Financial Provisions (Covid-19) Act 2020

Provision with respect to Third Protocol to General Agreement on Privileges and Immunities of the Council of Europe

11. (1) In this section—

“Act of 2004” means the Council of Europe Development Bank Act 2004 ;

“arbitral tribunal” means an arbitral tribunal established in accordance with the Loan Regulations of the Council of Europe Development Bank;

“Third Protocol” means the Third Protocol (which is set out in Schedule 2 to the Act of 2004) to the General Agreement on Privileges and Immunities of the Council of Europe done at Paris on 2 September 1949.

(2) For the avoidance of doubt, an award of an arbitral tribunal shall be enforceable in a court of competent jurisdiction in the State in accordance with Article 3 of the Third Protocol and accordingly, no check shall be required for such enforcement, other than verification that—

(a) the award is authentic,

(b) the award conforms to the rules concerning competence and procedure set forth in the Loan Regulations, mentioned in that Article 3, of the Council of Europe Development Bank, and

(c) the award does not conflict with a final judgement passed in the country concerned.