Central Bank confirms Bank did not secure rights of depositors alorkaa

[Hue Mi]

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Central Bank confirms that the Bank did not secure the rights of depositors alorkaa (http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.albawwaba.net%2Feconomic%2F8116 1%2F)


29/03/2012 5: 14 pm

Baghdad Iraqi gate ” ” Mohammed Sharif

http://image2.albawwaba.net/wp-content/uploads/2012/03/110-150x127.jpg&t=7241070539bd219d249df506c7a76769 (http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.albawwaba.net%2Fwp-content%2Fuploads%2F2012%2F03%2F110.jpg)

The Iraqi Central Bank said that the Bank did not secure the rights of depositors alorkaa and the decision to impose Trusteeship came as a result of the growing problems of liquidity in this bank.

Reuters quoted“ ”on the Deputy Governor of the Central Bank of Iraq Dr. Mazhar Mohammed Saleh said Thursday that the decision to impose Trusteeship came as a result of the growing problems of liquidity in Egypt alorkaa and difficulties encountered in complying with requests for withdrawal of deposits and failing to reach agreement with Standard Chartered Bank on the Bank's majority share purchase.

Saleh said the Bank grew “ loans began to be guarantees for such loans was weak. What worries us more than anything else is the stability of the financial sector and the rights of depositors and thirdly shareholders.”

But Saleh said the would say “ not this bad banks but was the best private banks in terms of assets and technical and number of branches who represented more than a quarter of the private banks in the country.”

But he denied that the authorities aimed at the Bank and Investment Bank said “ capabilities weakened if the capital even by five percent, the Central Bank has the right to put the Bank under curatorship. We gave the Bank several opportunities for restructuring but did not succeed.”

The Deputy Governor of the Central Bank that the external auditor is an Iraqi company is expected to report within two weeks may include recommended restructuring through the establishment of a temporary Bank “ ” the good assets of the Bank alorkaa.

He said: personally I think that this ” bank capable of recovery and hope that this is in the interest of the Iraqi banking sector. ” “ and we want to resume this bank activity and dissociate itself from the activities with high risk

[Will-it-happen?]

.
Central Bank confirms that the Bank did not secure the rights of depositors alorkaa (http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.albawwaba.net%2Feconomic%2F8116 1%2F)


29/03/2012 5: 14 pm

Baghdad Iraqi gate ” ” Mohammed Sharif

http://image2.albawwaba.net/wp-content/uploads/2012/03/110-150x127.jpg&t=7241070539bd219d249df506c7a76769 (http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.albawwaba.net%2Fwp-content%2Fuploads%2F2012%2F03%2F110.jpg)

The Iraqi Central Bank said that the Bank did not secure the rights of depositors alorkaa and the decision to impose Trusteeship came as a result of the growing problems of liquidity in this bank.

Reuters quoted“ ”on the Deputy Governor of the Central Bank of Iraq Dr. Mazhar Mohammed Saleh said Thursday that the decision to impose Trusteeship came as a result of the growing problems of liquidity in Egypt alorkaa and difficulties encountered in complying with requests for withdrawal of deposits and failing to reach agreement with Standard Chartered Bank on the Bank's majority share purchase.

Saleh said the Bank grew “ loans began to be guarantees for such loans was weak. What worries us more than anything else is the stability of the financial sector and the rights of depositors and thirdly shareholders.”

But Saleh said the would say “ not this bad banks but was the best private banks in terms of assets and technical and number of branches who represented more than a quarter of the private banks in the country.”

But he denied that the authorities aimed at the Bank and Investment Bank said “ capabilities weakened if the capital even by five percent, the Central Bank has the right to put the Bank under curatorship. We gave the Bank several opportunities for restructuring but did not succeed.”

The Deputy Governor of the Central Bank that the external auditor is an Iraqi company is expected to report within two weeks may include recommended restructuring through the establishment of a temporary Bank “ ” the good assets of the Bank alorkaa.

He said: personally I think that this ” bank capable of recovery and hope that this is in the interest of the Iraqi banking sector. ” “ and we want to resume this bank activity and dissociate itself from the activities with high risk

What has happened here ?

[Kickabuck]

What has happened here ?

Bunnia didn't have the guts for the fight. He could have easily rectified the problem by participating in his 150% cash infusion, he chickened out and shafted shareholders. It's in the hands of the CBI now, don't expect much.

Don't lose faith in the other ISX banks, strong numbers are pouring in and should should produce nice gains going forward.

[Will-it-happen?]

Bunnia didn't have the guts for the fight. He could have easily rectified the problem by participating in his 150% cash infusion, he chickened out and shafted shareholders. It's in the hands of the CBI now, don't expect much.

Don't lose faith in the other ISX banks, strong numbers are pouring in and should should produce nice gains going forward.

Ok, so my Warka investment is worthless.

Lets hope the other banks can make up for this

[Kickabuck]

Ok, so my Warka investment is worthless.

Lets hope the other banks can make up for this

Warka will emerge from this mess with a value...too early in the fight to see what it is...

[chakkarchee]

. I like to add that from CBI and the Govt side dealing is not kosher either, recently Parliament committee in their finding has pointed out that Govt unexpected funds withdrawal has affected the banks. ( This was news couple of years ago that that govt has withdrawn heavy cash as a warka client which eventually began the whole Warka fiasco and still going on ) in my opinion Govt / CBI does not have the expertise / experience and will or may not want to take time off from corruption to address their own policies those are hindrance to handling such a large GDP.

I believe firstly banking need to be corrected with correct policies that show seriousness and professionalism in banking and satisfy Iraq’s banking and monetary need. But than people employed by Govt are there probably for a different purpose altogether serving their own interest

[MEALTICKET]

I think we will be okay...Hang in there shareholders

[dinar@8]

So what exactly is the current position with Warka Bank? Specifically in relation to :-
1) Funds held in cash in my IQD account at Warka;
2) Funds held in cash in my US$ account at Warka;
3) Non-Warka shares held by Warka acting as my proxy? and
4) Warka shares held by Warka acting as my proxy.

For each of the above would be nice to know whether or not I could access my funds, what current realiseable values are and what the prospects are going forward.

[Will-it-happen?]

So what exactly is the current position with Warka Bank? Specifically in relation to :-
1) Funds held in cash in my IQD account at Warka;
2) Funds held in cash in my US$ account at Warka;
3) Non-Warka shares held by Warka acting as my proxy? and
4) Warka shares held by Warka acting as my proxy.

For each of the above would be nice to know whether or not I could access my funds, what current realiseable values are and what the prospects are going forward.


Who knows !!!!!!!!!!!!!!!!!!!!!!

[lglwzrd]

you can still get your $$ out of warka via an email authorization as always. they will still sell stocks for you. that is all i know based on my personal experience.

[manwithnoname]

I think we will be okay...Hang in there shareholders

No disrespect MT. As far as Warka shares go.. We haven't got a lot of choice! :-(
MWNN