In so doing, the bank not only remained true to its obligation to protect its clients and safeguard their deposits, but implicitly justified our respect for the rules and codes of ethics that govern the banking system and its operations. In short, the Central Bank, in this case, demonstrated its power to back the government's mission to safeguard the integrity of all financial transactions. Thirdly, the recent ruling established a historical precedent for the judiciary's role as a monitor of the probity of banking practices. With this precedent, justice is now in a position to play a proactive role in the fight against economic irregularities, again reaffirming the principle of sound government through institutions that provide the fundamental checks to protect national welfare and establish secure foundations for its future. Finally, the loan deputies case was a high-profile case precisely because it concerned banking irregularities that can have vast repercussions on the health of the economy and the welfare of society.
Bank loans are vital to society because they help spur the process of economic development.
They are essential to banks because they generate profits that enable them to thrive as economic institutions. And, above all, it is from income on loans that banks pay the interest on people's deposits. The entire loaning process, therefore, must be governed by an array of strict regulations and procedures to ensure that loans can be channeled to meet the needs of the Egyptian economy, that applicants for loans stand an equal chance to secure the credit they need and that sufficient guarantees are exacted for repayment. Only through the most exacting application of these regulations and procedures can the banking system sustain its credibility and secure the confidence of all its clients. While the recent court ruling reaffirmed the fundamental principles mentioned above, however, the case itself should not be blown out of proportion.