Bank reform law lacks deposit fairness

The article discusses Lebanon's Banking Law Reform, which was approved by the Finance and Budget Committee with the goal of restructuring the banking sector and recovering depositors' funds. However, the law faces widespread criticism because it does not clearly ensure the recovery of funds and lacks transparent accountability for those responsible for previous financial policies. It is viewed as serving the interests of financial and political lobbies at the expense of small depositors' rights. Additionally, recent amendments to the law have not harmed the core of the reform but it remains incomplete and heavily relies on current Lebanon Central Bank circulars, raising concerns about the potential devaluation or cancellation of accounts. Legal researcher Dr. Sabine El Keik emphasizes the need for fundamental reforms and changes to supervisory authorities' powers to ensure transparency. She also notes that negotiations with the International Monetary Fund are being used to push through harsh reforms, even as governments are retreating from implementing genuine solutions, deepening the ongoing financial crisis since 2019.

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