Regulatory Alerts2022-06-07
Circular Letter (110/2014)
The Central Bank of Libya, through its Acting Director of Banking and Currency Supervision, issued Circular Letter No. 110/2014 to amend Decision No. 68 of 2011 regarding the annual subscription fee for the Deposit Insurance Fund. The circular mandates that member banks must settle their annual fees by November of the due year, authorizing the Fund’s General Manager to deduct any outstanding fees and late payment penalties directly from the banks’ accounts at the Banking Operations Department. Commercial bank general managers and temporary administrative committee heads are required to strictly comply with this new deduction mechanism and implement the amended provisions immediately.
Central Bank of Libya P.O. Box 1103 | Telegram Address: CB-Libya - Tripoli - Libya
Reference: AR/1063 Circular Letter No. AR (2014/110) Date: 7 Rabi' al-Awwal 1436 AH Corresponding to: December 29, 2014 AD
To the General Managers of Commercial Banks To the Heads of Temporary Administrative Committees of Commercial Banks To the General Manager - Libyan Foreign Bank
Greetings,
With reference to our Circular Letter AR No. (2013/50) dated March 10, 2013, which forwarded the Governor's Decision No. (44) of 2013 amending certain provisions of his Decision No. (68) of 2011 regarding the determination of the annual subscription fee for the Deposit Insurance Fund.
And based on the Governor's Decision No. (253) of 2014, adding a provision to Decision No. (68) of 2011 regarding the determination of the annual subscription fee for the Deposit Insurance Fund and the late payment penalty, which stipulates that a new paragraph shall be added to Article 4 of the aforementioned Decision No. (68), worded as follows:
"If a member bank delays payment of the annual subscription fee until the end of November of the year in which payment is due, the Fund's General Manager may request the Central Bank of Libya to deduct the value of the fee and the applicable late payment penalty from the account of the delayed bank, held by the Banking Operations Department, and deposit it into the Fund's account with them, provided that this request is preceded by a notice to the delayed bank regarding the value of the subscription fee and the applicable late payment penalty."
Accordingly, you are requested to comply and adhere, and implement the above.
Peace, mercy of Allah and blessings be upon you,
"Abdulmajid Mohammed Al-Maqouri" Director of the Banking and Currency Supervision Department / Acting
- Copy to: The Governor. The Deputy Governor. The Manager of the Deposit Insurance Fund. Banking Follow-up and Compliance Monitoring Department.
- B.F / D.R.D
Phone: +218 21 333 3591, Fax: +218 21 444 1488, www.cbl.gov.ly, SWIFT code: CBLJLYLX