Beirut: Lebanon's cabinet approved a draft law that would regulate the return of bank losses.
Lebanon's Prime Minister Nawaf Salam said in a statement that depositors who had less than $100,000 shall get all their money back over four years. He noted that this segment represents 85% of all depositors.
He added that other depositors shall also get their money back, but not at the same speed. They would initially get the $100,000 back, with the rest covered through tradable bonds backed by Central Bank assets. Those depositors will be able to reclaim 2% of the bonds' value each year.
