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guardian
07-06-2014, 04:10 AM
Specialist: Central Bank confound the banking business

29/06/2014


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BAGHDAD / JD / .. called a specialist in financial matters on behalf of Hadi al-Tamimi, the central bank to take important measures to address the crisis experienced by the Iraqi banks in accordance with the laws and regulations, pointing out that some of the checks issued by the bank created a kind of confusion in the banking business.

He said al-Tamimi told / JD /: "Some of the instructions issued by the Central Bank against the private banks that confound the banking business such as increasing their capital or put strict controls for transfers of financial and buying and selling currencies are all led to the creation of a financial crisis in many Iraqi banks."

He said: "The confusion security witnessed by the country requires auditing and wait any steps that would harm the interests of citizens and customers with some of the banks, contrary to simple commands and ineffective.

He added that the central bank must take legal action to help support the banking sector, as well as finding solutions to the banks that have gone bankrupt as a bank Warka, the economy and other banks.

It is noteworthy that the central bank may impose guardianship on a number of private banks, including Bank of the economy, investment and the Warka Bank in a move to keep the funds of the bank customers and is not affected by the Iraqi economy.

According to the Central Bank, he was based in the conduct of this to the Banking Act No. 94 of 2004 in Article 40, which enables him the authority to supervise and control the banks operating in Iraq, the text of paragraph 1 of Article 59, which refers to appoint the CBI guardian of the bank when the central bank decided to that the bank does not meet its financial obligations when entitlements. / Finished / 8 /



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Will-it-happen?
07-06-2014, 06:17 PM
so Warka won , we just waiting for Maliki to be replaced and the NASDAQ to relist Warka on the ISX ? right ?

oldskiier
07-06-2014, 10:10 PM
I think we might be getting close!!!...... Maybe ! ..... With The Kurds breaking off now...maybe the fighting will stop in the south & Baghdad.... and the ISX will go "Live" on the NASDAQ ...at the end of the month !!! I think all the Areas are rich on their own ...so money still should flow !! JMHO !! :cool:

pirata
07-07-2014, 01:52 AM
I think we might be getting close!!!...... Maybe ! ..... With The Kurds breaking off now...maybe the fighting will stop in the south & Baghdad.... and the ISX will go "Live" on the NASDAQ ...at the end of the month !!! I think all the Areas are rich on their own ...so money still should flow !! JMHO !! :cool:
Agree 100%...

Will-it-happen?
07-07-2014, 12:29 PM
but no news from NASDAQ nor the ISX ( or even Erbil stock exchange) about any of this

pirata
07-07-2014, 12:40 PM
but no news from NASDAQ nor the ISX ( or even Erbil stock exchange) about any of this
End of the month,I hope!!

Will-it-happen?
07-07-2014, 12:49 PM
Doesnt help the Al-Maliki doesnt want to go either !!!

mcdan
07-07-2014, 03:55 PM
Warka Bank .. years and depositors' money lost between the central bank and the bank management

07/07/2014 15:07
Tomorrow's Press / Baghdad: Muhannad Mustafa



If we are to escape from the fear of the reality in which we live our money and the amount of money that may be all we have what we have, but the direction to the nearest bank in the capital, or the city that we live where to put it and bank deposits are in the custody bank so be assured funds from theft and fraud, but The issue in the Warka Bank are radically different, as the ordered another story. deposits placed in the bank can not go back to the citizens and in any form, especially that most of those who reposed are simple as distant cry from the politics and crises of those who have spent years of their lives in misery and businesses that hold them above their energies usual, claims PAUSE real by the current government.

"Tomorrow's Press," I talked with a number of citizens who have deposited large sums of money in the bank and listened to their suffering and their views about the subject. Nstgit for our rights, says Sabah Anwar, a media that he "You can not stay in this situation, which is not likely Vomwali that deposited in the bank four years ago, enough for me and my family for a period of time, I want to recover, and in any way and not my fault that the administration was the bank correct or wrong, the fact that the matter pertaining to my receivables since then." says Anwar for "tomorrow's Press," "We are trying and we use and Nstgit to take our rights from the bank to no avail, not a solution, not to manage the bank, not from the central bank, not from the government, and after the decision of the custody of the bank We are encouraged, but things remain as they are, When you change the management of the Central Bank of thanking God that it will come a new administration and solve the problem, but surprised that the central bank will make a decision to liquidate the bank, and that the subject of liquidation means go and the loss of the sums and our money. "

