Banks Criticize Financial Committee Reforms

The Lebanese Banks Association reaffirmed that the amendments approved by the Finance Committee to the law on banking reform and regulation threaten the rights of banks and their shareholders. They grant the Supreme Banking Authority broad and discretionary powers and raise constitutional and legal issues. The association objected to the short objection period of only ten days, calling for it to be extended to twenty days, with the possibility of appealing before the courts. It also expressed concern over the exclusion of controlling shareholders from their right to participate in capital increases, describing this as a confiscation of property rights that contradicts the constitution. Additionally, the association criticized the unspecified powers granted to the authority, which open the door to subjectivity, and rejected measures based solely on suspicion. It emphasized that judicial decisions must remain under the jurisdiction of the courts, with the right to appeal and a stay of execution guaranteed. Regarding depositors, the association called for reinforcing equality among depositors and suspending procedures until a law for deposit recovery is enacted, warning that the amendments may conflict with their rights.

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