BDL opens account to hold recovered funds for deposit repayment

The Banque du Liban (BDL) said it has begun and is continuing to take the necessary legal action before judicial authorities in Lebanon and abroad to recover funds that were embezzled, transferred, or used unlawfully, or from which parties benefited without legal justification.

As part of that effort, BDL said it has opened a separate and independent account called the “Deposit Recovery Account.” All funds and amounts recovered for the benefit of BDL through court rulings, legal settlements or other measures in Lebanon or abroad will be transferred exclusively to the account. A dedicated account has also been opened with correspondent banks for the same purpose.

BDL said it has notified the relevant judicial authorities of the account’s establishment and that it is exclusively designated for repaying deposits. 

The account will be financially and accounting-wise separate from all other BDL assets and resources, and its use for any other purpose will be prohibited. 

BDL stressed that recovering the funds is not limited to pursuing those responsible for infringing on its assets. It said the effort forms part of an institutional commitment to restoring depositors’ rights, upholding accountability and strengthening confidence in Lebanon’s financial system.