| 26 June 2022, Sunday |

Dispute between Banks Association and Saade Shami regarding recovery plan

A sharp dispute emerged between the Association of Banks and the Deputy Prime Minister in the caretaker government, Saade Shami

The Association of Banks considered that the recovery plan bore the bulk of the losses to depositors, and that the Lebanese state canceled deposits with a pen “slash.”

Shami replied in a statement, considering that the plan to advance the financial sector preserves about 90% of depositors’ money, but this does not mean that the remaining 10% will be ignored. He added that writing off part of the bank deposits on book with the Banque du Liban aims primarily to settle the situation of the Central Bank so that it can carry out its duties, but this does not mean that all these funds have been written off from deposits. He stressed that the government is in the midst of negotiations seeking to protect the largest possible number of depositors.