Ministers convene for second day to discuss banks draft bill
Ministers convened Tuesday for, a second day in a row, to discuss a long-awaited banking draft bill that would distribute losses from the 2019 economic crisis.
The law stipulates that each of the state, the central bank, commercial banks and depositors will share the losses accrued as a result of the financial crisis.
Depositors, who lost access to their funds after the crisis, will be able to retrieve all their money, with a limit of $100,000, over the course of four years. Those who have less than $100,000 in the banks constitute 85% of the depositors.
The wealthiest depositors will see the remainder of their money compensated by asset-backed securities.
The draft, if approved by the ministers, will be sent to parliament.
On Monday, ministers convened at the presidential palace with President Joseph Aoun attending the meeting, while some depositors gathered on the Baabda road to protest the bill. Ministers voiced their remarks and met again on Tuesday at the Grand Serail.
Source: Naharnet
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