Regulatory Alerts2022-06-07
Central Bank of Libya Periodic Letter No. 45/2014
The Central Bank of Libya issued Periodic Letter No. 45/2014 to implement Decision No. (5) of 2014, which mandates commercial banks and the Libyan Foreign Bank to pay a subscription fee on depositors' liabilities to fund the Deposit Insurance Fund. Calculated at 0.001 of total guaranteed deposits, the fee is bounded by a minimum collection threshold of 250,000 Libyan dinars and a maximum cap of 20,000,000 Libyan dinars. The decision takes effect immediately upon issuance and directs the relevant departmental directors to enforce compliance across all supervised institutions.
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CENTRAL BANK OF LIBYA P.O. Box 1103 | Telegram Address: CBL - Tripoli - Libya
Reference: A.R.M / 1063 Periodic Letter No. (45/2014) Date: 24 April 2014 CE Corresponding Date: 24 Jumada al-Akhirah 1435 AH
To: General Managers of Commercial Banks To: Heads of Interim Administrative Committees of Commercial Banks To: Director General, Libyan Foreign Bank
Greetings,
In the framework of the supervisory and monitoring role exercised by the Central Bank of Libya in accordance with the provisions of Law No. (1) of 2005 CE, regarding Banks and its amendment.
We inform you that the Board of Directors of the Central Bank of Libya has issued Decision No. (5) of 2014 CE, at its first meeting for the year 2014 CE held on 26/02/2014 CE, regarding the fee charged on depositors' liabilities in favor of the Deposit Insurance Fund.
And as we refer you to a copy of the aforementioned decision, we request your review and necessary actions to implement its provisions.
And peace, mercy of Allah, and blessings be upon you,
Abdulmajid Mohammed Al-Maqouri Director of Banking and Monetary Supervision Dept / Acting
Copy to // Mr. / The Governor Mr. / The Deputy Governor Mr. / Director General, Deposit Insurance Fund Banking Follow-up and Compliance Monitoring Dept / Boslom 11
Phone: +218 3591 333, Fax: +218 444 21 148, www.cbl.gov.ly, swift code: CBLJLYLX
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CENTRAL BANK OF LIBYA P.O. Box 1103 | Telegram Address: CBL - Tripoli - Libya
Board of Directors
Decision of the Governor of the Central Bank of Libya, No. (5) of 2014, regarding the fee charged on depositors' liabilities in favor of the Deposit Insurance Fund
Board of Directors of the Central Bank of Libya Having reviewed Law No. (1) of 2005 CE, regarding Banks and amended by Law No. (46) of 2012 CE; And the Statute of the Deposit Insurance Fund; And the memo submitted by Mr. Deputy Governor, Chairman of the Board of Directors of the Deposit Insurance Fund, regarding (the fee charged) on depositors' liabilities in favor of the Deposit Insurance Fund; And what the Board concluded, at its first meeting for 2014 CE, held on Wednesday, corresponding to 26/02/2014 CE.
Has Decided
Article One The recommendation of the Deposit Insurance Fund regarding the fee charged on depositors' liabilities in favor of the Deposit Insurance Fund is adopted, and the subscription fee shall be calculated based on (0.001) of total deposits subject to the Fund's guarantee, provided that collected fees do not fall below (250) thousand dinars (two hundred fifty thousand dinars), and do not exceed 20,000,000 (twenty million) dinars.
Article Two This decision shall be implemented from the date of its issuance, and the Director of Banking and Monetary Supervision Dept, and the Director General of the Deposit Insurance Fund, each within their respective scope, shall take necessary actions to put it into effect.
Ali Mohammed Salem Deputy Governor and Vice Chairman of the Board
Issued at: 26 February 2014 CE
Phone: +218 3591 333, Fax: +218 444 21 148, www.cbl.gov.ly, swift code: CBLJLYLX