42nd Meeting - Montreal, March-April 2004

Document UNEP/OzL.Pro/ExCom/42/49:  at its 41st Meeting, the Executive Committee decided to request the Treasurer to provide a report to the 42nd Meeting of the Executive Committee on the historical use of promissory notes.  It also decided to request the Treasurer to report on rules and/or systems for the transparent and equitable encashment of promissory notes used in other fora, with a view to enabling the Executive Committee to determine the advisability of establishing more standardized rules for the use of promissory notes, equitable treatment of all donors, and minimization of exchange rate losses.  This document presents the response received from the Treasurer to this request which indicates that it was not possible for the Treasurer to complete a study of the magnitude requested in Decision 41/4 in time for the 42nd Meeting of the Executive Committee.