Decision ID: 002573

In October 1997 the 1971 Fund Assembly noted the views of some delegations that the 1971 Fund should consider placing its investments with the banks of a greater number of countries and look at investing in currencies other than Pounds sterling. The Assembly endorsed the position taken by the Director as regards the strict criteria to be applied for the selection of banks to be used for investment purposes. As regards investments in currencies other than Pounds sterling the Assembly took the view that the current policy, of only holding assets in other currencies if they were required to meet claims arising out of a specific incident which had been settled or were close to being settled, should be maintained.