Window of a bank branch destroyed during a demonstration in Dora, Aug. 29, 2024. (Credit: Philippe Hage Boutros/L’Orient-Le Jour)
As the government works to pass a law backed by the International Monetary Fund (IMF) on the distribution of financial losses and deposit repayments, Lebanese depositors’ associations have spoken out.A few days earlier, the Association of Banks in Lebanon (ABL) had already criticized an interim version of the draft, which was leaked by the press.While the IMF requires that bank shareholders give up their capital before calculating the share of deposit repayment to be borne by depositors and the state, the ABL considers the crisis to be systemic and believes the state should be the main contributor by mobilizing its assets. More on a related topic Funds transferred abroad: Pressure mounts on bankers Although he has declared himself in favor of a Lebanon-IMF deal, the governor of the Banque du Liban (central bank), Karim Souhaid,...
As the government works to pass a law backed by the International Monetary Fund (IMF) on the distribution of financial losses and deposit repayments, Lebanese depositors’ associations have spoken out.A few days earlier, the Association of Banks in Lebanon (ABL) had already criticized an interim version of the draft, which was leaked by the press.While the IMF requires that bank shareholders give up their capital before calculating the share of deposit repayment to be borne by depositors and the state, the ABL considers the crisis to be systemic and believes the state should be the main contributor by mobilizing its assets. More on a related topic Funds transferred abroad: Pressure mounts on bankers Although he has declared himself in favor of a Lebanon-IMF deal, the governor of the Banque du Liban (central bank), Karim Souhaid,...
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