Decision in paragraph 28 in UNEP/OzL.Pro/ExCom/12/37

28.         After hearing the report by the Sub-Committee on Financial Matters, the Executive Committee agreed that, with respect to the difficulty faced by the World Bank vis-a-vis the promissory notes held in the Treasurer's name not constituting guaranteed resources, the Treasurer should establish procedures, in consultation with the World Bank, to permit the transfer of the notes he held, or parts thereon, on a pro-rata basis, to the World Bank for the amounts approved by the Executive Committee.  The Bank would be responsible for determining the draw-down against those notes for its disbursements on a need-based approach and, in turn, would report to the Treasurer details of such encashments. The World Bank agreed to such a procedure.