1981 Amendments to the Memorandum of Understanding on the ASEAN Swap Arrangement

1981 ASA Amendment

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Refer to 1977 Memorandum of Understanding on the ASEAN Swap Arrangement, Article IX Dispute:

“Any dispute or problem arising from the implementation of the Arrangement shall be resolved through consultations among the participants, initiated by the Agent Bank.”

(All annexes not available)

Annex 1: Operational procedures and time sequences for a swap transaction

Annex 2: Operational procedures and possible time sequences for a borrower who is also acting as the Agent Bank

Annex 3: Operational procedures and time sequence for the reversal of swap before maturity date

Annex 4: Operational procedures and time sequence for the reversal of swap before maturity date, for a borrower who is also acting as the Agent Bank

16/01/1981

“Article IV: The above amendments shall be deemed to have come into force on January 16, 1981.”

1977 Memorandum of Understanding on the ASEAN Swap Arrangements

1978 Supplementary Agreement to the Memorandum of Understanding of the ASEAN Swap Arrangements

1979 Second Supplementary Agreement to the Memorandum of Understanding on ASEAN Swap Arrangement

1982 Third Supplementary Agreement to the Memorandum of Understanding on the ASEAN Swap Arrangements

1987 Fourth Supplementary Agreement to the Memorandum of Understanding on ASEAN Swap Arrangement

1992 Fifth Supplementary Agreement to the Memorandum of Understanding on the ASEAN Swap Arrangement

1997 Sixth Supplementary Agreement to the ASEAN Swap Arrangement

2000 Memorandum of Understanding on the ASEAN Swap Arrangement

2005 Memorandum of Understanding on the ASEAN Swap Arrangement

2000 Chiang Mai Initiative

ASEAN accessed on 04/10/2022

The ASEAN Swap Arrangement forms the basis of the 2000 Chiang Mai Initiative (CMI), a currency swap mechanism involving the ASEAN+3 member states (ASEAN, China, Japan, Republic of Korea). The initiative comprises the ASEAN Swap Arrangement and a network of separately negotiated bilateral and multilateral swap agreements.

It is likely that the 2000 Memorandum of Understanding on the ASEAN Swap Arrangement (text unavailable) superseded the 1977 MOU and its Supplementary Agreements and amendments. The 2005 Memorandum of Understanding on the ASEAN Swap Arrangement also definitively provides that:

“Article III: Date of Coming Into Force

3.1 The Arrangement shall come into force on 17 November 2005. This Arrangement contains all the terms and conditions of the agreement between the participating members with respect to the subject matter hereof and supersedes all previous arrangements, agreements and commitments whatsoever, whether oral or in writing. The Second Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement dated 17 November 2004 is hereby terminated with the effect from 17 November 2005.”

Provisions for the participation of non-signatory states in the ASEAN Swap Arrangement were made in the 1987 Fourth Supplementary Agreement. Lao PDR acceded to the 1977 MOU, the 1-6^th Supplemental Agreements and the 1981 Amendment via the 1997 Second Protocol for the Accession of the Lao People’s Democratic Republic to ASEAN Agreements.  As of this update, CIL staff have no information on the participation in the 1977-2000 ASEAN Swap Arrangement by Brunei Darussalam, Viet Nam, Myanmar or Cambodia.