Decision ID: 003750

In March 2011, the 1992 Fund Executive Committee decided to authorise the Director to increase the level of payments to 100% of the established claims, subject to the following safeguards being in place before the 1992 Fund commenced making payments: an undertaking by the Korean Government to pay all established claims in full, in excess of the limits of the 1992 Civil Liability and Fund Conventions, an undertaking by the Korean Government to hold the Fund harmless in case a Korean court were to render a judgement ordering the 1992 Fund to pay compensation in excess of the 1992 Fund’s limit and a bank guarantee in the amount of KRW 130 billion to be provided by the Korean Government.