RFP and Trade Bank Questions and Answers

· When will responses to the RFP be made available to the public? After the extended August 11th deadline, or after selection of an operating consortium?

Responses will be made public after selection of an Operating Consortium. As noted in the RFP, information in the proposal that is specifically identified as proprietary or confidential will not be made public.

· What is the judicial standing of the CPA? Is the CPA permitted to incur financial liabilities?

The Coalition Provisional Authority (CPA) is an entity, distinct from the governments of Coalition Member States, that is authorized to exercise governmental authority in Iraq pursuant to the law and usages of war and relevant United Nations Security Council Resolutions, including Resolution 1483 (2003).

In exercising legislative, executive and judicial functions in Iraq, the CPA may incur financial liabilities on behalf of and for the benefit of the Iraqi people. Long term liabilities may bind the successor government of Iraq, if the successor government ratifies the obligation or arrangements are otherwise made by which the successor government is bound to honor obligations entered into by the CPA for the benefit of people of Iraq.

In section "Selection Criteria" reference is made that "weighting of each category will be applied uniformly to all proposals" - could you advise of what the exact weighting percentiles are for each of the 10 different categories? Perhaps we can be informed of numeric evaluation factors (eg. selection category 1 is 10 points, selection category 2 is 20 points, ... and Pricing is xx points for a total of xxx points)

Details about the exact scoring system that will be used will not be publicly released. However, bids will all be evaluated according to an identical set of scoring criteria.

How does the CPA intend to ensure confidentiality in regards to bids in response to the RFP, especially in regards to pricing and licensing - or is there an intention to disclose pricing and licensing details in all bids?

Confidentiality will be protected through the execution of Non-Disclosure Agreements that each member of the Selection Committee, the Panel of Experts, and other individuals who are provided access to bids made by prospective Operating Consortia will be required to sign.

Are there any countries specifically excluded from being involved in a final Operating Consortium?

No.

Under which Federal Acquisition Regulation (FAR) is this CPA acquisition being issued under? If this procurement will not follow the FAR, under what rules and regulations is this RFP issued and will the evaluation be done?

The CPA acquisition is being issued under the authority of the CPA as set forth under applicable international law.

The RFP says that the Trade Bank is an independent public entity. What is its full legal status? Is it treaty organization or is it established under the laws of a coalition jurisdiction or Iraq?

The Trade Bank of Iraq is an independent public entity established by the CPA under applicable international law.

What banking regulations will apply to the TBI? Will the CPA be looking to amend and/or develop the Iraqi banking laws and regulations?

The Trade Bank of Iraq is a trade financing facility only and not a “bank” as is commonly understood in the context of commercial banking law.

· There was an article in Thursday’s edition of the Financial Times (July 24) in which Mr. Bremer was quoted as saying that the two largest state banks would be fully operational next week, allowing Iraqis to cash checks. “Management contracts would be given to foreign banks.” We would greatly appreciate clarification on whether this would form part of the trade bank RFP or whether there would be separate RFPs for these state banks.

The RFP that was issued by the Coalitional Provisional Authority on July 24 is only related to services to be performed for the Trade Bank of Iraq. The RFP does not cover any other institutions and there are no plans to expand the RFP’s coverage to include other institutions.

· Can the CPA please provide us with the current telecommunication capabilities that would be made available to the bank provider or OC that wins this bid prior to the full build-out of the TBI infrastructure? What will be the availability by October 1? Will the CPA assess a usage charge to the provider?

A surcharge is expected to be imposed on telecommunication equipment and service. CPA is currently investigating the expected dollar amount this will involve. This amount will depend in part on the number of individuals employed by the institutions that are a part of the OC.

· Can the CPA provide more detail with regards to security commitments prior to full transformation into a standalone TBI operating entity? Can we assume that full offices in secure CPA space will be made available at no cost to the provider until such a transformation takes place? How much space is available for the provider's use during these initial stages of the project?

We are in the process of identifying space for the TBI, which will also be available for the provider’s use. We anticipate that the space will be secure, though CPA cannot assume specific responsibility for ensuring security at all times given current conditions in Iraq. Security that the OC believes it needs in additional to the security provided by the CPA will be a cost borne by the provider.

· Should a hardcopy of the annual report accompany each of the 10 copies of the RFP submission?

Yes, one original and nine copies is acceptable.

