The Foreign Compensation (Romania) Order 1976

9.—(1) Where any amount which is material to the determination of an application made under Part IV of this Order or which is taken into account under the provisions of Article 17 of this Order is expressed in a unit of foreign currency, the value in sterling of that amount shall be determined—

(a) in the case of loss assessed under subparagraph (a), (b), (c), (d) or (f) of Article 14 or paragraph (1) of Article 15, at the rate of exchange obtaining on 15th February 1941;

(b) in the case of loss assessed under subparagraph (e) of Article 14, at the rate of exchange, subject to the provisions of paragraph (3) of this Article, obtaining on 15th September 1947 or at the date on which payment was initially due, whichever is the later;

(c) in the case of loss assessed under subparagraph (g) or (h) of Article 14, or in the case of an amount which is to be taken into account under the provisions of Article 17, at the rate of exchange, subject to the provisions of paragraph (3) of this Article, obtaining on 15th September 1947 or at the date of payment, whichever is the later.

(2) Where any amount which is material to the determination of an application made under Part V, Part VI or Part VII of this Order is expressed in a unit of foreign currency, the value in sterling of that amount shall be determined at the rate of exchange obtaining on 15th February 1941, except that—

(a) in the case of a debt or obligation expressed in a foreign currency where the sum is due or payable under a contract in which provision is made for a specified rate of exchange, the value in sterling of that sum shall be determined in accordance with the rate of exchange so specified;

(b) in the case of a debt or obligation expressed in foreign currency and created after 15th February 1941, the rate of exchange shall, subject to the provisions of subparagraph (a) of this paragraph and of paragraph (3) of this Article, be that prevailing on 15th September 1947.

(3) Where the amount of a claim expressed in Romanian lei relates to a debt or obligation which arose between 15th February 1941 and 14th August 1947, that amount shall first be converted into “stabilised” lei by applying the conversion factor of 20,000 lei = one “stabilised” leu.

(4) For the purposes of this Article the rate of exchange between the foreign currency and sterling on any of the said dates shall be deemed to be the middle rate for telegraphic transfers ruling in the London market on that date or, if there was no such rate, such rate as the Treasury may determine.