Cabinet approves banks financial gap law after long debate
Cabinet approved Friday a long-awaited banking draft bill that would distribute losses from the 2019 economic crisis.
Thirteen ministers voted in favor of the financial gap law amid the objection of nine ministers: three Lebanese Forces ministers, two Hezbollah ministers, Kataeb minister Adel Nassar, and ministers Tamara al-Zein (Amal), Noura Bayrakdarian (Tashnag Party), and Charles al-Hajj.
LF foreign minister Youssef Rajji had left the session before the voting.
The session Friday was the third. The ministers had met earlier this week on Monday and Tuesday to discuss the law, while some depositors gathered Monday in Baabda where the first session was held to protest the law. Some depositors also protested Friday near the Grand Serail.
Some of the ministers who voted against the law were demanding an amendment to the draft bill in order to endorse it and some of the ministers who voted in favor of the law voiced a few reservations about it.
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 law will now be sent to Parliament for voting.
Source: Naharnet
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