· Who will be responsible for identifying and hiring Iraqi staff for the TBI? (Section 5 – Team Organization)

The Coalitional Provisional Authority will identify initial Iraqi staff for the TBI.

· Will TBI be requesting confirmation of all its L/Cs? (Tab A – Statement of Work, Bullet 5, subheading C)

It is anticipated that the consortium banks will confirm all L/C issues by the TBI until such time as the TBI is deemed creditworthy by international banks on its own credit, taking into account any associated political risks of its owner, the Iraqi government.

· We believe that we could actually put together a competitive proposal regarding the training of Iraqis in various international economic and financial areas in which they will need to be fluent in order to successfully run the bank. However, in the advertisement I read, you seem to be requesting proposals from consortia only with respect to all activities and only from financial institutions.

All bids will be considered based on their ability to provide all of the services requested in the RFP.

· Has the Trade Bank of Iraq established a Treasury Management and Controlling Function (including a general ledger system), or can we consider that Treasury and Controlling is operational by the time LC's are to be processed on behalf of TBI?

The operating consortium will be expected to provide third party L/C processing services on behalf of the TBI. Effectively, the operating consortium, or the operating consortium member providing the third party L/C services will provide all accounting, management and control functions for the TBI until such systems have been established and the TBI staff have been trained.

· Does Trade Bank of Iraq have an established Credit approval process in place, or can we expect that this will be in place by the time LC's are to be processed on behalf of TBI?

The operating consortium, or the operating consortium member providing the third party L/C services will provide any credit approval process on behalf of TBI management, and subject to its approval, until such a process has been established.

· Does the OC have to take on the responsibility to set-up and provide training for abovementioned functions? Is this part of this Trade RfP?

Yes, to the extent necessary to ensure the effectiveness of the Trade Bank of Iraq.

· Does TBI have the financial resources to support its confirmation of L/Cs? (Section 9 – APA Agreement)

All TBI resources for public sector import transactions will originate in the DFI. For private sector import transactions, TBI resources will originate from the private sector importers.

· Will TBI perform due diligence on its clients to address KYC, AML, and OFAC requirements? (Tab A - Statement of Work)

The operating consortium, or the operating consortium member providing the third party L/C services, will provide such due diligence until the TBI staff has established such a system.

· Which entity will be the actual exporter of oil from Iraq? Will the resulting sale proceeds be paid directly to that entity? (Tab A - Statement of Work, Bullet 8)

The oil exporter will be SOMO. Sale proceeds are to be paid into the Development Fund for Iraq.

· Will TBI provide authorizations, board certificates, and any other necessary documentation to support its legal and regulatory requirements? (Tab A - Statement of Work)

Yes. The TBI will work with the Operating Consortium to make sure the necessary documentation is in place.

Who will sign agreements on behalf of the TBI? Will the CPA be a party to any final agreements?

The CPA and OC will be the parties to Agency Processing Agreement, which will govern the operating relationship between the CPA, OC and the Trade Bank. If the TBI enters into agreements with other parties, the President of the Trade Bank will sign on behalf of the TBI.

In section "Overview" reference is made to the advise and confirmation of export letters of credit issued by foreign buyers of Iraqi petroleum and natural gas products - what percentage of oil and natural gas exports are envisioned to be sold utilizing export LCs, as opposed to other payment methods (ie. non-LC or cash-basis?)

It is not possible to predict future actions, as this depends on the requirements of the importer buying Iraqi petroleum and natural gas products. For the sales occurring in the last few months, export L/Cs were used.

In sections "Overview" and "Proposal Information and Evaluation" there is reference made to a "Selection Committee" which will make recommendations to the CPA regarding selection of the Bank or OC, could you please advise what is the representation on the Selection Committee (number of professionals, background / trade finance expertise, names, etc.). This may assist in determining level of technical detail for a possible one to two hour presentation in Bahrain as well as RFP technical detail.

Proposals should include ample technical detail. The Selection Committee is expected to be comprised of approximately five individuals. As stated in the RFP, the Selection Committee will be chaired by the Finance Minister / President of the Trade Bank of Iraq. This may be delegated to a nominee of the Minister of Finance. He/she will be assisted by a panel of experts drawn from the international community. The Selection Committee will recommend to Ambassador Bremer of the CPA the bank or bank consortium best designed to assist the Trade Bank in becoming operational.

