Aresbank administrators have been provisionally suspended after the agreement approved by the Ministries of Economy and Finance at the proposal of the Executive Committee of the Bank of Spain.
Aresbank is a bank involved in 99.86% by the Libyan Foreign Bank (Libyan government entity) and dedicated to the financing of foreign trade between Spain and Arab countries. The bank, which has a creditworthiness, has as its core business issue and confirmation of documentary credits.
On 2 March, the EU Council adopted Regulation No 204/2011, laying down the measures in relation to the regime of Muammar Gaddafi, in accordance with Resolution No. 1970 ( 2011) Security Council United Nations of 26 February. The list of individuals and entities affected by these measures has been extended to March 10, through the Implementing Regulation (EU) No. 233/2011, Libyan state agencies, among which is the Libyan Foreign Bank (Forebank). Given the critical Forebank can exert influence on the management and direction of the English credit institution, in accordance with the Law on Discipline and Intervention, the Ministry of Finance has agreed to provisional replacement of managers Aresbank, without put in question the careers of directors replaced.
These measures will remain during the time that remains Forebank included in the list of legal persons affected by restrictive measures agreed by the European Union in the regulation, or until they cease to apply restrictive measures contained therein. Meanwhile, you can Aresbank continue to function normally, except with regard to restrictions imposed by the European Union.
In summary this measure has been taken to comply with the resolutions adopted by the European Union regarding the situation in Libya.
For more information:
Economy and Finance Ministry
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