Decision ID: 000850

In February 1998 the 1971 Fund Executive Committee decided that the Fund could pay compensation in full to Repsol (the company that owned the cargo onboard the Aegean Sea, which had incurred costs in respect of clean-up and the removal of the remaining oil from the vessel) if Repsol furnished the Fund with a bank guarantee against overpayment in the event that the claims ultimately had to be pro-rated and provided that the bank guarantee gave the Fund adequate protection. Reference was made to the Committee’s decision in respect of two claims in Italy in the Haven incident. The Committee took the view that all claimants should be treated equally in this regard.

Date: 01.02.1996
Category: Compensation payments
Subject: Payments against bank guarantees