国际结算全集合（155P）.ppt

InternationalSettlement,Wangshu,ChapterOneIntroduction,ConceptCategoryEvolutionPlayersandtheirsrolesFactorsinpaymentdecisionsCharacteristicsanddevelopingtrendCorrespondentbankingrelationship,thefinancialactivitiesconductedamongdifferentcountriesinwhichpaymentsareeffectedorfundsaretransferredfromonecountrytoanotherinordertosettleclaimsanddebts,emergedinthecourseofpolitical,economicorculturalcontactsamongthem.,MeaningofInternationalSettlement,Negotiableintsruments(票据):billsofexchange,promissorynotes,checksPaymenttechniques:remittances,collections,lettersofcredit,bankguarantees,internationalfactoringandforfaitingDocuments:billsoflading,insurancepolicies,certificatesoforigin,etc,Tradesettlement:paymentsforvisibletradesNon-tradesettlement:1、invisibletradesettlement：paymentsforservices,technologytransfer,patentsandcopyrightcontracts,etc2、financialtransactionsettlement：buyingandsellingoffinancialassets,overseasmoney-raisingandinvesting3、paymentsbetweengovernments：aidsandgrants4、others:overseasremittances,inheritances,etc,Categoryofinternationalsettlement,Fromcashsettlementtonon-cashsettlementFromgoodstradingtodocumentstradingFromdirectpaymentbetweentraderstopaymenteffectedthroughafinancialintermediarysafety,highefficiency,lowcost,standardizationElectronicsettlementSWIFTCHIPSCHAPSFEDWIRETARGET,Evolutionofinternationalsettlement,SWIFT(Societyforworldwideinterbankfinancialtelecommunication)环球同业银行金融电讯协会特点:标准化;安全可靠,自动加核密押;高速度,低费用.业务分类:客户汇款(customertransfer);银行头寸调拨(banktransfer);外汇业务(foreignexchangeconfirmations);托收业务(collections);证券业务(securities);贵金属和银团贷款业务(preciousmetalsandsyndication);信用证和保函(documentarycreditsandguarantees);旅行支票(travelerscheques);银行帐单处理业务(statements).,Exportertogetpromptpayment;minimizenon-paymentrisksImportertoreceivegoodsasordered;payaslateaspossibleFinancialintermediarytomaximizerevenues;creditrisksassociatedwithfinancingextendedtobuyersorsellers,Playersandtheirroles,Toexporters:protectionagainstnon-paymentrisksbytheimporters,suchas:commercialrisks,financialrisks;politicalrisks;risksincontroloftitletothegoods,etc.convenience;cost;commercialcompetitiveness,Factorsinthepaymentdecision,1.thescaleandscopeofinternationalsettlementgetgreaterandgreater2.Internationallendingandfinancingiscloselycombinedwithinternationalpayments3.Onthebasisofinternationalcustomsandpractice4.Internationalguaranteesappliedtointernationalsettlement5.Morediversifiedvehiclecurrencies6.Theproportionofcommercialcreditininternationalsettlementgetsbigger7.Amuchfacilitatedinternationalbankingnetworkconnectedwithelectronictelecommunication,Characteristicsanddevelopingtrend,Correspondentbank代理行thebasisforcooperationofcommercialbanksallovertheworldtofulfillinternationalsettlement“abankhavingdirectconnectionorfriendlyservicerelationswithanotherbank.”Selectingacorrespondentbank:reputationandcreditworthiness;sizeandfinancialstatus;location;servicesofferedbyit;policesandstrengthofit,Correspondentbankingrelationship,TheestablishmentofacorrespondentbankCorrespondentarrangementControldocuments控制文件Specimenofauthorizedsignatures授权签字样本Telegraphictestkey/SWIFTauthentickey密押Scheduleoftermsandconditions费率表,ChaptertwoNegotiableinstruments,GeneralintroductionBillofExchange/DraftPromissoryNoteCheck,Whatisanegotiableinstrument?FormsofcirculationCharacteristicsofnegotiableinstrumentsFunctionsofnegotiableinstrumentsPartiestoanegotiableinstrumentTitletoanegotiableinstrumentNegotiableinstrumentlaws,Generalintroduction,inabroadsense,anegotiableinstrumentreferstoanycommercialtitleownership.inanarrowsense,anegotiableinstrumentisawrittendocumentthatcontainsanunconditionalpromisebythedrawertopaythepayeeoranunconditionalorderbythedrawertothedraweetopaythepayeeafixedamountofmoneyatadefinitetime,meaningofnegotiableinstruments,过户转让（assignment）非流通特点：书面形式转让通知原债务人或登记过户受让人权利受前手缺陷的影响当事人：转让人、受让人、原始债务人交付转让(transfer)准流通或半流通特点：交付背书转让不通知原债务人受让人的权利受前手权利缺陷的影响当事人：转让人，受让人流通转让(negotiation)完全流通特点：正当受让人权利优于前手，不受其缺陷的影响,formsofcirculation,举例说明：甲欠乙100元而出具以乙为债权人的字据给乙，让其凭字据找丙去取，同时乙原来曾欠丙30元未还，随后乙将此字据又转让给丁。问丁能否从丙处获得全额款项？如是字据，按民法原则，丙可采取将其对乙的30元债权转让给丁的办法来冲抵而只需付70如是票据，按票据法原则，必须全额付款，而不能用乙的权利缺陷来对抗丁的正当票据权利,NegotiabilityNon-causativeRequisiteinformLiterallydeterminedcontentPresentingforpayment,Characteristicsofnegotiableinstruments,案例分析,1997年8月，某市A公司与新加坡B商签订了一份进口胶合板的合同。合同总金额为700万美元，支付方式为付款交单，允许分批装运。第一批价值为60万美元的胶合板准时到货，质量良好，对双方合作很满意。就在第二批交货期来临之际，B商向A公司提出：鉴于贵公司资金周转困难，为了帮助贵方，我方允许贵公司采取远期付款。贵公司作为买方，可以给我方开出一张见票后一年付款700万美元的汇票，请中国人民建设银行某市分行承兑。承兑后，我方保证将700万美元的胶合板在一年内交货。贵方全部收货后，再付给我方700万美元的货款。A公司以为现在不付款，只开张远期票据就可得到货物在国内市场销售，于是欣然接受了B商的建议，给B商签发了一张见票后一年付款700万美元的汇票。但A公司始料不及的是，B商将这张承兑了的远期票据在新加坡的美国银行贴现600万美元。从此却一张胶合板都不交给A公司。事实上，B商将这笔巨款骗到手后便无影无踪了。一年后，新加坡的美国银行持这张承兑了的远期票据请建行某市分行付款。尽管B商没有交货，某市分行却不得以此为理由拒绝向善意持票人美国银行支付票据金额。最后，由于本案金额巨大，报请国务院批准，由建行某市分行付给美国银行600万美元而结案。,对于这张远期票据，A公司为出票人，B商为收款人，建行某市分行为付款人。A公司与B商之间的胶合板买卖合同是该票据的原因关系，使得A公司愿意向B商开立这张汇票。A公司曾经向建行某市分行提供了资金，它们之间的这种资金关系使得建行某市分行愿意向A公司提供信用，承兑了这张远期汇票。美国银行与B商之间有对价关系，美国银行善意地付了600万美元的对价而受让，从而成为这张汇票的善意持票人。但票据的最大特点就是，票据法律关系一经形成，即与基础关系相分离。票据基础关系的存在和有效与否并不对善意持票人的票据权利而产生影响。所以，B商实际上没有交货，或者A公司并没有足够的美元存在建行，都不影响美国银行对承兑人的付款请求权。对美国银行来说，这张票据上并没有写胶合板，只有一句话：“见票后一年付700万美元”。票据法律关系应依票据法的规定加以解决，票据基础关系则应以民法规定加以解决。B商正是利用了票据的特性才行骗得逞的。,举例：甲交给乙一张经付款银行承兑的期票，作为向乙订货的预付款，乙在票据上背书后转让给丙以偿还原欠丙的借款，丙于到期日向承兑银行提示取款，恰遇当地法院公告该行于当天起进行破产清理，因而被退票。丙随即向甲追索，甲以乙所交货物质次为由予以拒绝，并称已于10天前通知银行止付，止付通知及止付理由也已通知了乙。在此情况下丙再向乙追索。乙以票据系甲开立为由推诿不理。丙遂向法院起诉，被告为甲、乙与银行三方。你认为法院将如何判决？甲、乙的拒付理由不成立，银行已破产清理，只需向甲、乙追索即可。,支付工具paymentinstrument流通工具transferableinstrument信用工具creditinstrument融资工具financinginstrument,Functionsofnegotiableinstrument,出票人drawer付款人payer/drawee收款人payee背书人endorser承兑人acceptor持票人holder,Partiestoanegotiableinstrument,正当持票人/善意的持票人（holderinduecourse/bonafideholder）：Theinstrumentshouldbecompleteandregularonitsface;Theinstrumentisbeforematurityandtheholderdidnotnoticeitspreviousdishonor,ifany;Theholdertookitingoodfaithandforvalue;Theholderdidnotnoticeanyinfirmityintheinstrumentordefectinthetitleofthepersonnegotiatingit付对价持票人holderforvalue:apersonwhopossessesaninstrumentforwhichvaluehasbeengivenbyhimselforbysomeotherpersonpriortohiminformsofmoney,goods,orservices.,A,C,D,E,B,DrewadraftonB,Endorsedandlostit,PickeditupandtransferredittoEforvalue,Acceptedthedraft,F,Gaveitasapresent,Claimforpayment(第一次请求权，主权利)Recourse(第二次请求权)Onlywhentheclaimofholderforpaymentcantbesatisfied,canrecourserightbeeffected.,Titlestoanegotiableinstrument,BritishlawUKBillsofExchangeActof1882USUniformCommercialCodeof1962,Article3FrenchandGermanlawUniformlawforBillsofExchangeandPromissoryNotesofGenevaof1930ConventionProvidingaUniformLawforInternationalBillsofExchangeandInternationalPromissoryNotesandConventionProvidingaUniformlawforInternationalChecksUnitedNations1988NegotiableInstrumentLawofPeoplesRepublicofChina,Negotiableinstrumentlaws,ConceptEssentialitemsrequiredinabillofexchangeActsrelatingtoabillofexchangeClassificationofbillsofexchangePracticeofbillsofexchange,Billofexchange,section3,billofexchangeact,1882,UKABillofexchangeisanunconditionalorderinwriting,addressedbyonepersontoanother,signedbythepersongivingit,requiringthepersontowhomitisaddressedtopayondemandoratafixedordeterminablefuturetimeasumcertaininmoneytoortheorderofaspecifiedpersonortobearer.,definition,汇票是由一个人（drawer）向另一个人签发的(drawee)/受票人无条件的unconditonal书面命令orderinwriting要求其在见票时或在未来某一规定的或可以确定的时间(tenor)将一定金额的款项支付给某一特定的人或指定的人，或持票人(payee),AbsolutelynecessaryitemsRelativelynecessaryitemsItemsatwill,Essentialitemsrequiredinabillofexchange,出票（Issue）背书（Endorsement）提示（Presentation）承兑（Acceptance）保证（GuaranteeorAval）付款（Payment）拒付（Dishonor）追索（Recourse）参加承兑和参加付款（Acceptance/Paymentforhonor),Actsrelatingtoabillofexchange,Accordingtothedrawer:BankersdraftandtradersdraftAccordingtotheacceptor:BankersacceptanceandtradersacceptanceAccordingtothetenorDemanddraft/sightdraftandtime/usancedraftAccordingtowhethercommercialdocumentsareattachedtheretoCleandraftanddocumentarydraft,Classificationofbillsofexchange,DiscountingofabillofexchangeAccommodationbill融通汇票,Practiceofbillsofexchange,Discountingistosellatimebillalreadyacceptedbythedraweebutnotyetfallenduetoafinancialinstitutionatapricelessthanitsfacevalue.Calculatingformula：D=Vtd/360N=V-DD:discountinterestV:facevaluet:tenord:discountingrate(n%p.a.)N:netproceedsCreditworthiness:StandingofthedrawerandtheaccepterDrawnclauseshowingthereasonforissuingthedraft,Discountingofbillsofexchange,被融通人开出融通汇票，没有付给对价，要求融通人（高资信的非债务人）承兑汇票（提高汇票的信用身价以便贴现），再交给贴现人予以贴现，获得票款；等到汇票到期日前，被融通人应把足额票款交给承兑人，此时贴现人向承兑人提示要求付款，承兑人使用被融通人交来资金付款给贴现人，结清这笔融资业务。,Accommodationbill,图示伦敦出口公司向墨尔本一家公司出口货款为6600英镑，由出口商开出远期汇票，出票后60天付款。伦巴第银行为伦敦某承兑公司。,1.TheissueofadraftAdraftforUSD100,000.00isdrawnbyTheAmericanExporterCo.,Ltd,Tampa,Florida,U.S.AontheFrenchIssuingBank,Paris,Francepayableat60daysaftersighttotheorderofourselvesdated15May.,2006marked“DrawnunderTheFrenchIssuingBank,Paris,FranceL/CNo.12345dated25Feb.,2006.”2.Adraftindicatesthat“at10daysfrom11may,2006paytotheorderofAcompany”,thematurityofthedraftfallson_3.Adraftispartlyshownasfollows:exchangeforGBP12,500.00NewYork,23May2006at60daysafterB/Ldate23/May/2006paytotheorderofourselvesthesumofUSdollarsonethousandonly.Supposetheaccepteddraftwasdiscountedon23may,2006bythecollectingbank,BankofAsia,Londonattherateof9%perannum.Pleasecalculatediscountamountandnetproceeds.,Exercises,ExchangeforUSD100,000.00Tempa,15May,2006At60daysaftersightpaytotheorderofOurselvesthesumofUSdollarsonehundredthousandonly.