Kanaan: "We have completed the bank reform law and linked it to the recovery of deposits"

The Finance and Budget Committee, chaired by MP Ibrahim Kanaan, has concluded its discussion of the draft bank reform law after a series of sessions that lasted around a month and a half. Its work is set to be completed in a final session next Monday to approve the remaining annex, ahead of referring the draft to the full Parliament.

Kanaan explained after the meeting, which was attended by Finance Minister Yassine Jaber and Justice Minister Adel Nassar, that the committee had finalized the draft law, noting that the final report would be prepared in the coming days.

He stressed that the committee had given priority to protecting depositors’ rights by linking the bank reform draft law to the draft law on the recovery of deposits and financial regularization, affirming efforts to prevent any government delay in completing the required amendments.

Kanaan added that the priority is to pass a law for the recovery of deposits backed by a clear financing mechanism that guarantees the return of depositors’ funds and restores confidence in the state and the banking sector.

He said: "Restoring confidence cannot be achieved without addressing the issue of deposits and people’s rights."

He added: "This issue is the elephant in the room that must be addressed to restore the confidence of the Lebanese."