Decision ID: 002136

In November 1978 the 1971 Fund Assembly decided that, for the purposes of determining the initial contributions in accordance with Article 11 of the 1971 Fund Convention, the fixed sum for each ton of contributing oil received by a Contracting State should amount to 0.04718 francs. The Assembly further decided to urge those Contracting States that had not yet notified their total receipts of contributing oil for 1977 to do so as soon as possible so as to enable the Director to determine the initial contributions payable by each Contracting State. The Assembly also adopted a Resolution (No.1) relating to the conversion of francs into the relevant national currency, whereby the amount in francs should be converted into Special Drawing Rights (SDRs) on the basis of 15 francs equalling one SDR, and the number of SDRs then converted into the relevant national currency in accordance with the method of evaluation applied by the International Monetary Fund in effect for its operations and transactions at the date applicable under the Convention. The Resolution also resolved that the reference to francs in the Fund’s Internal Regulations be replaced by references to equivalent amounts in SDRs as soon as the Protocol to the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage, 1971 entered into force.