decisions strange from the bank and shows Khadr Alaa, a government employee, said: "It can not be tolerated over this period I and all suffer from the same crisis we review from time to time and inform that the amounts would return soon, but the great disaster that the major contributor in this bank agreed with the Governor of the Central Bank and the Agency on the deposit amounts are not significant during the period of six to nine months, but the sad thing is that the central bank refused and insisted on strange decision, a payment of two hundred billion Iraqi dinars, and during the period up to the end of last year. " He continues Alaa for "tomorrow's Press," that "the bank was not prepared to pay this huge amount of money, especially as he a stagnating abnormal, making it the liquidation decision enters into force, and this resolution is wasted the rights of all depositors in the bank. " is the fruit of effort lean years while see Firas Mohammed, an employee in the company civil, said, "This money is the result of tired of our fathers and our people for many years can not go and get lost because of the policies and mistakes of the Warka Bank and the decisions of the central bank, which is a disaster for us and for our families and our children so it should be. " and demanded to take "rational decision by higher authorities in the state to take the necessary and return the money." case would destroy hundreds of families for its part called roar Azzawi , a teacher, "the central bank and the Iraqi government to redress the bank and stand next to him for the fact that the world its crises of economic, commercial, and on an annual basis, especially as more banks nations known global stumble and Taatlki all their work so requires the state to be a true shepherd to maintain the people's money, but in my country it is completely different. " explained Al-Azzawi in her speech for "tomorrow's Press," "According to my knowledge, and ongoing follow-up to the work of the bank, there are thousands of people in southern and northern Iraq have the amounts deposited in the bank." and believes al-Azzawi said, "These thousands of people will be lost their rights because of administration Bank failed and the decisions of the central bank, which will be demolished and the disintegration of thousands of Iraqi families. "

weak oversight and performance major reason for the crisis and in this regard demonstrates the economic expert on behalf of Jamil Antoine, said he "can not remain state is unable to make decisions that will be the solution, and the solution lies in lending bank amounts and funds sufficient to repay all deposits exist, but this process has not been not given a loan which caused the collapse of the entire great reputation and banking institution known in the country. " adds Antoine for "tomorrow's Press," that "the bank is unable to repay Altazamth and money due to the fact that all property in his possession is mortgaged, the central bank has guardianship of the bank for a period of 18 months, but it ended without any results, only an increase in the crisis, so it is supposed to, the central bank bears the responsibility for which can not be completed to this point, a decision that is not enough. " . confirms Antoine "The biggest part of the crisis lies with the state, which did not do its regulatory and financial from the outset to avoid getting hold such a crisis caused a great loss to all depositors in this bank, the central bank will not stay in the position of a spectator who demonstrates the weakness of addressing the economic situation and professional and scientific in Crisis. " the central bank .. Warka Bank need to organize simple administrative his part, said the deputy governor of the Central Bank of the previous appearance of Mohammed Saleh, "The bank's move to lift the guardianship for Warka Bank, after a period of almost two years good financial sense, because it will give a good indicator of bank guarantees and financial dealings in Iraq, "expressing his surprise at the" delay in raising the guardianship despite offering a number of international organizations, financial reporting orally to the return of the Warka Bank to work. "

Saleh added in a statement seen by "tomorrow's Press," that "Warka Bank need to administrative organization is simple to return to the financial arena, also requires that there be active assistance by the government represented by the Ministry of Finance through the development of a deposit long-lasting in the bank even help him to Financial Action Task Force in spite of the high volume of financial assets relative to debt. " Saleh continued that "it is The duty of government is to keep the financial situation of the country, because the Warka Bank does not carry only money the owners have, but there are large sums of money to citizens who are part of the financial system of the country and assist the Ministry of Finance of the Warka Bank due now, adding that "with the lifting of guardianship for Warka Bank, was left Only one bank, which (via Iraq), and can not call it a label recommended it, because the theme is nearing its decisiveness by the central bank and the borrowers. " raise the guardianship will enhance the role of the bank for his part welcomed a member of the Board of Directors in Warka Bank Issam al-Asadi decision of the Central Bank, describing it as "decision equitable because it would strengthen the role of the bank in the financial system." added al-Asadi said in a statement seen by "tomorrow Press", "The Warka Bank has the ability now to overcome the crisis, because financial assets within the bank amounting to almost 500 billion dinars, which is greater than Liabilities that do not exceed the 380 billion dinars. " was the Iraqi Central Bank has decided in March of 2012, the imposition of trusteeship Warka Bank because of obstructed in financial performance for more than two years, while the bank has to submit reports to prove his return for the resumption of banking activity in order to raise guardianship. The Warka Investment Bank was established in 1999 and has the highest levels of technology and was the first Iraqi private banks that rely electronic accounting and the number of branches 130 branches in addition to operating branches outside Iraq.

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oldskiier
07-07-2014, 05:41 PM
"The Warka Bank has the ability now to overcome the crisis, because financial assets within the bank amounting to almost 500 billion dinars, which is greater than Liabilities that do not exceed the 380 billion dinars. "

This is promising !!!

HumbleGenius
07-07-2014, 11:19 PM
"The Warka Bank has the ability now to overcome the crisis, because financial assets within the bank amounting to almost 500 billion dinars, which is greater than Liabilities that do not exceed the 380 billion dinars. "

This is promising !!!

(Thanks mcdan)

Agreed OS but I have to say there seems to be all sorts of conflicting statements. I laughed a little and I cried a little. May come down to what was lost or changed in the translation. Might as well consider the glass half full on this one and take it as a positive for now.

chakkarchee
07-08-2014, 08:25 AM
so Warka won , we just waiting for Maliki to be replaced and the NASDAQ to relist Warka on the ISX ? right ?

And and Maliki, Kurds, ISIL lives happily ever after and Cows cometh ......