The UN Security Council has ordered the assets of Libya's central bank to be released to help the country's new government rebuild following the eight-month civil war against Colonel Muammar Gaddafi. Rebel fighters trample on a head of Moammar Gaddafi inside the main compound in Bab al-Aziziya in Tripoli Libyan assets are being released for the rebuilding of the country after Gaddafi's 42-year rule Photo: AP Photo/Sergey Ponomarev 8:13AM GMT 17 Dec 2011 Comments33 Comments Billions of dollars under the control of Colonel Gaddafi were frozen by the Security Council in March following his brutal crackdown on protesters against his 42-year rule. On Friday, the sanctions against the Central Bank of Libya and its subsidiary the Libyan Foreign bank were lifted, clearing the way for the return of more than £26 billion ($40 billion) to help as the new government rebuilds the country. The US government also announced that it had rolled back most sanctions against Libya's banks, unblocking more than £19 billion ($30 billion) in assets. William Hague, the British Foreign Secretary, is also pressing the European Union to release £6.5 billion ($10 billion) of assets that have been frozen in Britain. Billions of dollars more in Libyan assets frozen elsewhere are also expected to be released. Mr Hague welcomed the decision by the UN Sanctions Committee to remove restrictions. "This marks another significant moment in Libya's transition," he said. "It means that Libya's government will now have full access to the significant funds needed to help rebuild the country, to underpin stability and to ensure that Libyans can make the transactions that are essential to everyday life. "The UK has led the way in securing the release of these assets. "We are now working to ensure that the EU will respond swiftly to this UN decision and will pass the regulation required to release about £6.5 billion frozen in the UK." The Foreign Secretary called on Libya's transitional government to "redouble" efforts to build a "transparent and accountable financial system". He added: "We will continue to work with the Libyan government and other nations to agree the steps required to remove remaining sanctions, so that Libya's assets can be used for the benefit of its people." The assets of five financial institutions linked to Colonel Gaddafi were frozen in March by the Security Council in response to the violent reaction of forces loyal to the former dictator to protests against his regime. The move helped restrict the finances of the former regime during the eight month civil war. After Colonel Gaddafi's death and the end of the eight-month civil war in October, some financial restrictions against Libya were eased to allow a resumption of trading. UN officials said that only around £2 billion ($3 billion) had reached the Libyan authorities due to concerns over who the money should be released to and other diplomatic problems. The freeze on assets that the Central Bank and Foreign Bank held before March had also remained in place until the decision on Friday, which lifted the sanctions with immediate effect. The White House said unfreezing the assets would give the Libyan government access to most of its worldwide holdings "and will help the new government oversee the country's transition and reconstruction in a responsible manner." Libya is still subject to UN sanctions, including an arms embargo, and assets of the Gaddafi family and members of his regime remain frozen along with assets of several other financial institutions.

Cowardice asks the question - is it safe?
Expediency asks the question - is it politic?
Vanity asks the question - is it popular?
But conscience asks the question - is it right?
And there comes a time when one must take a position that is neither safe, nor politic, nor popular; but one must take it because it is right.
- Dr. Martin Luther King, Jr.

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