Protocol of 1976 to the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage, 1971 (FUND PROT 1976)

General Information

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Sub category

Groups

What is it about?

The 1971 Fund Convention applied the same unit of account as the 1969 Civil Liability Convention, i.e. the “Poincaré franc”. For the same reason, the Protocol provides for a unit of account, based on the Special Drawing Right (SDR) as used by the International Monetary Fund (IMF). From 16 May 1998, Parties to the 1992 Protocol ceased to be Parties to the 1971 Fund Convention due to a mechanism for compulsory denunciation of the "old" regime established in the 1992 Protocol. However, for the time being, two Funds (the 1971 Fund and the 1992 Fund) are in operation.

Why is it relevant?

The Protocol initially provided a higher level of consistency across the ratifying states by making it easier to calculate the value of a claim for compensation in relation to the Fund. However, as is mentioned above, it is now intended to be replaced by the 1992 Protocol. Despite this, there are some States that have not yet acceded to the 1992 Protocol, which is intended to completely replace the 1971 regimes. Therefore the 1976 Protocol will continue to exist until all partied have denounced it.

Additional Information

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