Search
Search

ECONOMIC CRISIS

UPDATE: Lebanon banking association affirms its unity after criticism by member banks

The headquarters of the Association of Banks in Lebanon. (Credit: NNA)

BEIRUT — Lebanon's banks association ABL affirmed its unity and said it reiterated the necessity of Lebanon reaching a deal with the IMF in a June 27 board meeting, an association statement said Tuesday.

The ABL also called on the Lebanese state to shoulder a portion of financial sector losses estimated at some $70 billion.

The statement follows criticism by several prominent banks of a recent ABL letter to the IMF in which it slammed an April draft deal with Lebanon. 

Following ABL’s statement on Tuesday, the head of Bankmed Michel Accad responded on his twitter account, saying “the ABL has issued another irrelevant statement, approved by a majority of its members, restating their existing position that ‘the State has sufficient resources’ to cover the gap. Actually, it doesn’t, and this is the problem.”

Accad also said, “While the state, through all its institutions, bears the primary responsibility for the crisis, it is unreasonable to expect it to cover the full gap.”

He continued, “I believe the state should participate in the loss, but only up to its capacity, and without mortgaging future generations.”



BEIRUT — Lebanon's banks association ABL
affirmed its unity and said it reiterated the necessity of
Lebanon reaching a deal with the IMF in a June 27 board meeting,
an association statement said Tuesday.
The ABL also called on the Lebanese state to shoulder a
portion of financial sector losses estimated at some $70
billion.
The statement follows...