A couple using an ATM, in Badaro, Beirut. (Credit: Philippe Hage Boutros/L'Orient-Le Jour)
The draft law on the “restoration of financial order” and the return of deposits, also known as the law on the “financial gap,” set to be examined by Cabinet starting Monday, does not merely seek to outline a mechanism to repay deposits frozen for more than six years.It devotes an entire chapter to the treatment of what it describes as “irregular” or “noncompliant” operations recorded on banks’ balance sheets.Behind this classification, which partly echoes calls from large segments of the public for accountability, banks’ financial stakes are substantial. According to government sources, the amounts that could be deducted from sums to be repaid range between $30 and $34 billion.The first layer is accounting-based and aims to correct the effects of certain practices that predated the banking system’s collapse.The draft provides for the...
The draft law on the “restoration of financial order” and the return of deposits, also known as the law on the “financial gap,” set to be examined by Cabinet starting Monday, does not merely seek to outline a mechanism to repay deposits frozen for more than six years.It devotes an entire chapter to the treatment of what it describes as “irregular” or “noncompliant” operations recorded on banks’ balance sheets.Behind this classification, which partly echoes calls from large segments of the public for accountability, banks’ financial stakes are substantial. According to government sources, the amounts that could be deducted from sums to be repaid range between $30 and $34 billion.The first layer is accounting-based and aims to correct the effects of certain practices that predated the banking system’s collapse.The...
I find this sentence quite confusing: "On the contrary, it risks cementing a standardized screening process in the name of urgency,” the lawyer said." Why would firmly establishing a standardized screening process constitute a risk or an unfavourable outcome? Is there a potential issue with the translation?
22 December 2025 19:19