In section "Proposal Information and Evaluation" reference is made to each response submission to the RFP will be evaluated by an "expert group" - what can be disclosed about representation of the expert group (number of professionals, background / trade finance expertise, names, etc.) This may assist in determining level of technical detail for a possible one to two hour presentation in Bahrain as well as RFP technical detail.

The Panel of Experts will be comprised of individuals with strong professional qualifications and who can provide expert opinion to the Selection Committee. Further details about the Panel of Experts are available on CPA’s web site. The Selection Committee will make all decisions about selection of the Operating Consortia.

In section "Proposal Information and Evaluation" reference is made to posting inquiries and responses to the CPA website - where exactly would this information be located, perhaps you may advise of the direct internet address for the inquiries and responses?

Q&A’s (without submitter’s name) will be posted to http://www.cpa-iraq.org/ if they raise an item of interest to all bidders.

In section "Format of Written Proposals" section 2. International Presence, the RFP inquires of how this project would fit into a Bank's institutional strategy or the strategy for operations in the Middle East - however, this is a one-year project with two option years, accordingly, why is it important to detail this information, i.e., will this be given heavy / substantial weighting in the final decision?

The focus of this section is to determine the bank’s or bank consortium’s international presence. This information is one way to gain knowledge about experience in and commitment to its international presence.

In section "Format of Written Proposals" section 6 Technology Transfer, reference is made that "information and communication systems will be transferred to the Trade Bank once the Processing Agreement expires..." - the winning Bank or OC may expect to charge fees for this technology, how does the CPA envision payment for the technology, via the Agency Processing Agreement, or separate contract with the Trade Bank, or other?

The OC may indicate their preference, but should submit any proposed contract with their submission. Note in section 9 of Format of Written Proposals, final negotiations between parties on the structure and pricing of the services provided will occur based on the OC submitting a copy of the proposed Agency Processing Agreement between the bank (or bank consortium) and the CPA.

In section "Format of Written Proposals" section 9 Agency Processing Agreement, do you have a boilerplate Agency Processing Agreement in mind that can be shared?

No, we do not have a boilerplate Agency Processing Agreement.

In section "Statement of Work" reference is made to "establishing escrow accounts" - could you expand on purpose of such accounts?

Escrow accounts could be used for the purpose of holding cash collateral related to private importers.

Will the TBI be advising or issuing Standby LCs? Are any Banker's Acceptances anticipated from the Import or Export business?

This is not being contemplated at this time. The focus of the TBI’s activities will revolve around commercial L/Cs.

Will all OC members be required to have independent electronic L/C processing capabilities?

No, only the OC will be required to have electronic L/C processing capabilities.

The RFP does not mention a general ledger requirement, should each bid include a general ledger solution or is it assumed that this will be in place?

Although not listed in the RFP, the OC can include a general ledger solution. The Trade Bank of Iraq is a de novo institution and will need such a solution.

What if any interfaces are required between the TBI and the Central Bank of Iraq?

Such interfaces are not required.

Has the President of the Trade Bank of Iraq been announced - and if so who is he/ she? What technical expertise background could you advise us of for this person?

The President of the Trade Bank of Iraq will be the Acting Minister of Finance or the nominee of the Minister of Finance.

Will the CPA assist with obtaining visas for US and third country nationals providing training services and technical expertise?

Could you advise us if we need to make preparations for any need to issue LC's in currencies other than US$?

As Iraqi imports are expected to come from many different countries, the applicant should be prepared to issue/confirm L/Cs in currencies other than US$.

What type of security arrangements will the CPA provide to the Operating Consortium?

The CPA continues to work to establish a secure environment within Iraq. However, the CPA cannot assume any particular responsibility for the security of specific individuals employed by banks or the facilities of those banks that are a part of the OC apart from its general intention to improve security conditions. CPA is working with the Ministry of Finance and Oil to identify suitable space for the Trade Bank facilities.

Has the RFP been prepared in consultation with any banks, and if so will that bank be excluded from bidding?

No. The RFP has not been prepared in direct consultation with any banks.

What provision, if any, does the OC, or various members of the OC, have to terminate business dealings with TBI and CPA?

Such a provision could be provided for in the Agency Processing Agreement.

Can the deadline of August 8th be extended?

The deadline has been extended until 5:00 p.m. Eastern Daylight Time on August 11.

What is the CPA's assessment of risk of attachment for the OC? This is critical. There is concern that it may be difficult to vet this through legal processes in each participating country of the OC by August / September.

