After 13 sessions, the parliamentary committees yesterday, in a session they held headed by Deputy Speaker of Parliament Elias Bou Saab and in the presence of Deputy Prime Minister His Excellency Al-Shami and Minister of Finance in the caretaker government, Youssef Al-Khalil, ended the discussion on the Capital Control project and approved it.
Bou Saab explained, after the session, that “significant amendments were made to the draft, and we approved Articles 11, 12, 13, and 14, which stipulate fines and penalties for those who violate the application of this law, and Article 12, which stipulates the important item, which is about depositors and their rights regarding lawsuits against banks.” Among these lawsuits that take place outside Lebanon.
He added, “We came out with two formulas, the first I suggested that we delete the article, and the second says that with this article and in order to preserve the rights of depositors, contrary to what was coming in the article, they still have the right to file complaints during the implementation of this law. With such a proposal, the implementation of this provision is suspended. We reduced the law’s validity period from two years to one year, and we took into account the rights of depositors, and we adopted the second formula. Representative Michel Moawad asked why we did not put the two formulas, and this issue was adopted.
He pointed out that “there is a clear recommendation from the joint committees, that laws be studied with each other, and this is a conviction, preserving deposits and others. We may expedite the approval of other laws, i.e. financial regulation and restructuring of banks.”
He said, “We have to legislate laws in a rational manner and preserve our banks, and the day the banks are closed, we lose everything.”