The Council of Ministers approved the draft law for reforming and restructuring the banking sector in a cabinet session headed by Prime Minister Nawaf Salam, held at the Grand Serail on Saturday.
The Council examined ten clauses from the draft law for banking sector reform, which includes 39 clauses in total.
After the session, Minister of Information Paul Morcos stated that “the government has already passed a draft law to amend the banking secrecy law as a necessary condition for accountability.”
He also noted that in the draft law passed today, depositors' funds—especially small depositors—are prioritized for deposit protection. He confirmed that the government is currently working on preparing a draft law to address the financial gap, which would allow for the restoration of financial balance.
“Within a few weeks, we will achieve a reform package that Lebanon, its economy, and its banking sector need, especially small depositors,” Morcos said.
Before the session, Minister of Economy Amer El-Bsat pointed out that the International Monetary Fund (IMF) acknowledges that the draft law for banking reform requires time as well as political, economic, and legal discussions, adding that it is realistic.
On his part, Minister of Labor Mohammad Haidar asserted that “the law we are discussing today is only for organizing the situation of the banks and not to address depositors’ funds.”
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