Decision ID: 002498
In June 1996 the 1992 Fund Assembly decided that the 1992 Fund should have a claims subsidiary body to consider new issues of principle, general policy questions and take decisions on claims referred to it by the Director. The Assembly decided that the body’s composition and structure should correspond largely to the composition and structure of the 1971 Fund Executive Committee and agreed that it should be established at the first session of the Assembly after the number of 1992 Fund Member States reached 25, that it should be composed of 12-15 Member States elected by the Assembly in accordance with the requirements laid down in Article 18.9 of the 1992 Fund Convention and that credentials should be required for the representatives of those Member States that were members of the subsidiary body. The Director was instructed to study the composition, mandate and Rules of Procedure of the subsidiary body and to report to the Assembly at its extraordinary session in October 1996. It was decided that for the time being the Director should have authority to settle claims up to the same limits as those laid down in the 1971 Fund’s Internal Regulations pending a review of the limits at the October 1996 session.