Borrowing Agreement with the Swedish Riksbank

This paper reviews the Fund’s income position for FY 2010 and FY 2011. The paper updates projections provided at the FY 2010 midyear review and sets out related proposed decisions for the current and next financial years. The paper is structured as follows: Section II reviews the FY 2010 income position and the main changes from the midyear projections; Section III makes proposals on the disposition of FY 2010 net income, which includes the General Resources Account (GRA) net operational income and profits from the limited gold sales; Section IV discusses the FY 2011 income outlook, the margin on the rate of charge, and projected burden sharing adjustments; and Section V reviews special charges.