Page:UN Treaty Series - vol 2.pdf/336

328 guilders, against gold to be set aside in the name of the Bank of England at De Nederlandsche Bank, Amsterdam. (ii) De Nederlandsche Bank (acting as agents of the Royal Netherlands Government) shall sell Netherlands guilders to the Bank of England (acting as agents of the United Kingdom Government) as may be required for payments which residents of the sterling area, under the exchange regulations in force in that area, are permitted to make to residents of the Netherlands Monetary Area -

a) against sterling to be credited at the official rate to De Nederlandsche Bank's No. 1 Account with the 'Bank of England, provided that the balance standing to the credit of that Account is not thereby increased above £ 5 million plus such additional sum as the contracting parties shall have agreed to recognize as equivalent to the net amount of sterling owned at the date of this Agreement by residents of the Netherlands Monetary Area; or b) if the balance standing to the credit of De Nederlandsche Bank's No. I Account with the Bank of England amounts to Z 5 million plus the additional sum referred to in sub-paragraph (a) above, against gold to be set aside in the name of De Nederlandsche Bank at the Bank of England, London. (iii) De Nederlandsche Bank shall at all times maintain on their No. 1 Account with the Bank of England a minimum balance the amount of which will be determined in agreement with the Bank of England. (iv) The Bank of England shall at all times maintain on their No. 1 Account with De Nederlandsche Bank a minimum balance the amount of which will be determined in agreement with De Nederlandsche Bank. Article 3 (i) The Bank of England shall have the right at any time to sell to De Nederlandsche Bank, against all or part of the sterling balances held by that Bank, either Netherlands guilders at the official rate or gold to be set aside at the Bank of England in London. (ii) De Nederlandsche Bank shall have the right at any time to sell to the Bank of England, against all or part of the Netherlands guilder balances held by that Bank, either sterling at the official rate or gold to be set aside at De Nederlandsche Bank in Amsterdam. No. 24