Central Bank of Libya Periodic Letter (32-2017)

Central Bank of Libya
P.O. Box 1103
Telegram Address: Misrifya - Tripoli - Libya

Reference: A.R.M.N / (223) 804

Periodic Letter No. (A.R.M.N 32/2017)
Date: 11 Jumuada al-Awwal 1438 AH
Corresponding to: 08 February 2017

To: Presidents of the Boards of Directors of Commercial Banks

Greetings,

Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and on the supervisory and regulatory role exercised by the Central Bank of Libya over commercial banks in accordance with the provisions of the Law.

And with reference to the provisions of Article (68) of the Law, which stipulates that "Each bank subject to the supervision and oversight of the Central Bank of Libya shall be managed by a board of directors consisting of at least nine members, appointed and whose financial remuneration is determined by a decision of the General Assembly of the Bank... etc."

And with reference to Circular A.R.M.N No. (2010/13), issued on 27 September 2010, through which Decision No. (20) of 2010 of the Board of Directors of the Central Bank of Libya was disseminated, adopting the Governance Guide for the Banking Sector and activating the role of boards of directors in banks.

And with reference to our Periodic Letter No. (2016/197) issued on 13 December 2016, regarding the correction of the status of your banks by completing the members of the boards of directors and notifying the Central Bank of Libya thereof in accordance with the provisions of the Law and the Articles of Association of your banks.

We inform you that this department has noticed, through monitoring the status of banks regarding their compliance with the provisions of the Articles of Association of Banks concerning the notification of board of directors decisions to the Central Bank of Libya within ten days from the date of their issuance, that some banks have delayed to date the referral of decisions of meetings of the boards of directors of your banks and the determination of members present and absent from the meetings.

Therefore, you are requested to give the matter full attention and to refer the decisions of meetings of the boards of directors of the banks you manage, which were held at the specified times in accordance with the Articles of Association of Banks, during the period (2015 - 2016).

Peace, mercy, and blessings of God be upon you,

Dr. Mukhtar Al-Hadi Al-Tawil
Director of Banking and Currency Supervision Department

• To the Governor
• To the Director of the Legal Affairs Department at the Central Bank of Libya
• To the General Manager of Commercial Banks
• To the Branch Managers of the Central Bank of Libya (Sabha - Benghazi - Sirte)
• To the Deputy Director of the Banking and Currency Supervision Department for Office Supervision and Compliance Monitoring
• To the Banking Follow-up and Compliance Monitoring Department
• R. Al-Shaybani / * Periodic Letter 2017/32

Phone: +218 21 359 3333, Fax: +218 21 488 21 444, www.cbl.gov.ly, swift code: CBLJLYLX