Economy
Bank Restructuring Law
A Lebanese law aimed at addressing banks' losses after the financial crisis. It was passed by parliament, and the Constitutional Council recently annulled its third article.
The Bank Restructuring Law is Lebanese legislation issued to address large losses in the banking sector resulting from the financial crisis that began in 2019. It sets out mechanisms for distributing losses, recapitalizing banks, and protecting depositors. Parliament passed the law, but the president challenged some of its articles, and the Constitutional Council annulled Article 3 for not being properly put to a vote. The law restores the application of the Money and Credit Law in relevant matters.
Written by AI and not yet reviewed by an editor.