The 50th ordinary General Assembly of ABL Members was held on June 26th, 2012.  Dr. Joseph Torbey, Chairman of the Board, enumerated the achievements of the Board for the period of June 2011 till June 2012; the Annual report was also discussed and approved. The independent auditors report for that same period was also approved by the General Assembly of Members. The current Board was granted clearance and the 2013 draft budget was discussed and decided upon.

In his speech, Dr. Joseph Torbey noted the draft budget 2012 saying: “Instead of correcting continued imbalances in the performance of most official administrations and ensuring a stable environment for the private sector to grow, and to create new jobs leading to a lower rate of unemployment especially among young people, the 2012 budget includes a basket of tax changes that shows a distortion of the tax system in place for decades, feeble excuse to cover emerging current expenditure…” 

At the level of negotiation with the union of banks’ employees, Dr. Torbey stressed that “negotiations are underway for several months. As at today, there are still different approaches between the two concerned parties”. He added: “The Association wants a collective labor agreement that does not hinder productivity but enhance it, at an affordable cost to all categories of our member banks; this agreement should be a basis for bilateral relationship and not an agreement mainly established on figures that swell constantly at each maturity...”