Article 24 of the Montreal convention provides that the limits of liability are to be reviewed by the International Civil Aviation Organisation (ICAO) at five-year intervals by reference to an inflation factor which corresponds to the accumulated rate of inflation since the date of entry into force of the Convention. In the absence of disapproval by a majority of State Parties the revised limits become effective six months after their notification to State Parties by ICAO. The limits are expressed in Special Drawing Rights (SDR), a unit of account established by the International Monetary Fund. The SDR is defined as a basket of currencies, today consisting of the Euro, Japanese Yen, Pound Sterling and U.S. Dollar.The following revised limits of liability established under Articles 21 and 22 of the Montreal Convention came into force on 30th December 2009: Montreal Convention Old limit (Special Drawing Rights) Revised limit (Special Drawing Rights) Article 21, paragraph 1 100,000 113,100 Article 22, paragraph 1 4,150 4,694 Article 22, paragraph 2 1,000 1,131 Article 22, paragraph 3 17 19
