Decision ID: 001447

In February 2003 the 1971 Fund Administrative Council noted that by 30 October 2002 the Spanish Government had reached agreements with claimants representing over 90% of the principal of the loss or damage claimed and that therefore the conditions laid down in 1971 Fund’s offer in respect of a global settlement of all outstanding issues in the Aegean Sea case had been fulfilled, as a result of which the agreement between the Spanish State, the 1971 Fund and the shipowner/insurer on a global settlement had been signed in Madrid on 30 October 2002.