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Yesterday, it was noteworthy that “Reuters” quoted a “senior French official” as saying that “it may be difficult for banks in Lebanon to adhere to the principle that depositors should not lose any of their deposits.”
Yesterday, it was noteworthy that “Reuters” quoted a “senior French official” as saying that “it may be difficult for banks in Lebanon to adhere to the principle that depositors should not lose any of their deposits.” “While it is a matter of principle for the Lebanese Association of Banks that depositors should not suffer losses, it may be difficult to defend this to the end. It is a matter of negotiation,” said Pierre Dokan, French President Emmanuel Macron’s envoy for coordinate international support to Lebanon. “.
The words of the French envoy provoked an escalation of concern among depositors that their deposits would be compromised in the framework of the reforms undertaken by the Central Bank, which would make them pay the tax of the disruption of monetary policy and the paralysis of the system banking, which France rejects in the context of its monitoring of the reforms.
In return, the Central Bank of Lebanon and commercial banks also seek to avoid “reducing the value of deposits.”
A bank source clarified that the true translation of “HERCAT” is the deduction of part of the funds deposited in banks, considering that it can occur indirectly.
He noted that there are 3 categories of bank customers:
Investors in Eurobonds, or US Dollar Treasuries, are likely to catch up on the heresy.
– Those who invest in Lebanese pound treasury bonds, there is a high probability that heretics will follow.
Regarding these two categories, money will not affect capital, but can take the form of returning part of the profits that these investors have obtained.
– As for the third category, which includes the majority of depositors (those who received their compensation and deposited it in the bank, those who collected money from their businesses …) will not be subject to any action.
The source spoke of a problem in investing in bonds, since to achieve a higher interest, some depositors buy Eurobonds or bonds without reading the details of the contract that was signed, and this is also true to buy preferred shares in banks without knowing the true definition of the same, especially As for withdrawing your deposits at the end of the contract term, because the possibility of renewal is available in days of crisis like the one we are going through.
The source concluded by noting that this problem does not appear except in times of crisis.
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