.

Credits, loans and overdrafts

18 Any necessary permissions are hereby given for credits or loans to, and overdrafts on, ''Kuwaiti Accounts". Except where covered by the terms of paragraph 12 (e) above, permission will be required for payments by debit of a ''Kuwaiti Account"' to service such loans.

19 Any necessary permission will be given on application for banks which are agents for syndicated loans and credits to the government or residents of Kuwait to distribute capital repayments and interest payments to participants in the syndicates, provided that the necessary funds are received from outside the United Kingdom.

Maturing bills of exchange

20 All necessary permissions are hereby given for maturing bills of exchange drawn by residents of Kuwait and accepted by persons subject to the directions to be paid by the acceptor on maturity and for ''Kuwaiti Accounts" to be debited in reimbursement.

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