Judge Ibrahim’s decision preceded by political attack on banks and followed by judicial confusion
The Lebanese National Bloc Party said that the decision made by Financial Prosecutor judge Ali Ibrahim against the banks yesterday as” just additional proof of the lack of application of the principle of separation of powers.” The Bloc warned of the severity of this precedence and note that many political attacks from different parties in power had been launched against the central bank and commercial banks prior to this decision, and the decision was followed by judicial and banking confusion.
In a statement, the Bloc stressed that “the banking sector, considered a pillar of all economies in the world, is the property of the citizens and not the banks”, adding that “if it weren’t for the citizens’ deposits there would be no banking sector, banks, bankers, or chairmen of bank boards.”
The Bloc stated that the firs question that should be asked of the banks is the following: why did you continue to finance one customer, namely the state, with 70% of the people’s deposits while knowing that this one customer is going towards certain bankruptcy? This action is in direct contradiction with the most basic banking principles which is to assess the risks and lend with caution. The first question that should be asked of the central bank is the following: why did you continue to fund this same bankrupt customer from the bank deposits, which are really the people’s deposits? This with the knowledge that it is not the job of the central bank to loan money to the government, and what it should have done was to give the government modest “fund facilities” and only as an exception and for short periods of time.
The Bloc saw that what happened between the judiciary and the banks yesterday was additional proof of the lack of application of the principle of separation of powers as stipulated in the constitution, this principle is a basic condition for establishing a democratic state that can protect its citizens. Judge Ibrahim’s decision was preceded by political attacks from different parties in power against the central bank and commercial banks, and the decision was followed by judicial and banking confusion which ultimately overturned it.
Based on what was mentioned above, and which is the result of the political behavior of the parties in power over the past 30 years. Those parties, in order to preserve their interests and external alliances, are ready to sacrifice its citizens, additionally the same parties have no real vision or plan except to save themselves.
The Bloc asserted that “the October 17 movement included breaking the barriers of fear and sectarianism, and demonstrated a high level of awareness, creativity, showing the inherent competencies of the people. This movement is the cornerstone for rebuilding Lebanon.” In conclusion to its statement, the Bloc stressed that “This uprising has not and will not stop, it will take on all the ethical and available opportunities to overthrow this authority no matter how long it takes, how difficult it is, or how many attempts are made to pilfer its hopes.