Encashment schedule

The Twelfth Meeting of the Executive Committee agreed to adopt the following encashment schedule as an initial encashment schedule which could be modified later on the basis of experience gained:

This schedule would be subject to acceleration in the light of needs. As also decided by the Committee, the schedule begins in 1995; if, however, notes deposited before 1994 were encashed in totality in 1994, the draw-down from 1994 notes could begin in 1994.

The Executive Committee urged the Treasurer, in collaboration with the World Bank, to put in place modalities for transferring promissory notes from the Treasurer to the Bank, in consultation with the Parties concerned and as and when those Parties informed the Treasurer of their intention to pay their contributions in the form of promissory notes.

The Twenty-first Meeting of the Executive Committee decided to express the hope that any outstanding issues related to the full use of promissory notes would be resolved by the time of the Twenty-second Meeting of the Executive Committee.

The Twenty-fifth Meeting of the Executive Committee decided that, in view of the significant shift in the composition of cash and promissory notes in the resources of the Multilateral Fund and operational needs, the Treasurer should have the flexibility to implement the Executive Committee decision on accelerated encashment on need, provided that any accelerated encashment was done on a pro-rata basis across all the promissory notes received by the Treasurer, to provide fairness, and with a reasonable period of time of advance notice.

(UNEP/OzL.Pro/ExCom/25/68, Decision 25/2, para. 23(b)).

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