This is a legal issue for applicants to assess for themselves.

In section "Overview" reference made to the Iraqi budget estimating petroleum exports and import financing needs - could you advise now what ESTIMATES there are for average size of the L/Cs to be issued? Any estimates on average terms of L/Cs? Standard terms for the L/C: D/P, 30, 60, 90 days? Any estimates of breakdown of anticipated import and export L/C volumes (by currency, by country, average size for each). Can we be provided with ST and MT volume estimates?

The estimates provided in the RFP are non-official estimates only. Applicants should make their own estimates based on any information that they might have at their disposal.

In section "Format of Written Proposals" section 1. General Description, the RFP asks for a description of "your international commercial bank." Does this imply that a large US bank with limited or no international presence or experience may or may not be the lead bank, although they may be teamed with a major bank in the Middle East. Also, in evaluating the RFP responses, will the CPA look upon an Operating Consortium as one entity for Experience purposes. For example, let’s say that consortium A has a strong lead bank with no experience in the Middle East but is teamed with one of the leading banks in the Middle East. Consortium B is a large bank with experience in the Middle East whom is also teamed with one of the leading banks in the Middle East. Will these two consortia be considered equal with regard to experience and physical presence?

There is no preference for the nationality of any particular participant of a bidding consortium. All applicants will be considered on the basis of their ability to provide the full set of services set forth in the ten selection criteria.

If invited, can a bank participate in more than one consortium?

There is nothing to preclude a bank from doing this, but we assume that it is acceptable to the other members of your operating consortiums and that other members have been fully informed that a bank may be participating in more than one consortium.

· If our bank is providing L/Gs for beneficiaries of Iraq, what is the tender type and the tenor?

This information is not known at the present time.

· If our bank provides the FX or banknotes services we need to know the amounts and frequency?

It is not anticipated at this time that these services will be needed.

· Would the Trade Bank require an account to be opened with any member of the OC?

The RFP does not require the TBI to open an account with any member of the OC.

· What would be the typical transaction that we would be working on?

The typical transaction is anticipated to be issuing or confirming a letter of credit on behalf of an Iraqi importer.

· Is this bank guaranteed by the US, World Bank, or International Bank for Reconstruction and Development (IBRD), if so, do we need to extend our limits from our end in respect to:

- L/Cs and L/Gs

- Money Markets or FX Limits

The Trade Bank of Iraq is not guaranteed by the United States Government or by the International Bank for Reconstruction and Development (IBRD, also known as the World Bank).

· When will contacts (names and numbers) and full banking relationships with the relevant control documents with the Trade Bank of Iraq be available? For example we would need booklet of the authorized signatures, exchange BKE on SWIFT (bilateral keys exchanged), articles of association or incorporation if possible.

Articles of association and bylaws for the Trade Bank will be available when promulgated. The TBI will work with the Operating Consortium to make sure the necessary documentation is in place. Regarding SWIFT, the TBI is a de novo institution and does not have a SWIFT account as of yet.

What is the level of capital participation required in terms of money or percentage and if a syndicated group of banks can provide a consolidated RFP.

The RFP does not require a certain level of capital participation. Regarding a consolidated RFP, focus should be placed on meeting the information content as required by the RFP. If filing a consolidated RFP meets the requirements, then it is acceptable.

What is the level of involvement is expected from the proposing bank or group of banks regarding the infrastructure of the Trade Bank of Iraq (premises, staff, IT systems, Communication network etc.) and the role of management.

The Trade Bank is a de novo institution that will have Iraqi staff and premise. Please refer to Format of Written Proposals, Section 6 of the RFP for information related to IT and communications needs.

Effectively, the operating consortium, or the operating consortium member providing the third party L/C services will provide all accounting, management and control functions for the TBI until such systems have been established and the TBI staff have been trained.

Can we submit a CD ROM rather than a disk? A 1.44Mb disk may not have sufficient capacity for all the various files.

Yes

Could you please advise the likely future for the other public sector banks (e.g. Rafidain, Rashid)? There have, in recent weeks, been a number of contradictory reports about their fates. We would like to know to what extent the CPA might allow their resources/people etc to become involved in TBI and to what extent the TBI might be expected to interact with other state owned banks (assuming, of course, that they stay state owned).

The future of the public sector banks is unknown at this time. Their capabilities are being assessed as is their future interaction with the Trade Bank.

