It is no longer a secret that the ruling authority has turned the banking sector into a peg to throw all mismanagement upon it and hide behind it the rampant corruption and waste in the public sector, which has led the country to bankruptcy.
The banking sector may have made a mistake when it loaned to the state, which legalized its borders for smuggling, and made its “electricity establishment” a cave of Ali Baba and its ministries theaters for thefts and deals.
Accountability is a duty, accountability is a necessity, and vigilance is a natural matter, but why did no judge, whether Judge Ghada Aoun or anyone else, move to open the electricity file, where despite spending more than half of the public debt, nutrition does not exceed two hours a day… which is reflected in all aspects of life and multiplied the suffering of people Where is the accountability in the Ministry of the Displaced, whose funds were distributed out of political favoritism, why does no one dare to go through the councils’ ways and mandates?
Commenting on the judicial attack on the sector, with which government treatments did not succeed, banking sources stressed, through the “Akhbar Al-Youm” agency, that the depositor and the bank in the same trench pay the price of negligence, failure to implement reforms, and starting procedures to get out of the crisis, criticizing the judicial approach that is supposed to be Rationally, in light of the crisis that has been going on for two and a half years, in addition to the need to clearly define responsibilities.
And she considered that the efforts made at this level should be directed to the cause of the crisis, which lies primarily in the misuse of power, mismanagement of the public sector and mismanagement of the crisis since its outbreak in mid-2019, while the main responsibility is the parties that took over power and successive governments.
When the sources asked: What is the only orphan measure that has been taken to curb the deterioration and start restoring confidence and pumping liquidity since 2019, she said: In such crises related to a sharp decline in the flow of capital, and in the case of Lebanon they are in the form of deposits where there is no other way, We find that the authorities are watching and moving their judiciary without taking any measures.
Here, the sources refused to place responsibilities on the banking sector, noting that since 27 years the banking sector has been the only means of attracting capital from abroad, as the Beirut Stock Exchange is in deep slumber, and even when interest rates were high in the mid and late nineties, the stock exchange was unable to attract a single company to list its name in it. Also, local companies did not issue bonds to them in order to diversify sources of funding. This also applies to foreign direct investments, where no plan or vision has been developed to attract them, and investment in the real estate sector was individual and not within an integrated plan… Therefore, the banking sector remained the only one that finances the economy.
In the same context, she criticized accusing banks of bankruptcy, explaining that the easiest thing that boards of directors could have resorted to with the start of the crisis was declaring bankruptcy and closing the door, so the official authorities come to liquidate their assets and the rest of the crumbs are distributed to depositors, saying: This is the easiest way for any bank to get out. From the Lebanese market, while the banks faced the crisis and decided to continue and take the necessary measures and complied with all the circulars of the Banque du Liban, even if they were not satisfied with part of them.
She called for a just and equitable solution that restores confidence in the Lebanese economy before returning it to the banks, because we are suffering from a crisis of confidence in all economic sectors and not a banking sector crisis that is reflected in the rest of the sectors.
She stressed that the banks continue to carry out their duties and serve their customers, and she reiterates her call that she made since the beginning of the crisis in terms of approving the Capital Control Law, as it is the simplest and most obvious measure for any crisis related to the decline in the flow of money.
She concluded: From the beginning, the targeting is clear, as there is a systematic campaign to hold the banking sector, with its two parts, the commercial banks and the Banque du Liban fully responsible for the crisis.
Source: Today’s News