Kanaan: Complete Bank Reform, Call for Fair Amendments

The article discusses the Lebanese Finance and Budget Committee's final decision to approve the law aimed at reforming and restructuring the banking sector, with the goal of restoring trust in the financial system by protecting depositors' funds and enhancing financial stability. Deputy Ibrahim Kanaan emphasized that the law includes an exception for customer deposits from loss absorption processes until the financial order law takes effect. He justified this by stating that it is necessary to restore confidence, which is fundamental for attracting investments and ensuring sector stability. He also highlighted the importance of distributing the burdens among the state, Banque du Liban, and the banks, and of amending the law to implement reforms that secure deposit recovery and financial stability. Additionally, he underscored the government's responsibility to address the financial crisis and to stand against attempts to procrastinate or distort the facts regarding banking procedures and related laws.

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