Please provide indicative details of transaction counts/volumes and LC issuance values on a per month basis.

The estimates provided in the RFP are non-official estimates. Applicants should make their own estimates based on any information that they might have at their disposal.

From whom will LC applications be received by ITB/OC? Will there be some form of independent authentication of these applications required? For example, will the Development Fund of Iraq’s Oversight Board (i.e. the UN/IMF/World Bank) be involved?

Possible LC applicants are the CPA, funded Iraqi Ministries and the private sector. Please refer to http://www.cpa-iraq.org/regulations/ for information on the DFI and Program Review Board.

Would the IFTF consider another round of face to face/telephone Q&A sessions for the short-listed bidders prior to the final presentation in Bahrain? We are concerned that the 'public' e-mail methodology will not suffice for the level of detailed discussion that could be required.

No. This is to maintain the highest degree of fairness. However, questions can be sent to the electronic email address with a request that they not to be posted publicly. There will also be a Q&A session in Bahrain. Also note that the Agency Processing Agreement is to be submitted in draft only.

Please advise details of the proposed management/board composition of the TBI.

This is in process.

The RFP requests the names of the "lead banker(s)" who will "ultimately be held accountable" for the services of the OC. Could you please give an indication of what you envisage personal "accountability" to mean in this context.

This is assuming that there is one lead institution in the Operating Consortium. The Agency Processing Agreement that is required to be submitted in draft determines accountability from a contractual standpoint.

Can we please use, apply, seek recourse under, draft agreements etc. under English or New York Law?

It is expected that recourse may be sought under U.S. law. A final determination, however, will be included by the Agency Processing Agreement.

Will there be a requirement for the OC to finance LCs as well as process them?

There are no requirements . Note that the OC should address Section 7-Credit Structures in its submission to the RFI.

In the final paragraph under Item 7 the RFP states “OC candidates are responsible for consulting their respective regulators........”. To whom should we refer regulators that seek IFTF or CPA input or clarification of anything they raise?

Regulators may be referred to teresa.rutledge@occ.treas.gov .

What is the level of support to be provided by the Government of the United States of America in form of Guarantees or assignment of lines of credit for Import/Export Letters of Credit.

Questions regarding support from bilateral U.S. guarantee/insurance agencies for Iraq such as the Export-Import Bank of the United States and the Overseas Private Investment Corporation should be addressed directly to those agencies.

What are the proposed transitional arrangements from the UN/BNP programme, including timing?

Pursuant to U.N. Security Council Resolution 1483, $1 billion in unencumbered funds has already been transferred from the Oil-for-Food Account to the Development Fund for Iraq (DFI). The remaining funds in the Oil-for-Food Account will be transferred to the DFI shortly after November 22, 2003, less funds sufficient to meet anticipated payments under priority contracts in effect on that date. Any funds remaining in the Oil-for-Food Account after all payments have been made on all priority contracts will be transferred to the DFI at that time.

“The Trade Bank is an independent public entity with separate capitalization consisting of US$5million ... etc” – please advise details of shareholders and the form of the equity instruments.

The $5 million in paid-in equity consists of funds from the Development Fund for Iraq.

The RFP indicates that the OC might be asked to collect payment relating to Iraqi oil exports to third countries and, possibly, confirm LCs from those countries. Could you please advise what export destinations and counterparties are likely?

Decisions regarding the sale and export of petroleum products from Iraq will be made by the appropriate Iraqi officials, therefore the CPA is not in a position to advise regarding the likely export destinations and counterparties.

Will the TBI/OC be expected to handle/issue/confirm standby credits for projects? Such are usually for large values, remain outstanding for years, in some cases indefinitely.

At the outset, it is only expected to operate with short term sight L/Cs. However, as Iraqi financing needs evolve, transactions of acceptable form and tenor will be structured. While the RFP does not anticipate large project related L/Cs during the contract period, it does not foreclose the possibility that the need for such services could arise.

Whereas the RFP deals with the trade processing functions in detail and defines the statement of work required from the OC, we believe that a comprehensive, seamless operating platform for the TBI will entail setting up of key support functions (for example Risk Management, Financial Control and Human Resources). Is the OC required to provide the above-mentioned support functions as well? The RFP is silent on this issue.

The expectation is that the OC will bring the TBI into operation within a few weeks of finalization of the APA and train the Iraqi staff to a level conducive to independent operation within the period of the contract. To the extent that the applicant thinks it is necessary for the OC to supply such services to achieve these goals, the applicant should include this in its proposal.

