Though San Marino is not a member of the EU, it adopted the euro as its legal tender through an appropriate currency union agreement.

Finally, as a step toward making the renminbi a reservecurrency, China signed currency-swap agreements with the Philippines, South Korea, Japan, and Australia.

It was suggested that while bank lending should not be treated in a special manner, modern insolvency regimes should adequately reflect the needs of bank creditors, particularly lenders in foreign currency in inflationary economies, and take account of certain currency agreements that might affect the quantum of claims by foreign exchange creditors.

ABB has claimed for its loss of profits in United States dollars; however, the currency of the agreement is Kuwaiti dinars.

(b) Finance and banking, including local payments made in local currency and the agreement by the government to meet global UNDP banking standards;

There was also some risk of collusion between suppliers during the currency of a framework agreement and it could be difficult to ensure effective monitoring of agreements.

Decreases in rental income at Headquarters ($140,400), at Bangkok ($65,100) and at Santiago ($6,600), are the net result of a combination of factors at each duty station, such as movement of tenants, renegotiation of rental agreements, and currency fluctuations.

With the dollar’s hegemony unlikely to be seriouslyundermined by market forces, at least in the short and medium-term,the only way to bring about a major reduction in its role as areserve currency is by international agreement.

Whether it is desirable that an insolvency law include provisions regarding certain types of short-term financial contracts, including derivative agreements (e.g. currency or interest rate swaps) will depend upon how issues relating to the treatment of contracts and setoff rights are addressed.

IS2.2 The Advisory Committee notes that the decreases in rental income at Headquarters ($140,400), at Bangkok ($65,100) and at Santiago ($6,600) are the net result of a combination of factors at each duty station, such as the movement of tenants, the renegotiation of rental agreements and currency fluctuations (see A/58/6 (Income sect. 2), para.