Association of Banks Grants Higher Relief Council $32 Million after Transfer of Funds to STL
The Association of Banks in Lebanon announced on Thursday that it has granted the Higher Relief Council $32 million after the transfer of funds to the Special Tribunal for Lebanon were made through the council.
It said in a statement that it made this decision out of “its conviction to fortify the internal political stability.”
“This stability is important for maintaining the necessary financial conditions that encourage investments, which is at the core of social stability and economic prosperity,” it stressed.
The announcement is the first official confirmation that the funding was made through the HRC after media reports had said that the money came from the budget of the prime minister’s office.
Prime Minister Najib Miqati announced on November 30 that he had transferred Lebanon’s share of the tribunal funding but he did not elaborate on the mechanism he employed.
But the premier's move did not spell the end of a feud over the court, said Joseph Torbey, head of the banking association.
"Funding the court has been and will continue to be a key source of political controversy," he told Agence France Presse.
He added that by covering this year's dues, the banking association had closed debate on the issue.
"The damage caused by this issue was harmful and was a constant source of tension," he said. "Closing this chapter is good for the country's economy."
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