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Lebanon: Banking commission to be appointed this month

Source: The Daily Star – BEIRUT: Finance Minister Ali Hasan Khalil expressed hope Friday that a new Banking Control Commission will be appointed within a constitutional deadline which expires at the end of February.

Khalil told the Arab Economic News website that a breakthrough was expected before the end of the month to avoid vacuum in the vital financial body.

“It is essential to respect constitutional deadlines in such technical files,” Khalil said, stressing the need to secure total consensus on potential candidates before submitting the proposal to the council of ministers for discussion and approval.

The minister pointed out that the new body should be approved in the Cabinet by Feb. 28, after consultation with the governor of the Central Bank, in line with its bylaws which do not include any provision on the extension of the mandate of its members in case no successors were appointed.

“It is, thus, impossible for the current commission to keep operating beyond March 1, and in case of vacancy, it is impossible that it continues as a caretaker,” Khalil added.

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