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Hue Mi
06-09-2013, 09:12 AM
Finance parliamentary proposes the establishment of an insurance company to protect bank deposits (http://www.ikhnews.com/index.php?page=article&id=87536)

09-06-2013 10:28 AM

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Baghdad (news) .. suggested the parliamentary Finance Committee, the establishment of a reservation deposit insurance company in financial public and private banks in order to reassure citizens wishing to bid farewell to their money in banks.

A member of the Finance Committee Haitham Jubouri (of the Agency news): You must find a modern and sophisticated system used to guarantee bank deposits, so the Finance Committee proposed the establishment of private joint-stock company with a large capital.

He explained: that the function of the company is to guarantee bank deposits in the event of bankruptcy of the bank or for embezzlement, where there would be money available for these deposits.

He continued: that the establishment of such a company can not be a stranger to the presence of insurance companies operating on the loans granted by private banks as is the case with bank guarantees that protect bank loans.

He added: that this company can protect the private banking sector and also protects the client banks with those of any negatives that may occur in the future.

The Association of private banks confirmed that the proportion of deposits with banks, ranging from 65 to 68 trillion dinars, of which not to exceed 22 trillion dinars deposits of private banks, and consists of the banking system in Iraq from forty-three banks as well as the Central Bank and distributed by ownership between (7) banks governmental and (30) Ahli Bank, including (7) Islamic banks in addition to (6) of foreign banks. / End / 3. d. o /

Will-it-happen?
06-09-2013, 10:24 AM
and for those who have already lost their savings ?

chakkarchee
06-09-2013, 12:24 PM
I thought they were already backed by FDIC