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  • CP-1.1 CP-1.1 Constitution of the Board

    • CP-1.1.1

      The contents of this Chapter set out the details of the constitution, authority and administration of the Board.

      October 2012

    • CP-1.1.2

      The Board is, subject to and in accordance with the terms and conditions of the Regulation, responsible for the protection of Eligible Accounts, including determining:

      (a) What contributions conventional retail bank licensees should make to the Conventional Fund;
      (b) The amount of compensation to be paid out to Eligible Depositors; and
      (d) Any additional rules under which the Board will operate.
      October 2012

    • CP-1.1.3

      The Board consists of eleven persons appointed by the Governor of the CBB, whose period of membership must be for a three-year renewable period:

      (a) Two representatives of the CBB, one of whom should be Chairman and the other the Deputy Chairman of the Board;
      (b) Four representatives of retail banks in Bahrain, who should be appointed by the Governor;
      (c) Two representatives of Government, the first representing the Ministry of Finance, the second representing the Ministry of Industry and Commerce, both should be nominated by their respective Ministers; and
      (d) Three independent persons, not from the above categories, appointed by the Governor.
      October 2012

    • CP-1.1.4

      The Board administers the two Funds established in accordance with Article 13 of the Regulation, and is responsible for all decision-making and accounting treatment in respect of the two Funds. No liability attaches to the CBB as a result of the Board managing the two Funds.

      October 2012