Banking sources call on judiciary to compensate for state absence

Lebanon Economy
2023-02-08 | 06:25
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Banking sources call on judiciary to compensate for state absence
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2min
Banking sources call on judiciary to compensate for state absence

Banking sources warn of the bankruptcy of the banking sector if the crisis resulting from judicial decisions against some banks continues, which led to the announcement of the strike, which will lead to a severe blow to the Lebanese economy and the loss of the rights of depositors.

These banking sources indicated that this crisis is the responsibility of the political authority, as the state is the one that caused the collapse and spent the money claimed by depositors. Yet, it plays the role of a spectator to what is happening, as if the matter does not concern it.

Banking sources said that three years after announcing the cessation of payments, the political authority had yet to take the initiative to develop legislation that regulates the relationship between the depositor and the bank so that it clarifies to the two parties their rights and duties in this crisis.

The sources added that if the state is absent. The bet on waking it up from its slumber is unrealistic in light of what is happening; thus, some experts rely on the judiciary to play this role.

Some of them have suggested that “the Court of Cassation convene to deal with the issue of some depositors suing their banks, and it can establish frameworks for the work of the courts that take into account the financial and banking situation in general in the country, and provides the greatest degree of protection for the rights of depositors.

The banking sources concluded by saying that such calls carry with them a bet on the judiciary to compensate for the absence of the state, perhaps a deliberate absence, to protect the rights of depositors and the sustainability of the financial sector, and to protect what is left of the economy from permanent death.

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