The Banking Control Commission of Lebanon (BCCL) was established in 1967 by Law Nº. 28/67, as an administratively independent body to replace the banking control department of the central bank. The commission is composed of three members who are appointed by the council of ministers for a five -year term.
Under Article II of the Law No. 4 /85 issued on the first of April 1985, the number of the BCCL members was amended to five.
The Commission’s mission is to verify, taking each bank separately, the regular enforcement of the banking regulations and shall carry out periodical verifications in all banks, without being held, if it should deem it necessary, to the provisions of paragraphs 1 and 2 of article 149 of the Code of Money and Credit.
The Commission shall wield its supervisory powers as granted to the Central Bank of Lebanon and to its Governor by the Code of Money and Credit, as well as such powers are granted by the present law.
The Commission is authorized to lay down for each bank a program designed to improve its position and reduce its overheads, recommending its application to the bank.
The Commission is composed of five members appointed by decree passed by the Council of Ministers, on the proposal of the Minister of Finance:
1. An expert in banking or financial matters, or a university professor specialised in these subjects, chairman.
2. One member proposed by the Bankers’ Association of Lebanon.
3. One member proposed by the Guarantee Institute.
The members of this Commission are nominated for five years. They must have the experience and the ethical qualities required to discharge their duties.
The members of the Commission are required to dedicate themselves exclusively to their duties. They are barred from doing any other work.
The members take the oath before the President of the Republic to discharge their duties loyally and conscientiously, within the respect of law and honor. They are bound to banking secrecy imposed by article 151 of the Code of Money and credit and established by the Law of 3 September 1955.
The Commission passes its resolutions by majority vote.
The chairman and members of the current commission serving until March 2020 are:
- Mr Samir Hammoud, Chairman
- Mr Sami El Azar, Executive Board Member
- Mr Joseph Sarkis, Executive Board Member
- Mr Mounir Lyan, Executive Board Member
- Mr Ahmad Safa , Executive Board Member