{"id":"C2004A04060","name":"European Bank for Reconstruction and Development Act 1990","slug":"european-bank-for-reconstruction-and-development-act-1990","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"129 of 1990","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":26506,"registerId":"commonwealth-C2004A04060-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n  This Act may be cited as the European Bank for Reconstruction and Development Act 1990.","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n  This Act commences on the day on which it receives the Royal Assent.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Definitions","content":"#### 3 Definitions\n\n  In this Act:\n\n> Bank means the European Bank for Reconstruction and Development.\n\n> Bank Agreement means the Agreement establishing the European Bank for Reconstruction and Development, done at Paris on 29 May 1990, as in force for Australia from time to time.\n\n> Note: The Agreement establishing the European Bank for Reconstruction and Development is in Australian Treaty Series 1991 No. 15 (\\[1991\\] ATS 15) and could in 2024 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Appropriation","content":"#### 4 Appropriation\n\n  There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, money for the purpose of:\n    (a) making any payment that Australia is required to make (whether or not Australia may make the payment in a form other than money) to the Bank under the Bank Agreement; or\n    (b) redeeming a security issued under subsection 5(1).","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Issue of securities","content":"#### 5 Issue of securities\n\n  (1) To the extent to which the Bank is prepared to accept from Australia, in lieu of any payment that Australia is required to make to the Bank, promissory notes or other obligations issued by Australia, the Treasurer may authorise the issue of securities.\n  (2) Securities issued under subsection (1):\n    (a) must be payable to the Bank; and\n    (b) must be non‑negotiable and non‑interest‑bearing; and\n    (c) must be payable at their par value on demand.","sortOrder":4}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The Act remains tightly scoped to its original purpose — providing domestic legal authority for Australia's financial obligations to the EBRD. There is no evidence of scope creep or expansion beyond the narrow financial participation framework established in 1990."},"complexity_factors":["Very short legislation with only 5 substantive sections","Narrow and specific subject matter — purely about financial participation in one institution","Some financial/technical terminology around securities and promissory notes that may be unfamiliar to laypeople","References to an external international agreement (the Bank Agreement) which incorporates obligations by reference, adding a minor layer of complexity","No enforcement provisions, offences, or regulatory machinery to navigate"],"plain_english_summary":"The Act gives the Australian Government legal authority to meet Australia’s financial commitments to the European Bank for Reconstruction and Development, allowing payments from the Consolidated Revenue Fund. It also lets the Treasurer issue non-transferable, interest‑free securities to the Bank in lieu of cash.\n\nIt affects Australian taxpayers (public funds used), the Treasurer (powers to make payments and issue securities), and the EBRD, and is the domestic legal basis for Australia’s participation in the Bank."},"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: enabling Australia's financial participation in the EBRD. The 2024 note updating the treaty reference location is purely administrative and does not expand substantive scope."},"complexity_factors":["Only 3 defined terms in the interpretation section","No cross-references to other Acts","Straightforward conditional logic (single purpose appropriation)","Single operational mechanism (securities issuance) with only 3 simple constraints","Total length: 5 short sections spanning 2 pages","No exceptions, exemptions, or nested conditions"],"plain_english_summary":"This law allows Australia to join and pay its dues to the **European Bank for Reconstruction and Development (EBRD)** — an international bank that helps rebuild economies in Europe.\n\n**What it does:**\n- **Authorises payments**: Lets the Australian government pay money to the EBRD as required by the international agreement that established the bank (signed in Paris in 1990).\n- **Allows alternative payment methods**: Instead of just handing over cash, Australia can issue special IOUs (called \"securities\") to the bank — but these must be non-negotiable (can't be sold to others), don't earn interest, and must be paid back at face value whenever the bank asks.\n- **Provides the money**: Officially sets aside government funds (from the Consolidated Revenue Fund — Australia's main bank account) to cover these payments.\n\n**Who it affects:**\n- Primarily the **Treasurer** (who can authorise the special securities) and **Australian taxpayers** (whose money funds Australia's membership).\n- Indirectly, it affects countries in Europe where the EBRD invests in reconstruction and development projects.\n\n**Why it matters:**\nAustralia isn't in Europe, but this law lets us participate in an important international financial institution. It shows how Australia uses domestic legislation to meet international treaty obligations — turning a signature on a treaty into actual legal authority to spend public money."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The Act is narrowly focused: it authorises appropriation for payments to the Bank and allows the Treasurer to issue specified non‑negotiable securities instead of cash. It does not expand Australia’s substantive treaty commitments or create broader regulatory powers beyond payment, issuance and redemption mechanics (ss 3–5)."},"complexity_factors":["Short, single-purpose statute with only definitions and funding/issuance rules (ss 3–5).","Creates a straightforward appropriation power from the Consolidated Revenue Fund for specified payments (s4).","Grants discrete discretion to the Treasurer to issue non‑negotiable, non‑interest‑bearing securities in lieu of cash, with specific form and redemption terms (s5).","Reliance on an external international agreement (the Bank Agreement) to define triggering obligations increases interpretive linkage to treaty terms (s3 definition).","Low regulatory and compliance burden limited to governmental accounting and redemption mechanics (s4–5)."],"plain_english_summary":"This Act authorises payments from the Consolidated Revenue Fund to meet Australia’s obligations to the European Bank for Reconstruction and Development and permits the Treasurer to substitute promissory notes or similar obligations for cash; those securities must be payable to the Bank, non‑negotiable, non‑interest‑bearing and payable at par on demand (ss 3–5).\n\nIt therefore affects the public budget (who pays) and Treasury decision‑making (who may issue substitute securities), creating modest administrative duties to appropriate, record and redeem such payments (s4–5)."}},"importantCases":[],"_links":{"self":"/api/acts/european-bank-for-reconstruction-and-development-act-1990","history":"/api/acts/european-bank-for-reconstruction-and-development-act-1990/history","analysis":"/api/acts/european-bank-for-reconstruction-and-development-act-1990/analysis","conflicts":"/api/acts/european-bank-for-reconstruction-and-development-act-1990/conflicts","importantCases":"/api/acts/european-bank-for-reconstruction-and-development-act-1990/important-cases","documents":"/api/acts/european-bank-for-reconstruction-and-development-act-1990/documents"}}