Decision ID: 000661

In October 1996 the 1971 Fund Executive Committee decided that, if a judgement were to be rendered against the Fund and the Court were to grant provisional enforcement, the Director should make a request to the Court for it to be stayed, and that if such a stay were to be granted only on condition that the Fund made a deposit, the Director should request that the Fund, as an intergovernmental organisation, be allowed to make the deposit in the form of a bank guarantee instead of a cash deposit. The Committee authorised the Director to make a cash deposit or provide a bank guarantee to protect the Fund’s interest in the light of the Court’s position in respect of any such request. The Committee instructed the Director to study the implications for the Fund of making or not making deposits in Korea and other jurisdictions.