Kanaan: Bank reform law done, no trust without deposits

The Lebanese Finance and Budget Committee discussed the bank reform bill, announcing that the committee has completed its review after a discussion that lasted approximately a month and a half. A final session will be held to approve the remaining annex. Committee Chairperson Deputy Ibrahim Kanaan emphasized that the law includes guarantees for depositors' rights and links it to the deposit recovery law and financial regularity, with a focus on restoring trust through resolving the deposit issue. He also pointed out the importance of connecting the deposit recovery project to a funding mechanism that ensures depositors' rights and restores their confidence in the state and the banking sector. Kanaan stated that trust cannot be regained without solving the deposit problem, which is at the heart of the issue. In a related development, Banque du Liban Governor Riad Salameh experienced a health issue while heading to Beirut's courthouse, which led to his return home at his doctor’s request, as investigations continue.

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