The façade of Banque du Liban with graffiti probably left by a group sympathetic to the depositors' cause, Jan. 30, 2025. (Credit: Philippe Hage Boutros)
Since it was submitted to the Cabinet on to the Council first on Saturday and then again on Tuesday, the draft law on the banking sector restructuring has sparked intense debates. Discussions on the draft continued on Thursday and are expected to resume on Friday to be adopted by the end of the week. However, the most crucial debate is yet to come — the one that will take place in Parliament, where the draft must be approved to take effect.One of the most sensitive issues is the creation of a banking authority that would be tasked with overseeing the entire restructuring process. Chaired by BDL’s governor, this body will assume a role similar to a supreme court, with the power to make final decisions on the reform’s implementation mechanisms. Its responsibilities will include determining which banks are viable and should increase their...
Since it was submitted to the Cabinet on to the Council first on Saturday and then again on Tuesday, the draft law on the banking sector restructuring has sparked intense debates. Discussions on the draft continued on Thursday and are expected to resume on Friday to be adopted by the end of the week. However, the most crucial debate is yet to come — the one that will take place in Parliament, where the draft must be approved to take effect.One of the most sensitive issues is the creation of a banking authority that would be tasked with overseeing the entire restructuring process. Chaired by BDL’s governor, this body will assume a role similar to a supreme court, with the power to make final decisions on the reform’s implementation mechanisms. Its responsibilities will include determining which banks are viable and should increase...