“DrawnunderTheFrenchIssuingBank,Paris,FranceL/CNo.12345dated25Feb.,2006”ToTheFrenchIssuingBank.ForTheAmericanExporterCo.,ParisLtd,Tempasignature2.WhenISBPdoesnotputintoforce,thematurityfallson20May,2006whenISBPputsintoforce,thematurityfallson21May,2006Discountamount:1250060/3659/100=184.93NetProceeds=12500-184.93,WhatisapromissorynoteEssentialitemsofapromissorynoteThedifferencebetweenabillandanoteTypesofnotes,Promissorynote,本票是出票人签发的，承诺自己在见票时无条件支付确定的金额给收款人或持票人的票据。UKBillsofExchangeActof1882,Article83Apromissorynoteisanunconditionalpromiseinwritingmadebyonepersontoanother,signedbythemaker,engagingtopayondemandoratafixedordeterminablefuturetimeasumcertaininmoneytoortotheorderofaspecifiedpersonortobearer.UniformLawforBillsofExchangeandPromissorynotesofGenevaof1930,MeaningofPromissorynote,Theword“promissorynote”AnunconditionalpromisetopayNameofthepayeeSignatureofthemakerPlaceanddateofissueTenorAsumcertaininmoneyPlaceofpayment,Essentialitemsofapromissorynote,AnordertopayAcheckisanunconditionalorderinwriting,signedbythepersongivingit,requiringthebanktowhomitisaddressedtopayondemandasumcertaininmoneyto,ortotheorderof,aspecifiedpersonortobearer.,Conceptandessentialitems,Check-paymentinstrumentnottranferrable2)指示性（DemonstrativeOrder）可经背书转让paytotheorderof*/payto*(ororder)3)来人抬头（我国不允许）paytobearer,Absolutelynecessaryitems(一),Dateofissuetodeterminetheexpirydateandpayingdate;makesurewhetherthedrawerhasdisposingcapacityNameofdraweeThesignatureofthedrawerwithoutthesignatureofthedrawerorforgedsignaturemakesaninstrumentinvalid.,(二),Absolutelynecessaryitems(二),PlaceofissuePlaceofpaymentTenor即期付款(payondemand/atsight)远期付款：出票后定期certaindaysafterdate见票后定期certaindaysaftersight定日付款fixeddate提单日后定日付款certaindaysafterB/LCalculatingtheduedateofabill严格按照汇票的文义推算，月为日历月，半15天，如遇节假日则顺延at30daysafterdate;at60daysfrom*,Relativelynecessaryitems,利息、利率及汇率（interest，interestandexchangerate）提示期限（Limitoftimeforpresentation）出票依据（DrawnClause）免作退票通知或放弃拒绝证书（NoticeofDishonorExcusedorProtestWaived）付一不付二预备付款人（Refereeincaseofneed）,Itemsatwill,Comprises:1）todrawandsignabill;2）todeliverittothepayeeAccordingtothenegotiableinstrumentlaw：Thebillshouldbecompleteinformstipulatedbythenegotiableinstrumentlawintheplaceofissue；Bydrawingabill,thedrawerengagesthatonduepresentmentthebillwillbeacceptedandpaidandthat,ifdishonored,hewillcompensatetheholder。