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I. With reference to Article 7 of the Monetary Agreement signed this day, the Contracting Parties consider as credits in francs and credits in local currencies connected with the franc the accounts opened in these currencies with banks and exchange and stock-brokers in the franc area, in the name of residents of the guilder area, and conversely as credits in guilders and credits in local currencies connected with the guilder the accounts opened in these currencies with banks and stockbrokers in the guilder area in the name of residents of the franc area.

II. French bank notes held by residents of the guilder area and Netherlands bank notes held by residents of the franc area shall not, except by agreement between the Banque de France and the Nederlandsche Bank, as agents of their respective Governments, be usable for transfers and payments under the provisions of Article 7 of the Monetary Agreement.

III. Such of the credits in guilders referred to in paragraph I as have been blocked under general restrictions imposed by the Netherlands authorities shall be released under the following conditions:

(a) The guilders standing to the credit of French banks shall be released at the request of the banks holding such credits;

(b) Other credits in guilders may be transferred without restriction to the accounts of French banks at the request of the holders of such credits and shall then be released in accordance with sub-paragraph (a) hereinabove;

(c) Where a special permit from the Nederlandsche Bank is required, credits in guilders referred to in sub-paragraph (b) hereinabove which have not been transferred to the accounts of French banks shall be released by the Netherlands authorities only if the application for release submitted by the holder of the said credits has been approved by the French Office des Changes.

IV. Such of the credits in francs referred to in paragraph I as have been blocked under general restrictions imposed by the French authorities shall be released under the following conditions:

(a) The francs standing to the credit of Netherlands banks shall be released at the request of the banks holding such credits;

(b) Other credits in francs may be transferred without restriction to the accounts of Netherlands banks at the request of the holders of such credits and shall then be released in accordance with sub-paragraph (a) hereinabove;

(c) Credits in francs referred to in sub-paragraph (b) hereinabove which have not been transferred to the accounts of Netherlands banks shall be released by the French authorities only if the application for release submittted by the holders of

the said credits has been approved by the Nederlandsche Bank.

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