ABL: Proposed Deposit Recovery Law Carries Serious Flaws
The Association of Banks in Lebanon issued an open letter regarding the ninth draft of the financial regulation and deposit recovery law. This letter was addressed to the Lebanese President, Speaker of the Parliament, Prime Minister, Ministers and Lebanese citizens (especially the depositors). It stated that the draft law that was leaked to the media has several serious flaws, in its essence and in its formulation. The worst flaw is that the law let the depositors bear huge losses along with the banks, instead of the State that is the primary party responsible of these losses resulting from its mismanagement and poor governance.
For the full report, click on the link below:
