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ABL Confirms that the Banking Sector is Willing to Apply the American-European Regulations  -  May 16, 2018

1. The ABL Board of Directors is very pleased with the parliamentary elections which were held in a peaceful and secure environment and based on a sound organizational and administrative process. This electoral integrity constituted a success for the presidency and the government and allowed the Lebanese voters to express their will in a democratic manner. The Board hopes that the outcome of this successful election constitute a game-changing moment for the public life in Lebanon and offer a clear path forward to further activate the work of the constitutional institutions and the effectiveness of the public administrations, boost the economic activity, cure rampant corruption and strengthen the state political leadership.

2. The ABL Board of Directors urge all political forces to conduct the next constitutional milestones at the earliest possible moment; the Board looks forward in particular, to expediting the formation of a new government that, as a matter of  priority, will take action on its promises to conduct radical and structural reforms on the financial, administrative and economic fronts, and to implementing the initiatives, projects and commitments - capable of stimulating economic growth and achieving social stability in Lebanon - set up in the framework of the international fora and conferences held before the recent parliamentary elections (Paris, Rome and Brussels).

3. The Board unanimously affirms the importance of building a just, capable and independent state which authority not to be shared by any party whatsoever, and asserts that the Lebanese people are bearing the brunt of new high taxes imposed in order to strengthen the state and all its functions.

4. As Lebanon enters a post-election and government formation phase, the ABL Board of Directors reiterate the commitment of the Lebanese banking sector, under any circumstances, to apply the compliance and transparency rules under the umbrella of the official monetary and supervisory authorities, to maintain its habitual and distinguished performance, and to strictly abide by the banking business standards, particularly the American and European norms in order to ensure Lebanon's secure and sustainable engagement in the international financial ecosystem.

 
 
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ASSOCIATION OF BANKS IN LEBANON
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