Decision ID: 001009

In October 1998 the 1971 Fund Excutive Committee noted that on 12 June 1998 the Spanish Ambassador in London and the Director had signed an agreement under which the Spanish State undertook not to invoke the time-bar if the competent bodies of the Fund were to decide to take recourse action against the Spanish State to recover 50% of the amounts paid by the Fund, provided that such an action was taken within one year of the date of the agreement. It was further noted that the 1971 Fund, on its part, undertook not to bring legal action against the State within the first 11 months of the date of the agreement.