On 16 June 2010, after BP executives met with President Obama, BP announced and established the Gulf Coast Claims Facility (GCCF), a $20 billion fund to settle claims arising from the Deepwater Horizon spill.[81][323] This fund was set aside for natural resource damages, state and local response costs, and individual compensation, but could not be used for fines or penalties.[81] Prior to establishing the GCCF, emergency compensation was paid by BP from an initial facility.[324]