Notawisseling tussen de Regering van het Koninkrijk der Nederlanden en de Regering van de Verenigde Staten van Amerika houdende een overeenkomst betreffende een garantiefonds in verband met de beslechting van bepaalde geschillen tussen de Verenigde Staten van Amerika en Iran
EMBASSY OF THE UNITED STATES OF AMERICA
The Embassy of the United States of America at The Hague presents its compliments to the Ministry of Foreign Affairs of the Kingdom of the Netherlands and has the honour to refer to the consultations between representatives of the Governments of the United States of America and the Kingdom of the Netherlands relating to the selection of De Nederlandsche Bank at Amsterdam by the Governments of the Islamic Republic of Iran and the United States of America as a mutually agreeable central bank within the meaning of the Declaration of the Government of the Democratic and Popular Republic of Algeria of 19 January 1981.
During the course of these consultations a number of rules have been drawn up relating to the foregoing matter, with the intention of incorporating them in a host State convention to be concluded with the Kingdom of the Netherlands on behalf of the Iran-United States Claims Tribunal. However, it would appear to be desirable, in anticipation of the conclusion in due course of the more comprehensive convention, to lay down the rules in question in a separate agreement.
If the selection of De Nederlandsche Bank as well as the relevant rules, set out in the Annex to this Note, are acceptable to the Government of the Kingdom of the Netherlands, the Embassy proposes that this Note together with the affirmative Note of reply of the Ministry constitute an Agreement between the United States of America and the Kingdom of the Netherlands which shall enter into force on the date of the Note of reply.
The Embassy of the United States of America
The Hague, July 10, 1981
The Governments of the Islamic Republic of Iran and the United States of America, desiring to give effect to certain provisions of the Declaration of the Government of the Democratic and Popular Republic of Algeria of 19 January 1981, have selected, as a mutually agreeable central bank, De Nederlandsche Bank at Amsterdam, to assume the management of a bank which shall act as Depositary of the funds in the Security Account established by the foregoing Declaration.
The Netherlands Government concurs in the appointment of De Nederlandsche Bank for this task, subject to the provisions of the present Agreement and subject to agreement being reached among the competent authorities or central banks of the other States concerned and De Nederlandsche Bank and the Depositary on the conditions subject to which the latter shall carry out their tasks. The agreement or agreements reached by De Nederlandsche Bank and the Depositary on this matter with the authorities or central banks of the other States shall hereafter be referred to as the "Technical Agreements."
Having regard to the international and public nature of the foregoing tasks entrusted to De Nederlandsche Bank and the Depositary, those banks shall, in performing their functions, enjoy immunity from jurisdiction in each of the Contracting States as described below.
The Security Account is to be opened by the Depositary on its books in the name of the Banque Centrale d'Algérie, as Escrow Agent.
The Security Account may consist of one or more accounts as may be provided for in the Technical Agreements.
The Security Account has as its sole purpose to hold funds in order to secure the payment of, and to pay, claims in accordance with awards rendered by the Tribunal pursuant to the Declaration of the Government of the Democratic and Popular Republic of Algeria Concerning the Settlement of Claims by the Government of the United States of America and the Government of the Islamic Republic of Iran, of 19 January 1981, and in accordance with the Technical Agreements.
The sole function of the Depositary shall be to carry out the responsibilities specified in the present Agreement and in the Technical Agreements. Funds held by the Depositary shall not be invested in the United States of America or in Iran.
Payments from the Security Account shall be made and the Account shall be closed in accordance with rules to be set forth in the Technical Agreements.
The Depositary is responsible to the Banque Central d'Algérie as Escrow Agent, and to the other parties to the Technical Agreements, for the management of the Security Account, in accordance with rules to be set forth in the Technical Agreements.
The funds held in the Security Account and the funds in turn deposited with third parties by the Depositary are immune from attachment in each of the Contracting States.
Except as otherwise provided for in the present Agreement or in the Technical Agreements concluded by De Nederlandsche Bank or the Depositary, De Nederlandsche Bank and the Depositary shall enjoy immunity from the jurisdiction of the Contracting States, in accordance with their laws, in respect of claims relating to:
the presence in the Netherlands of the funds in the Security Account;
the assistance given by De Nederlandsche Bank or the Depositary in setting up and managing the Security Account;
actions performed or omitted by De Nederlandsche Bank or the Depositary in carrying out the tasks entrusted to them in accordance with the present Agreement.
Judgments by foreign courts and writs of execution, insofar as they relate to claims as defined in Article 6 against De Nederlandsche Bank or against the Depositary, shall not be enforced or otherwise implemented within the territory of the Contracting States.
If De Nederlandsche Bank or the Depositary appears before the courts in order to assert immunity, it shall not thereby be deemed to have waived immunity.
The Ministry of Foreign Affairs
of the Netherlands