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Banking Reform Article 3: Who Reversed the Monetary Law Link
The article discusses Article 3 of the Lebanese Banking Reform Law, where amendments were made to the article with the aim of establishing a legal framework that aligns with international standards, promotes financial system stability, addresses bank insolvencies, protects depositors, and ensures the continuity of activities. The article provides details about the voting process on the article, during which the amendment proposed by the Finance Committee was rejected. However, the main legal reference (the Monetary and Credit Law) remains intact, despite the fact that the implementation of this article is now linked to undefined international standards, which the wording of the text undermines the established legal references. The article highlights that the presidential challenge concerns both the form and substance, and that the Constitutional Council could reaffirm the authority of the Monetary and Credit Law. Meanwhile, the debate continues regarding the legal compatibility and political implications, including the stance of the presidency and the negotiation phase with the International Monetary Fund.
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