Decision ID: 002165

In March 1980 the 1971 Fund Assembly adopted draft Financial Regulations as proposed by the third intersessional Working Group, subject to a number of amendments. The Assembly decided by vote that the 1971 Fund Convention should be interpreted in such a way that special contributions in respect of claims referred to in Article 12.1 (i) (c) should be levied only for amounts in excess of 15 million francs. It was also decided that no list of banks should be established, that assets should be placed on term deposit not exceeding one year with banks enjoying a high reputation and standing in the financial community and that the maximum investment in any bank should not normally exceed £2 million. The Assembly further decided that the Director could exceed an appropriation in respect of any single class of expenditure, other than payments in respect of claims, by 5%, that transfers between appropriations within chapters of the budget could be made without limitation and that transfers between appropriations within the budget between chapters could be made up to 10%, calculated on the appropriation to which the transfer was made. The Assembly also agreed that, contrary to Regulation 9.5 of the Financial Regulations, the Director could submit the books of accounts and financial statements for the financial period of 1978-1979 to the External Auditor in the second half of April 1980.