Banks Criticize Restructuring Law Changes

The Lebanese Bank Association focused on a series of legal objections to the amendments approved by the Finance Committee to the Bank Restructuring Law. These objections include that some provisions restrict the rights of banks and shareholders and grant the Higher Banking Council extensive and discretionary powers, raising constitutional and judicial concerns. The association emphasized the need to guarantee the rights of defense and ownership, and to review the Council’s decisions through legal channels. It also criticized the bank evaluation mechanism, which limits and shortens the right to objection, and rejected excluding controlling shareholders from participating in capital increases, considering this could be viewed as a confiscation of their rights and a violation of the constitution. Additionally, it called for clear regulations on recovering the funds that have been paid or transferred, and opposed granting judicial powers to bankers, which is seen as conflicting with judicial independence. The association stressed the importance of broadening the right to appeal the Council’s decisions and supporting depositors' rights, while underscoring the necessity of enacting a law to recover deposits and ensure equality among depositors.

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