2005-Memorandum-of-Understanding-on-the-ASEAN-Swap-Agreement-Appendix-1.pdf

2005 Memorandum of Understanding on the ASEAN Swap Arrangement

2005 ASA

• ASEAN Documents
  • ASEAN Economic Community
    • Finance

“Article XVII: Resolution of Dispute

17.1 Any dispute or problem arising from the implementation of the Arrangement shall be resolved amicably among the participating members through consultations initiated by the Agent Bank.”

Appendix 1: Participating Country and Commitment Amount
Appendix 2: Contribution by Each Participating Country
Appendix 3: Example of Renewal of Swap Transaction
Appendix 4: Procedures and Timeframe for Drawdown

Note: The ASEAN Secretariat Legal Instruments Database lists this instrument as being in force. However, note that the instrument indicates that its validity is only for two years. However, it has been renewed by subsequent supplemental MOUs (see Protocols/Amendments).

17/11/2005

17/11/2007

“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.”

(No article number) “This Memorandum of Understanding shall enter into force on the day and the year specified under Article III.”

ARTICLE XIX” RENEWAL OF ARRANGEMENT
“19.1 The Arrangement under this Memorandum of Understanding shall be effective for a two (2) year period commencing from the date of coming into force of this Memorandum of Understanding as specified under Article III, and shall expire on and from 17  November 2007. The Agent Bank shall, at least two (2) months before the expiry date, initiate consultations for renewal of the Arrangement under this Memorandum of Understanding for further periods of two (2) years.”

2007 Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement (not available)

2009 Second Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement

2011 The Third Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement (not available)

2013 The Fourth Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement (not available)

2015 The Fifth Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement

2017 The Sixth Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement

1977 Memorandum of Understanding on the ASEAN Swap Arrangements and Supplementary Agreements

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

2000 Memorandum of Understanding on the ASEAN Swap Arrangement 

2002 Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement 

2004 Second Supplemental Memorandum of Understanding on the ASEAN Swap Arrangement

2000 Chiang Mai Initiative (network of bilateral swap arrangements)

2010 Chiang Mai Initiative Multilateralisation 

ASEAN accessed on 04/10/2022

The ASEAN Swap Arrangement (1977-present) forms the basis of the 2000 Chiang Mai Initiative (CMI) and the subsequent 2010 Chiang Mai Initiative Multilateralization, a currency swap mechanism involving the ASEAN+3 member states (ASEAN, China, Japan and the Republic of Korea). The initiative comprises the ASEAN Swap Arrangement and a network of separately negotiated bilateral and multilateral swap agreements.

Article III of this instrument provides for it to supersede “all previous arrangements, agreements and commitments whatsoever, whether oral or in writing.” It is not clear what is intended by the reference to oral agreements. For written agreements, this can be taken to refer to the 2000 Memorandum of Understanding on the ASEAN Swap Arrangement and its supplementary MOUs. As the text of 2000 MOU is unavailable it is not possible to confirm that that instrument superseded the 1977 Memorandum of Understanding on the ASEAN Swap Arrangement and its supplementary agreements (1st-6th and possibly 7-8th, see 1977 MOU additional information). Where the status of the 1977 MOU and its supplementary agreements have otherwise appeared to be in question, they can be taken to have been definitively superseded by this 2005 MOU.