On Monday, a banking industry expert ruled out
the prospect of banks discontinuing all ATM operations totally since such a
move might have unintended consequences.
The Association of Banks is anticipated to
decide on Wednesday about the availability of ATM services starting on
Thursday.
The Lebanese pound, however, hit a record low,
selling for 68,000 LBP per USD by Monday afternoon on the underground market.
"Bank administrations are committed to
defending the interests of depositors and people at this crucial
juncture," stated Fadi Khalaf, secretary-general of the Association of
Banks.
The banks are adamant about taking all
required precautions to stop fraud that hurts depositors and the economy.
Khalaf emphasised that banks were depending on
a fair judicial system to end the problem.
Khalaf made his remarks after Mount Lebanon
Public Prosecutor Judge Ghada Aoun made the decision on Monday to bring money
laundering charges against Bank Audi, Bank Audi Group CEO Samir Hanna, and
Deputy Group CEO Tamer Ghazaleh.
Aoun forwarded the case to Nicolas Mansour,
the Mount Lebanon Court of Appeal's first investigating judge, asking for an
inquiry and the issue of the required arrest warrants.
The numerous complaints lodged against
Lebanon's banks, according to the People Want to Reform the System
organisation, are what prompted Aoun to take this action.
One of the most contentious judges in Lebanon,
Aoun is thought to be affiliated with the Free Patriotic Movement.
The MPs who wish to take part in a legislative
session to adopt the capital control bill have come under fire from the
association.
The developments occur while the judicial
noose around banks, bankers, the governor of the central bank, and their
henchmen in authority grows tighter due to allegations of money laundering,
misappropriation of public funds, withholding deposits, and writing off bank losses
at depositors' expense.
The Depositors' Association has threatened to
sue banks that close, accusing them of disrupting a public utility, harming the
remaining financial stability and social security, and defaming the reputation
of the judiciary. The Depositors' Association has warned banks against closing.
Hundreds of cases were previously brought by
the group in Lebanon and other countries against banks and bankers.