The Secretary General of the Association of Banks in Lebanon revealed in a speech regarding the banks' situation that commercial banks in Lebanon do not have sufficient liquidity to repay depositors. The speech is signed by Fadi Khalaf, the Secretary General of the association, and serves as an introduction to the association's monthly report. It was noted that Khalaf wrote the speech "as part of his introductory articles for a number of periodic bulletins of the Association of Banks in Lebanon, representing his opinion and personal analysis of recent developments."
The speech indicated that bank deposits at the Central Bank of Lebanon amounted to approximately $86.6 billion in mid-February, while what was owed to correspondent banks was $204 million as of January 31. Khalaf wrote, "These figures undoubtedly indicate that there is no liquidity in the banks."