Decision ID: 002909

In October 2003 the 1992 Fund Assembly, taking into account the exceptional circumstances of the Prestige incident, and subject to a general assessment of the total admissible damage in Spain arising from the incident, authorised the Director to make a payment to the Spanish Government of the balance between 15% of the claim submitted by the Spanish State on 2 October 2003, as assessed by the 1992 Fund, and 15% of that claim as submitted, and also subject to the Government of Spain providing a guarantee from a financial institution, not from the Spanish State, that had the financial standing laid down in the 1992 Fund’s Internal Investment Guidelines so as to protect the 1992 Fund against an overpayment situation.

Date: 30.09.2003
Category: Compensation payments
Subjects: Payments against bank guarantees, Payments against Government guarantees