Decisión nº: 000016

In April 1999 the 1971 Fund Executive Committee noted with great satisfaction that in March 1999 the Italian State, the shipowner/insurer and the 1971 Fund had signed an agreement on a global settlement of all outstanding issues, which was based on a maximum amount available under the 1969 Civil Liability and 1971 Fund Conventions of 60 million Special Drawing Rights and that the amount to be paid by the Fund to the Italian State did not relate to environmental damage. It was also noted that a separate agreement had been concluded between the shipowner/insurer and the 1971 Fund on the issue of indemnification under Article 5.1 of the 1971 Fund Convention whereby the Fund agreed to pay £2.5 million by way of compromise settlement between the parties.