My job is not finance, but even as a manager of very small companies, I had to deal with deposits, letters of credit, bank guarantees, in short, all the jargon used in banking. And I was able to appreciate the interest shown in me by inviting me to the chairman’s table or giving me wonderful gifts at the end of the year, when I multiplied letters of credit accepted without reservation, despite differences, and that the bank quickly collected its fat commission without stretching the spleen. And now I feel a lack of interest that overwhelms me when I go there to withdraw what the bank wants to give me!
As banks tighten the noose on our Lebanese deposits because, like many others, we wanted to invest in the country and we foolishly trusted the banking system, I hear the media constantly say in one voice “loss sharing.” Moreover, the Vice-President of the Council of Ministers, in his recent presentation to the Economic and Social Council, gave me the impression that depositors should reimburse these losses, declaring that neither the State nor the central bank, which had spent the money, could afford it. !! I have always believed that the damage is insured by the one who inflicts it: the company, regardless of its form, bears the losses, and is covered by shareholders, unless, of course, it ceases to exist.
Depositors trusted the bank. Contrary to the principle he applies to his clients when it comes to lending them, obliging them to cover at least four times the amount, the bank lent our deposits to the central bank to cover government debt without any guarantees. But with the interest rates, it seems very high, which, in my opinion, was not felt, because only in 2018 the rate I was given did not reach 7%. Better yet, shareholders would be quick to transfer the interest received abroad.
Why did the central bank cover the debts of the state without worrying about depositors and not knowing that some of this money was spent by certain politicians? It is likely that the governor had an idea in mind, and he felt that he could be elected president in every presidential term. Therefore, it was necessary to lubricate the hand of leaders and even more so of certain media. Better yet, it was necessary to lie to the Lebanese to attract them to put the fruits of their labor in the banks! He may have thought that the Lebanese have a short memory, wanting to compare themselves to Elias Sarkis, who held this position (and to whom we are, in principle, obliged to keep 10 million ounces of gold) before being elected president. Elias Sarkis was a great statesman, an honest servant of the Republic, appointed by another great man, Fuad Shehab.
In the end, the state squandered money, politicians took advantage and transferred money abroad, the central bank helped them, and bankers played on depositors’ money.
A simple question: why were depositors responsible for the loss, those who entrusted their money to the bank? It has been two years since honest people were treated badly in this country and they are obliged to manage their money sparingly, devalued by two thirds of its value. Meanwhile, thugs and corrupt people have stolen their money and are going around the world with impunity.
Understand, gentlemen leaders, that the economy will not be able to recover and that banks will not only no longer prosper, but will be destroyed if they are no longer trusted by the Lebanese. And this confidence will return only if depositors return their deposits. Losses, you, the bankers, the central bank and the state, have time to cover them, depositors have nothing to do with it. Those who squandered, those who stole, those who took advantage of wild interests, they should cover the losses, not honest people who earned their money in the sweat of their brow and trusted systemic banking. And beware of your reactions, because even if I’m a layman, I think I know a little bit about the scriptures. The Qur’an seems to say, “To cut off food is to behead.” Protection in this case is legal. In a good relationship.
ENPC civil engineer
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My job is not finance, but even as a manager of very small companies, I had to deal with deposits, letters of credit, bank guarantees, in short, all the jargon used in banking. And I was able to appreciate the interest shown in me by inviting me to the president’s table or giving me beautiful gifts at the end of the year, …