Decision ID: 002139

In November 1978 the 1971 Fund Assembly 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.

Date: 01.11.1978
Categories: Administrative matters, Application of the Conventions, Resolutions adopted by the IOPC Funds' governing bodies
Subjects: Resolutions, Treaty/constitutional issues, 1971 Fund Resolutions, Conversion of gold francs into national currency, Internal Regulations, Levying initial contributions to the 1971 Fund, Treaty issues