Article 15 of the Saudi Central Bank Law

This article provides protection for Central Bank employees in their work:

• The rule: Bank employees are not subject to any liability or claim for performing their duties.
• Condition of protection: the duties must be performed in accordance with the provisions of the Law; whatever goes beyond that is not covered by the protection.
• The exception: cases of bad faith or serious breach; in these the employee may be held liable or claimed against.

The aim of this protection is to let employees take the decisions required of them without being pursued personally for every decision made in good faith and in accordance with the Law.

Note that the exception covers two separate cases: bad faith, meaning bad intent, and serious breach, meaning major negligence even without bad faith. A minor mistake made in good faith while performing duties under the Law falls within the protection, on the apparent reading of the text.

The article does not address the liability of the Bank itself, or the body that hears liability, and does not define bad faith or serious breach.

It is preceded by Article 14, which regulates the Governor's deputies, their duties and appointment. It is followed by Article 16, which requires a Board member to disclose any interest that conflicts with his duties, directly or indirectly, and a Bank employee to disclose any direct interest that conflicts with his duties, with both barred from taking part in the decision in that case.

Anyone who believes they were harmed by an act of a Bank employee should consult a lawyer who specializes in banking and finance.