22 December 2011

The broad ranging sanctions against Libya in February 2011 have now been largely dismantled. Residual freezing orders remain in place in respect of certain Libyan institutions, but importantly all restrictions relating to dealings with Libyan banks have now been released.

The link below leads to the most recent HM Treasury notice in this regard:-

http://www.hm-treasury.gov.uk/d/fin_sanc_notification_reg1360_221211.pdf

As a Libyan owned institution certain restrictions over the operations of BACB were put in place by the regulatory authorities responsible for overseeing the bank at the outset of the Libyan conflict. These restrictions have now all been lifted.

BACB's treasury department publishes a daily Morning Brief to keep you up to date on the latest economic and market developments.

22 December 2011

Following the conclusion of the conflict in Libya, an element of normality is returning to the country and important first steps have been made towards political transition. Senior positions within key institutions such as the Central Bank and the Commercial banks, and in the oil industry have also been filled. These steps, along with the recent lifting of sanctions imposed on a number of entities including those in the banking sector, have led to an accelerating resumption of commercial activity in Libya.

The country has significant and urgent import needs, including for foodstuffs, medicines and hydrocarbon-related equipment. Various companies and agencies are now addressing these pressing import requirements. BACB has carefully maintained its unrivalled network of contacts in the country throughout the conflict, and has started to receive and confirm letters of credit from Libyan entities.

BACB continues to be well positioned to assist companies who are looking to start or to resume business with Libyan institutions, and our relationship managers will be pleased to discuss your plans. Contacts can be found by following the link below:-

Our 2010 Annual Report and our Pillar 3 & Remuneration Code disclosures are available for download in PDF format.  These documents provide further information regarding the implications of current events in North Africa for the Bank.

Please note the figures below are for indication only.