Explanatory note

This Order specifies the sterling amounts which are to be taken as equivalent to the amounts expressed in gold francs in the Merchant Shipping Act 1974 (limitation of liability of, and indemnification of shipowners by, the International Oil Pollution Compensation Fund)

The Order revokes previous Orders specifying sterling equivalents in relation to that Act.

The sterling equivalents have been calculated by reference to the special drawing right (“SDR”) value of a gold franc converted into sterling at current market rates: the SDR is based on a basket of major world currencies.

As a result of the coming into force of the 1976 Protocol to the Athens Convention relating to the Carriage of Passengers and their Luggage 1974, which replaces the references to gold francs in the Athens Convention by references to SDR, no equivalents for gold francs are now provided in the Order in relation to the Athens Convention (which is set out in Schedule 3 to the Merchant Shipping Act 1979 c. 39).