The Banks Association commented on the approval of the economic recovery plan by the government, stating that the latter has chosen to effectively "deposit" Lebanese citizens, especially the depositors, by endorsing the plan proposed by Deputy Prime Minister Saadeh Al-Shami, which entails the state and the Central Bank absolving themselves of their obligations by tightening the debts owed by them. This results in transferring the entire loss from the waste of funds exceeding seventy billion US dollars onto the depositors after the plan has eliminated the private funds of the banks. In a statement, the association said: "Rejoice, depositors, for the Lebanese state has abolished your deposits with a 'stroke of a pen.' This is all that emerged from the genius of the 'experts,' despite the existence of clear alternative plans, notably those proposed by the Banks Association aimed at establishing a fund that would invest, not own, some state assets and rights, to return deposits to the depositors, even in the medium and long term."
The association added: "The victim was satisfied, yet the perpetrator was not, under the pretext that these revenues belong to the people and not to the depositors, as if the draining of depositors' funds to support the people was permissible, while the recovery of depositors' funds is forbidden. As for those who suggest that the state's future revenues belong to the coming generations, this is rejected since the savings of parents also belong to future generations, so do not deprive two generations under the pretext of preserving the future of upcoming generations."
The association reiterated its rejection of a plan written with the funds of depositors and banks, emphasizing that it stands united with the depositors in rejecting this plan, which only bears the name of recovery.
