Regulatory Alerts2022-11-25 | 13504The Status of the Central Office of Credit Risk
The Governor of the Central Bank of Lebanon issued Decision No. 13504 to amend the Central Credit Risk Office System by repealing and replacing Article Three of Fundamental Decision No. 7705. The amended provision mandates that the rules under Section "First" of Article Two apply to all granted credits regardless of their value, effective as from October 2022. This circular takes immediate effect upon issuance and is published in the Official Gazette to ensure compliance by banks, financial institutions, and finance leasing companies.
Central Bank Circular No. 651
To Banks, Financial Institutions, and Finance Leasing Companies
We refer you to Circular No. 13504 dated November 25, 2022, concerning the amendment of the Central Credit Risk Office System, subject to Fundamental Circular No. 7705 dated October 26, 2000, attached to Fundamental Circular No. 75.
Beirut, November 25, 2022
Governor of the Central Bank of Lebanon
Riad T. Salam
Central Bank Decision No. 13504 Amendment of the Central Credit Risk Office System Attached to Fundamental Decision No. 7705 dated October 26, 2000.
The Governor of the Central Bank of Lebanon, Pursuant to the Monetary and Banking Law, particularly Articles 147 and 179 thereof, Pursuant to the provisions of Article 3 of the Implementing Law by Decree No. 5439 dated September 20, 1982, Pursuant to Fundamental Decision No. 7705 dated October 26, 2000, and its amendments concerning the Central Credit Risk Office System, Pursuant to the decision of the Central Council of the Central Bank of Lebanon taken in its meeting held on November 23, 2022,
Decrees as follows:
Article One: The text of Article Three of the Central Credit Risk Office System, subject to Fundamental Decision No. 7705 dated October 26, 2000, is hereby repealed and replaced with the following text: "The provisions of Article Two, Section 'First', of this System shall apply to credits granted regardless of their value as from October 2022."
Article Two: This Decision shall take effect upon its issuance.
Article Three: This Decision shall be published in the Official Gazette. Beirut, November 25, 2022
Governor of the Central Bank of Lebanon
Riad T. Salam