Banking Association Opposes New Bank Reform

The article focused on the legal attack launched by the Association of Banks in Lebanon against the amendments approved by the Finance and Budget Committee regarding the bank reform law and its regulation. The association expressed concern that some provisions infringe on the rights of banks and shareholders, and grant the Higher Banking Council broad and discretionary powers, raising constitutional and judicial issues. The association called for safeguards to protect defense rights, property, and equality, as well as judicial review of the council's decisions. It also objected to the evaluation of banks and shareholders' rights, particularly the ban on controlling shareholders' participation in capital increases and the extensive powers granted to the Higher Banking Council. Furthermore, it emphasized the necessity of ensuring depositors' rights through the principle of equality and the removal of unnecessary provisions until the deposit recovery law is enacted.

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