The Asian Development Bank (ADB) is a multilateral development finance institution
founded in 1966 to promote social and economic progress in its developing member
countries in Asia and the Pacific (see ADB’s website: http://www.adb.org/about/main).
2.2 ADB’s principal functions are
- lending funds,
- providing grants,
- providing technical assistance and advisory services,
- promoting investments for development purposes, and
- assisting in coordinating the development policies and plans of developing
member countries.
Inquiries
2.3 Loan disbursement is handled by the Loan Administration Division of the Controller’s
Department.
2.4 For loan service payments and billing matters, inquiries are addressed to the
Accounting Division of the Controller’s Department.
Loan or Grant Regulations
3.4 The regulations4
further set out conditions for the use of loan or grant proceeds
financed by ADB, or proceeds administered by ADB.
5
These documents are expressly
incorporated in the associated loan agreement, guarantee agreement, or grant
agreement. If any provision of a loan agreement, guarantee agreement, or grant
agreement is inconsistent with a provision of these regulations, the provision of the
loan agreement, guarantee agreement, or grant agreement governs.
Loan Documents
3.5 Loan documents
6
include the following documents and agreements:
ȕ Thereport and recommendation of the President to the Board of Directors
(RRP) presents the project proposal for consideration by the ADB Board.
ȕ Theproject administration manual (PAM)
7
includes all the information and
schedules describing project implementation and project readiness filters
covering major preproject implementation actions (e.g., government approvals,
procurement, and resettlement) to ensure a rapid start-up and enable early
disbursement. It is mandatory
8
that the PAM be referenced in the RRP and in
the loan (or facility) agreements, is presented as a stand-alone linked document
to the RRP, and serves as the main document describing implementation details.
The PAM is prepared in the course of loan processing and initially agreed with
the government at the loan fact-finding stage. At loan negotiations, the borrower
and ADB shall review and confirm the PAM agreed during loan fact-finding to
ensure consistency with the loan agreement, and such confirmation shall be
reflected in the minutes of the loan negotiations. The detailed cost estimate by
financier (one schedule included in the PAM) is prepared based on Section J6 of
the ADB Operations Manual (Appendix 3A).
9
Related illustrative tables are also
provided in this handbook (Appendix 3B).

Bank of the United States took place in July

8:17 AM    



8. The stock subscription for the first Bank of the United States took place in July
1791. a. What was a scrip? (A scrip was a piece of paper that indicated that a person
had placed a down payment on the purchase of shares of First Bank stock.) b. How
much did a share of scrip initially cost? (Scrips initially cost $25 per share.) c. What
was the total amount that bank scrip holders would pay for the bank stock? ($400)
How much was paid in specie and how much was paid in U.S. debt securities? ($100
in specie and $300 in U.S. debt securities)

  9. What was William Duer’s and Alexander Macomb’s plan? (William Duer and
Alexander Macomb tried to corner the market on U.S. government securities by
borrowing heavily and using the borrowed funds to buy the government’s debt.)
What was the effect of their plan? (The amount of Duer’s debt was so overwhelming
and the number of people and companies he had borrowed from so large that he
went bankrupt and other investors defaulted on their loans, causing the Panic of
1792.)

  10. What did Alexander Hamilton and other members of the sinking fund
commission do to defuse the Panic of 1792? (Alexander Hamilton and other
members of the sinking fund commission authorized purchases of U.S. government
securities in the marketplace in order to prop up the price of the securities and
provide liquidity for the market.)

  11. What kinds of business did the First Bank conduct on behalf of the U.S.
government? (The First Bank collected the federal government’s tax revenues,
secured the government’s funds, made loans to the government, transferred
government deposits through the bank’s branch network, paid the government’s
bills, and managed the government’s interest payments to European investors in U.S.
government securities.) What services did it provide to individuals and businesses?
(The First Bank accepted deposits from the public and made loans to private citizens
and businesses.)

  12. How did the banknotes of the First Bank most commonly enter circulation? (The
banknotes of the First Bank most commonly entered circulation through the loan‐
making process. When making a loan, the bank often gave the borrower banknotes
redeemable in specie. The borrower would then transfer those banknotes to others in
exchange for goods and services.)

  13. Why did state‐chartered banks envy the First Bank? (At the time, loans and
deposits were closely related. Since the First Bank received all of the U.S.
government’s deposits, it could therefore make more loans. State banks were not
able to make as many loans because they didn’t have the size, geographic scope, and
level of deposits that the First Bank had.)

  14. How did the First Bank conduct a rudimentary form of monetary policy? (The
First Bank conducted a rudimentary form of monetary policy by managing its lending