Depositors protest ahead of Baabda cabinet session
Depositors gathered Monday on the presidential palace road, ahead of a ministerial session in Baabda that will discuss a long-awaited banking draft bill, which distributes 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 their money, with a limit of $100,000, over the course of four years.
The wealthiest depositors will see the remainder of their money compensated by asset-backed securities.
"This bill may not be perfect... but it is a realistic and fair step towards restoring rights, halting the collapse," Prime Minister Nawaf Salam said.
Free Patriotic Movement chief Jebran Bassil criticized the bill saying it shows the government's inability to carry out any reform plan. "The law shows the confusion and lack of vision" of the government, he said.
The draft will be sent to parliament after being discussed by Cabinet.
Source: Naharnet
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