Article 34 Overeenkomst nopens Duitse buitenlandse schulden
Settlement of Claims arising out of Private Financial Transactions (Article 2)
Claims expressed in a foreign currency, arising out of financial transactions, and those expressed in Goldmark or Reichsmark with a gold clause but which are of a specific foreign character (Article 6) shall be settled as follows:
(1) Where the debtor has effected payments to the „Konversionskasse für deutsche Auslandsschulden,” the amounts of unpaid principal and interest shall be determined in accordance with the provisions of Article 9.
(2) Where interest is owing, the following interest rates without allowing for compound interest shall be applicable for the computation of the arrears of interest owing up to 31st December, 1952:
(a) where the annual interest rate has heretofore been 4 per cent. or less, the interest rate shall remain the same as before;
(b) where the annual interest rate has heretofore been more than 4 per cent., this shall be reduced to 2/3 but not to less than 4 per cent. per annum.
(3) The amount of arrears of interest computed in accordance with paras. (1) and (2) shall be added to the undischarged claim. The resulting new principal shall bear interest as from 1st January, 1953, at a rate which shall represent 75 per cent. of the interest rate in force at the time this settlement comes into effect. The new interest rate shall, however, be
(a) in the case of bonded claims, at least 4 per cent. and at the most 5¼ per cent. per annum,
(b) in the case of other claims, at least 4 per cent. and at the most 6 per cent. per annum.
Where an interest rate of 4 per cent. or less has been owed heretofore, this rate shall remain the same.
The interest shall be payable to a foreign country at least semi-annually.
(4) In the case of any claims which have been the subject of an effective conversion that rate of interest agreed upon in the effective conversion shall form the basis for the computation of any reduction pursuant to paras. (2) and (3).
Interest reductions on which there is a time-limit shall be taken into consideration only for the period for which they were arranged.
(5) In the case of any claims which have been the object of a non-effective conversion, that rate of interest which would have been valid without this conversion shall form the basis for the computation of any reductions pursuant to paras. (2) and (3).
(6) The new principal shall be discharged as from 1st January, 1958, by payment to a foreign country as follows:
(a) during the first five years (1st January, 1958, to 31st December, 1962) at 3 per cent. per annum;
(b) during the next five years (1st January, 1963, to 31st December, 1967) at 8 per cent. per annum;
(c) during the subsequent three years (1st January, 1968, to 31st December, 1970) at 15 per cent. per annum.
Interest shall be computed on the principal outstanding from time to time.
(7) The creditor may demand up to 30th June, 1953, that arrears of interest computed in accordance with paras. (2) and (4) shall not be added to the principal according to para. (3) but shall be discharged by payment in Deutsche Mark. The debtor shall effect payment within six months after such request.
(8) Where small amounts are involved, the parties concerned may, in special cases, agree upon different terms of repayment with the approval of the competent German authorities.
(9) Creditors and debtors may, in accordance with the Foreign Exchange Regulations in force in the Federal Republic of Germany and Berlin (West), agree upon payment of the claim or part thereof in Deutsche Mark.
(10) The competent German authorities reserve, in cases of hardship, the right of giving favourable consideration to applications by the parties concerned for the approval of different terms of repayment.
(11) Foreign creditors of claims listed in Article 2, para. (2) (b), may ask for payment in Deutsche Mark of the interest due up to 31st December, 1952, without the reduction proposed in paragraph (2) of this Article, provided they accept such payment as discharge of their claim.
(12) If necessary, the principles laid down in Annex II to the Agreement on German External Debts may be adopted to supplement these rules for the settlement of claims arising out of bonds and interest coupons covered by this settlement proposal.
- Regeling
- Overeenkomst nopens Duitse buitenlandse schulden
- Soort
- Verdrag
- Geldend vanaf
- 01-08-1958
- BWB-id
- BWBV0005325
- Versie
- 1958-08-01_0