With respect to technology transfer, will only trade related modules and systems be required OR will the entire core banking platform, which includes Trade Modules, need to be procured?

The applicant should specify which technology it is wiling to transfer and under which terms.

What is the volume of trade that TBI is expected to handle? Please provide $ volumes, number of import and export L/Cs, collections etc.

The estimates provided in the RFP are non-official estimates. Applicants should make their own estimates based on any information that they might have at their disposal.

Does the TBI need any permits and/or licenses in the US or elsewhere to operate banking business and to raise capital and issue L/Cs? If so, will the OC be expected to obtain these?

It is not contemplated that permits and/or licenses in other countries will be needed. If so, the OC will not be expected to obtain these.

Does the Response need to address the issue of implementing all the non-trade related systems and infrastructure necessary for the Trade Bank to exist (such as a DDA system, a loan system, and general ledger system)?

Responses should address such issues to the extent that they are necessary to fulfill the specified RFP requirements.

Does the Response need to address the issue of securitizing the future flow of oil?

No.

In the Project Work Plan, you ask us to "Describe the legal structure you would propose to use for Trade Bank operations." Is this question being asked in relation to the cash collateral account (or other security mechanism), or do you mean does the Trade Bank need to be a licensed bank in Iraq before it can begin to operate?

This question is being asked in relation to any credit structure the respondent wishes to propose for the issuance/confirmation of L/Cs on behalf of the trade bank, including those involving credit terms on an other-than-cash basis.

Does the Response need to address the question of the legal structure of the Operating Consortium (possible options might include a general partnership, limited partnership, corporation, etc.)?

Will the Treasury Department confirm that if in the future OFAC restrictions were reimposed, the Treasury Department would grant a license, or grant an exemption, to permit open LC's to be paid?

The Treasury cannot make such a commitment.

Will the funds available to reimburse the L/C banks and the issuance

DFI funds will be available to reimburse the L/C banks and the issuance and operational fees of the OC for CPA and Iraqi public purchases effectuated through the Trade Bank of Iraq. DFI funds will not be available to reimburse the L/C banks and issuance and operational fees of the OC with respect to private purchases.

Should we repeat all of the text of each question before answering it, or simply put the heading of each category?

The heading is sufficient.

May we add an Overview (or Executive Summary) that highlights the main points of our Response before beginning the "General Description" section?

Should we attach appendices at the end of the Response to give further details and charts, or should any charts be incorporated into the body of the Response?

Appendices are acceptable. The respondent should decide which information should be presented in the body of the response and which should be presented in appendices.

Can we assume that the submission of an electronic copy of our proposal, via e-mail, is sufficient to meet your deadline?

Yes; however, any electronic submission must be received by the deadline.

Although we will cover all individual categories/section headers as stipulated in the RFP, can the sequence of the categories/sections be rearranged for purposes of proposal presentation?

Yes; however, each answer must be clearly labeled to indicate to which category/section it is providing an answer.

Could you advise us if we need to make preparations for any need to issue LC's in currencies other than US$?

· What is the relationship between the DFI and the "Central Bank of Iraq/Oil Proceeds Receipts Account"? Are they one and the same?

· What is the relationship between the "Central Bank of Iraq/Oil Proceeds Receipts Account" and "Central Bank of Iraq/Iraq Development Fund"?

· Is there one account at the FRBNY entitled "Central Bank of Iraq" with two sub-accounts, one entitled "Oil Proceeds Receipts Account" and another entitled "Iraq Development Fund"? If so, why was the account structured in this manner?

The Federal Reserve Bank of New York was requested by Ambassador Bremer, as the Administrator of the Coalition Provisional Authority responsible for the temporary governance of Iraq pursuant to the authority vested by the President of the U.S., to open an account for the Central Bank of Iraq entitled "Central Bank of Iraq/Development Fund for Iraq" and an account entitled "Central Bank of Iraq/Oil Proceeds Receipts Account". Each account has its own ABA routing number. The relationship between the accounts are as follows: All funds received in the Central Bank of Iraq/Oil Proceeds Receipts Account are to be transferred - - 95% to the Central Bank of Iraq/Development Fund for Iraq and 5% of such funds to the United Nations Compensation Fund established in accordance with UNSC Resolution 687 (1991).