A group of Lebanese banks issued a statement addressed to the Board of Directors of the Association of Banks in Lebanon, affirming their firm commitment to the foundations upon which the Lebanese economy is based, foremost of which is the preservation of private property, the protection of economic freedom, respect for contractual obligations, specifically the legal and contractual obligations of the Lebanese state and the “Banque du Liban,” in addition to the fiduciary responsibility of banks towards depositors.
The banks emphasized that these constitutional and legal principles have been, since the establishment of the state, the cornerstone in strengthening confidence in the national economy in general and the financial sector in particular, and warned against any attempt to undermine them in these delicate circumstances.
The banks also expressed in their statement their deep concern regarding what is stated in the available version of the draft law on addressing the financial gap, considering that some of its provisions represent a direct violation of these fundamental principles, and constitute an explicit attempt by the Lebanese state to abandon its legal responsibilities and financial obligations, which may cause severe damage to the rights of depositors, whether small or large, who form the main pillar for the continuation of the banking sector.
Based on this, the banks called on the Association of Banks in Lebanon, of which they are a part, to play its role in defending the rights of banks and depositors, by studying and taking appropriate legal and institutional measures, in a way that ensures the exercise of its fiduciary duty in protecting these rights and preserving the free economic system.
They also demanded the convening of an immediate meeting of the General Assembly of the Association of Banks in Lebanon, to enable all member banks to participate in the discussion of the draft law on addressing the financial gap and its effects, and to work on formulating a clear and responsible collective position that preserves the rights of depositors and protects financial stability.
The statement was signed by:
“Emirates Lebanon Bank S.A.L”
“LGB Bank S.A.L”
“Cedrusbank S.A.L”
“AM Bank S.A.L”
“LiBank S.A.L”
“B.S.L. Bank S.A.L”
“B.C.N. Bank S.A.L”
“Federal Bank of Lebanon S.A.L”
“Saradar Bank S.A.L”
“Banque BEMO S.A.L”
“MEAB Bank S.A.L”
