Commercial bank debt is renegotiated within the London Club, while the International Development Association (IDA) Debt Reduction Facility provides funding for the buy back of commercial bank debt of low income countries.

Fifteen middle income countries have reduced by 20 per cent their commercial bank debt of 213 billion.

20. Reduction of commercial bank debt has also been gradually introduced within the London Club in the treatment of the 1980s sovereign debt crisis.

2. Commercial debt

11 The present section draws on World Bank Global Development Finance, 1998, appendix 3, Commercial debt restructuring , pp. 83 102.

38. Between 1989 and 1997, officially supported programmes and associated market swap operations reduced developing countries debt to commercial banks by 53.2 billion, equivalent to 23 per cent of the 231.2 billion of eligible commercial bank debt.

(6) Commercial bank cheque.

4. External debt (bilateral, multilateral and commercial)

Source World Bank, World Debt Tables 1996 (Washington, D.C., World Bank, 1996).

Capital flows and commercial bank lending had been cyclical.

39. In 1997, four low income countries concluded debt and debt service reduction agreements with commercial banks.

Mrs Myburgh admitted that she had borrowed money from the Commercial Bank but said that the Commercial Bank should have sued her husband rather than herself.

So, a normal commercial bank has nine to 10 times leverage.

World Bank, Debt Tables, 1994 1995 (Washington, D.C., 1996).

The commercial banking debt, principal and interest combined, comes to about B3,222 million.

India did its part by writing off the debt owed by African countries under the HIPC Initiative and by restructuring commercial debt.

Regional development banks B. External debt problem of developing countries (bilateral, multilateral and commercial)

quot 19. Invites creditor countries, commercial banks and multilateral financial institutions to continue the initiatives and efforts to address the commercial debt problems of the least developed countries and the requests for continued mobilization of resources through the Debt reduction Facility of the International Development Association in order to help least developed countries reduce their commercial debt

Agreements under the Brady Plan, with financial contributions from IDA and bilateral donors, allowed Côte d Ivoire to reduce its debt to commercial banks by 4.1 billion in nominal terms, or close to 63 per cent of the total amount restructured, and allowed Viet Nam to reduce its commercial bank debt by 237.6 million, equivalent to 30 per cent of the amount restructured.

Finally, external support helped the region s heavily indebted countries face the twin tasks of implementing structural reforms and coping with financial instability. Financing from the IMF, the World Bank, the European Bank for Reconstruction and Development, and bilateral lenders, along with debt relief from official and commercial bank creditors, helped relieve the pressure.

41. Debt conversion programmes have also played an important role in commercial debt restructuring in the past, but such activity has declined recently.

211. Private creditors and, in particular, commercial banks should be encouraged to continue their initiatives and efforts to address the commercial debt of developing countries.

A third bank, Bermuda Commercial Bank, founded in 1969 and the only bank owned by Bermudians of African ancestry, was acquired in 1993 by First Curaçao International Bank based in the Netherlands Antilles.

The search for a comprehensive, durable and development oriented approach to the debt problem should apply to all categories of debt commercial, bilateral and multilateral.

In the area of debt management, the Bank supports the Debt Management and Financial Analysis System (DMFAS) through a joint programme.

Most least developed countries have benefited from these plans, whether in the form of ODA debt cancellation, rescheduling of official debts in the Paris Club, commercial debt buy backs or multilateral debt arrangement.

Those meetings were attended by bank superintendents, central bank officials, representatives of the commercial banking system and academics from Latin America and other regions.

The amount of EC 40.5 million to finance the project has come from commercial bank loans.

The Court held that Commercial Bank could sue Mrs Myburgh and her appeal was therefore dismissed.

October 1978 March 1983 Attorney in the Legal Advisory Department of the Commercial Bank of Ethiopia.

However, the increase in lending in 1997 was based largely on increased lending from commercial banks (35 per cent of the commercial bank flows went to Angola).

in particular the appropriate actions in favour of those countries concerning their official bilateral commercial and multilateral debt

There should be an initiative for a comprehensive, rather than piecemeal, resolution of this problem covering commercial, bilateral and multilateral debt, and also involving reduction of debt stock.

These countries have little access to bond markets and to medium to long term commercial bank lending.

There should be an initiative for a comprehensive (rather than a piecemeal) resolution of this problem, covering commercial, bilateral and multilateral debt, and also involving reduction of debt stock.

20. Invites creditor countries, private banks and multilateral financial institutions, within their prerogatives, to continue the initiatives and efforts to address the commercial debt problems of the least developed countries and the requests for continued mobilization of resources through the Debt reduction Facility of the International Development Association in order to help least developed countries reduce their commercial debt

Turkey welcomed the joint World Bank International Monetary Fund Heavily Indebted Poor Countries Debt Initiative.

Those data are not necessarily comparable with World Bank data, especially concerning short term debt.

There was a marginal decline in the external debt owed to two multilateral institutions, the Caribbean Development Bank and the European Investment Bank.9

Financial institutions such as the Zarai Taraquiati Bank of Pakistan (Agricultural Development Bank of Pakistan), the First Women Bank Limited, other commercial banks and a number of public financial institutions extend credit to women.

Mrs Myburgh signed the loan agreement before 15 July 1996, but Commercial Bank sued her after this date.

79. Long term renegotiation of debt owed to commercial banks can take place in the framework of the London Club.

26. The international community has also provided assistance to debtor countries in the restructuring of their debt to commercial banks.

15. Regarding the debt problem, his Government had signed an agreement with the Paris Club on a comprehensive mid term restructuring of its debt, and another accord with the creditors of the London Club on rescheduling its commercial debt.

13. Invites creditor countries, private banks and multilateral financial institutions, within their prerogatives, to continue the initiatives and efforts to address the commercial debt problems of the least developed countries and the requests for continued mobilization of resources through the Debt reduction Facility of the International Development Association in order to help eligible least developed countries reduce their commercial debt