,Issue,payee,payer,drawer,Thepayeeorholdersignsonthebackofthebillanddeliversittotheendorsee,Endorsement,Notes:,Avalidendorsementshouldbeanendorsementoftheentirebill;Byendorsinganinstrument,theendorserguaranteethatonduepresentmentthebillshallbeacceptedandpaidasspecified.,Types：1)Specialendorsement记名背书/特别背书/正式背书/完全背书PaytotheorderofABCCo.,signed2)Blankendorsement空白背书3)Restrictiveendorsement限制性背书PaytoAonly/nottransferable/notnegotiable/paytoAbankforaccountofBCo.4)Endorsementforcollection委托取款背书（托收背书）5)Endorsementforpledge质押背书,Thedraweesignonthefaceofbill,anddeliverittothepersonpresentingforacceptance,bywhichthedraweeshowshisassenttotheorderofdrawerForms：theword“accepted”;date;signatureofthedraweeTypes：generalacceptance:withoutanyqualificationqualifiedacceptance:1)aconditionalacceptance(refusetoaccept)e.g.acceptedpayableprovidinggoodsinorder;acceptedpayableatsomeplace(localacceptance);payableatalongertimeafterdate2)partialacceptance,Acceptance,Thisactisusuallyperformedbyathirdpartycalledguarantor,whoengagestopayonpresentmentforasightbillandacceptandpayatmaturityforatimebill.,Guarantee,Notes:,1）theguarantorstandsforadebtorsuchasdrawer,endorser,oracceptorandassumeshisindebtednesstotheholder2）whentheguarantoriscompelledtopay,hisrightofrecoursearisesagainsttheguaranteedandallthepriorpartiesoftheguaranteed.,Intheeventofadraftbeingdishonored,theholderinduecoursecansueeverypersonwhosignedthedraftpriortohim.Qualificationstoexertandpreservetherightofrecourse:CompletenessinformofthedraftPresentingforacceptanceandpaymentontheduetimeNoticeofdishonor拒付通知Whendishonoredbynon-paymentornon-acceptance,theholdermustgivenoticetoallthepartieswhoremainliablethatthedrafthasbeendishonoredtopreservetheirliabilitiesonthedraft.Protest拒绝证书Awrittenstatementcertifiedbyanotarypublicorotherauthorizedpersonforthepurposeofgivingevidencethatabillhasbeenpresentedforacceptanceorforpaymentbutdishonored.图示,Recourse,拒绝证书（CertificateofProtest）：是在拒付地点证明拒付事实的要式公证书。我国则是规定拒绝证明及其等效形式有：承兑人或付款人出具的拒绝承兑书、拒绝付款书及退票理由书；承兑人、付款人或代理付款银行直接在汇票上记载提示日期、拒绝事由及拒绝日期并盖章；承兑人或付款人死亡、逃匿的有关证明（如死亡证明、失踪证明等）；人民法院的有关司法文书（如破产裁定书）；有关行政主管部门的处罚决定。,Protest,AcceptanceforhonorWhenadrafthasbeenprotestedfornon-acceptance,anypersonnotbeingapartyalreadyliableonthedraftmay,withtheconsentoftheholder,bywritingonthebill,acceptthebillforthehonorofanypartytothedraft.PaymentforhonorWhenadrafthasbeenprotestedfornon-payment,apartynotliableonthedraftmayinterveneandpayitforthehonorofapartyliableonthedraftoreventhedrawer.anypersoncanactasapayerforhonorwithouttheconsentoftheholder.,Acceptance/paymentforhonor,ChapterthreeRemittance,Internationalexchange国际汇兑Reimbursementofremittancecover汇款头寸的偿付TheconceptofremittancePartiesofremittanceMethodsandproceduresofremittanceApplicationofremittance,Internationalexchangereferstooperationalactivitiesrelatedwiththecurrencyconversionandtransferoffundsbetweencountriesinordertosettletheclaimsanddebtsbypaymentinstrumentsthroughbanks.Inbroadsense-theinternationalsettlementInnarrowsense-internationalbankremittanceTypes:,Internationalexchange,payer,payee,BankA,BankB,payer,payee,BankA,BankB,contract,contract,Remittance:,Reverseremittance:,Ifthepayingbankmaintainsacurrentaccountwiththeremittingbank(1)ortheremittingbankhasaa/cwiththepayingbank(2),Reimbursementofremittancecover,Remittingbank,Payingbank,Vostroa/c,(1)incover,wehavecreditedyourea/cwithus,Nostroa/c,(2)incover,pleasedebitoura/cwithyou,Ifthereisnovostroornostroaccountwitheachother,buttheremittingbankcanfindathirdbank,withwhichboththepayingbankandtheremittingbankmaintaincurrentaccount.,Remittingbank,Payingbank,ReimbursingbankA,Incover,wehaveauthorizedAtodebitoura/candcredityoura/cwiththem,debitoura/candcreditpayingbanka/cwithyou,Creditadvice,Exercises:pleasewrite“coverinstruction”foreachremittancebelow.ThepayingbankhasmaintainedanUSDaccountwiththeremittingbank.SupposeanoutwardremittanceinUSDismade,howdoyouwrite“coverinstruction”forthisremittance?Incover,wehavecreditedyouraccountwithusBothremittingbankandpayingbankhavemaintainedUSDaccountwithXYZBank,NewYork.SupposeanoutwardinUSDismade,then“coverinstruction”?Incover,wehaveauthorizedXYZBank,NewYorktodebitouraccountandcredityouraccountwiththem,Abank,atrequestofitscustomer,transferacertainsumofmoneytoitsoverseasbranchorcorrespondentbank,instructingittopayanamedpersondomiciledinthatcountry.Basedoncommercialcredit,theconceptofremittance,payee,remitter,Payingbank,Remittingbank,instruction,goods,Application,paying,汇款人（remitter/importer）:RemittanceapplicationSubmitthesameamountoffundsandcommissionForourcountry,submitdocumentsrequiredbySAFE收款人或受益人（payee/exporter）汇出行(remittingbank)：paymentorder/P.O.（支付授权书)shouldbemadeoutasinstructedintheapplicationandindicatethereimbursementofremittancecover;outwardremittance汇入行或解付行（payingbank）：payinginstrictcompliancewiththeP.O.andauthenticatetherelevantsignatureortestkey;usuallypayingafteritsreceiptofthefundsfromtheremittingbank;cleanpayment;inwardremittance,partiesandtheirobligations,Basedonthemeansoftransferringfunds,电汇（telegraphictransfer,T/T）theremittingbanksendstheP.O.tothepayingbankbycable,telex,orSWIFT,authorizingthepayingbanktomakepaymenttothepayee.fast;safe;limitedtimeforbankstokeepthefundsthecontentsofT/T信汇（mailtransfer，M/T）theremittingbanktransfersthefundsbymailingaP.O.cheapbutslowproceduresforM/TandT/T票汇（remittancebybankersdemanddraft,D/D）Ontherequestoftheremitter,theremittingbankdrawsademanddraftonitsoverseasbranchorcorrespondentbankorderingthelattertopayondemandtothepayeeuponpresentation.convenientandtransferabledraftoncenter中心汇票proceduresforD/D,Methodsandproceduresofremittance,FM:汇出行TO:汇入行DATE:发电日期TEST密押OURREFNO.汇款编号NOCHARGESFORUS我行不负担费用PAY(AMT)金额VALUE(DATE)起息日TO(BENEFICIARY)收款人MESSAGE附言ORDER/BYORDEROF(B/O)汇款人COVER头寸拨付,ThecontentsofT/T,收款人：,PAYTOBANK（收款人的帐户行）FORCREDITINGA/CNO.OF收款人,Remittingbank:bankofAsia,TianjinPayingbank：bankofAsia,LuxemburgDateofcable:9JuneTest:2563RefNo.208TT0219Amount:USD1,660.00Payee:MarieClaudaDumont,LuxemburgaccountNo.0-164/7295/550withBanqueInternationalduLuxemburgMessage:payrollRemitter:CrystalPalaceHotel,TianjinCover:DebitourH.O.account,FM:bankofAsia,TianjinTO:bankofAsia,LuxemburgDATE:9JuneTEST2563OURREF208TT0219NOANYCHARGESFORUSPAYUSD1,660.00TOBanqueInternationalduLuxemburgFORCREDITINGA/CNO.0-164/7295/550OFMarieClaudaDu