CYIL vol. 13 (2022)

CYIL 13 ȍ2022Ȏ REPARATIONS TO CORPORATIONS: JUST SATISFACTION AWARDED … corresponds to the marginal lending rate of the ECB during the default period of non compliance with the judgment plus three percentage points. The detailed information on the ECB rates may be found on the official web pages of the bank. 64 If the ECB rate has changed during the default period, the calculation is to be made on the basis of the various rates applicable during that time. In any case, a default interest is currently determined in the judgments delivered by the ECtHR. It cannot be modified unilaterally and is binding on the state without exception. However, in very specific situations, terms of payment differing from those provided for in the judgment have been accepted, as long as the parties have agreed to it, for example, in respect of a different payment destinations or currency. This leads us to the need to also Practically from the very beginning, the ECtHR determined just satisfaction not only in the respondent state’s national currency, but in other currencies as well. The reasons were different. For instance, this occurred where the applicants had incurred costs in ‘foreign’ currency, or they were living outside the respondent state, or wanted to protect themselves against the consequences of significant inflation or depreciation of the national currency. A very colourful example is the case of Stran Greek Refineries and Stratis Andreadis v. Greece , where four currencies were used in the judgment: drachmas, US dollars, French francs, and pounds sterling. 65 Since 2000, the ECtHR has increasingly made frequent use of a single reference currency: the euro. 66 Today it would appear that the euro is the reference currency used in all the ECtHR judgments. In view of the ECtHR’s new practice of stating the amounts payable in euros, the respondent states are not directed to make conversions for cases involving states, applicants, and their lawyers all situated within the euro zone. Sometimes it even happened that the ECtHR directed payment in euros for violations committed outside the euro zone but concerning applicants residing in this zone. 67 On the other hand, judgments usually order a conversion if the respondent state is not situated within the euro zone, 68 if the applicant is not a resident within this zone, 69 when the applicant has been represented by lawyers exercising outside this zone, 70 or in certain cases if a possession has been assessed in 64 Currently the ECB marginal lending facility is 0.25%. URL: https://www.ecb.europa.eu/mopo/implement/sf/ html/index.en.html accessed 22 June 2021. 65 Stran Greek Refineries and Stratis Andreadis v. Greece , 9 December 1994, §§ 77–87, Series A no. 301-B 66 Monitoring of the payment of sums awarded by way of just satisfaction: an overview of the Committee of Ministers’ present the Memorandum prepared by the Department for the Execution of Judgments of the European Court of Human Rights (DG-HL). No. CM/Inf/DH(2008)7 final as of 15 January 2009. URL: accessed 16 June 2021. 67 Bolat v. Russia , no. 14139/03, ECHR 2006-XI (extracts). 68 East West Alliance Limited, cited above. 69 For example, the case of Šroub v. the Czech Republic , no. 5424/03, 17 January 2006 in which the applicant was a resident abroad. He had calculated the sum of just satisfaction in Canadian dollars. The Court considered it expedient to pay him that amount in Canadian dollars and not in the respondent state’s national currency. 70 Aksakal v. Turkey , no. 37850/97, 15 February 2007. describe some other aspects of just satisfaction awards. 1.4 Additional aspects of payment of just satisfaction 1.4.1Currency

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