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Battle for deposits: Banks challenge government's plan in Lebanon
News Bulletin Reports
2023-06-22 | 11:01
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Battle for deposits: Banks challenge government's plan in Lebanon
The ongoing dispute between banks and the government seems far from reaching a resolution in Lebanon.
This time, the focus is on the government's financial recovery plan, specifically the "deposit write-off" process.
The government's plan aims to cancel or eliminate a majority of the debts owed by Banque du Liban (BDL) to the state, with the requirement that the funds be returned to the banks.
Banks consider this plan a potential death sentence for their institutions and, consequently, for people's money.
As a result, they resorted to filing a lawsuit against the decision of deposit write-downs before the State Shura Council over a year ago.
The latter has recently decided to accept the banks' appeal, acknowledging that it directly affects the interests of the depositors.
Furthermore, it informed the government that the existing write-down decision in its plan is subject to appeal, and the Council will issue its final report soon.
On the other hand, government sources described the State Shura Council's decision as weird.
So, will our money be returned soon with banks and State Shura Council on one side and the government on the other?
The answer is no. According to banking sources, the Council's decision does not directly impact the return of deposits. Instead, its purpose is to emphasize that any recovery plan necessitates the state taking responsibility for returning the funds to depositors, even if it takes 20 years, rather than evading its responsibilities and burdening banks and depositors primarily with most of the losses.
However, the plan now is ink on paper, and the government is spending above and beyond what it has already paid... from the depositors' funds.
In a related context, a banking source stopped at the criticisms and accusations directed toward the Association of Banks, considering that most overlook the facts and the historical trajectory of the political authority's management of the financial reality.
The same source unintentionally overlooked sustainable borrowing, non-productive spending, random employment, consensus deals, negligence, and waste.
The source reminded of the Association's positions since the incident involving its former President François Bassil in 2014 and its continuous demands to enact the "capital control" law, its refusal to liquidate deposits, its plea to the authority not to refrain from paying the "Euro-bonds" dues, and its declaration of assuming its responsibilities, calling on the stakeholders to rise above populism and distribute duties to everyone according to their roles, so that the people may know who committed the major offense against them.
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