Results 1 to 8 of 8
  1. #1
    Supporter and Investor! thebest's Avatar
    Join Date
    Dec 2008
    Posts
    242

    WARKA Iraq's Warka Bank Victims 03-16-2015


    Iraq's Warka Bank Victims


    March 16 at 8:08pm ·




    This is a translation of an interview on March 7, 2015 by Al-Sabah newspaper in Baghdad with Iraqi Central Bank Director, Mr. Ali Al-Alaaq. This the best I can do and have to tell you that this is very encouraging for us.
    The Iraqi Central Bank (ICB) is encouraging the the private banking sector to stay away from Dollar trade activities by providing the tools they need to take a true role in the economic growth and improve their profits. Mr. Ali Al-Alaaq, the ICB Director G...eneral, said; ‘The coming days will usher the return of banking activities of both “Al-Eqtisad” and “Warka” banks as ICB completes its custody removal on them.”
    In an interview with “Al-Sabah” newspaper, Mr Al_Alaaq continued saying that there is a future for the private banking sector and that talks of poor state of affair and even failure of the sector is nothing but exaggerations.
    Dissolution of Custody:
    He reiterated that the talk of the demise of private banks is not true as we, at this time, only have one bank under custody; Al-Eqtisad Bank. And soon we will end this status so that it can resume its operations alone with Warka Bank which encountered problems and is now starting to regain its status and ICB is now exploring with the bank the means to get it moving.
    The Director emphasized the role ICB is taking to support the private banking sector so that it can proceed to perform according to international standards, and since most of these banks are newly established they need more support and guidance from ICB. He continued; As we discourage them from Dollar trade activities we are trying to provide other mechanism to improve their role and their bottom line, pointing to the efforts ICB is undertaking and soon to follow directives and new guidelines that were adopted and accepted by the Commerce Committee of The Board of Ministers to elevate the role of the private banking sector.
    Government Deposits:
    Mr Al-Alaaq stated that in the past private banks had limited role in government banking and now these limitations have been removed, pointing to ICB’s efforts to have the Treasury Departments accept private banks inclusion in the governments financial activities. Mr. Al-Alaaq also pointed to regulations being discussed at the Board of Ministers to guarantee deposits at private banks to help with the current lack of confidence in the private banking sector.
    Projects Financing:
    The director also announced that ICB is now prepared to loan private banks specializing in construction, agriculture, and production of goods. Also ICB is embarking on an effort to finance small and medium size private projects to help nurture the economy and provide work just like it is done around the word in other countries.
    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  2. #2
    Supporter and Investor!
    Join Date
    Apr 2008
    Location
    here
    Posts
    1,354
    Great !!!

    ( your article is almost one month old , but any news is good news)

  3. #3
    Supporter and Investor! thebest's Avatar
    Join Date
    Dec 2008
    Posts
    242
    Quote Originally Posted by Will-it-happen? View Post
    Great !!!

    ( your article is almost one month old , but any news is good news)
    Yes is old I know. I was waithing for someone from the negative spirit to pick this article.

    But this is the site for the antiwarka.
    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  4. #4
    Supporter and Investor! thebest's Avatar
    Join Date
    Dec 2008
    Posts
    242
    Quote Originally Posted by thebest View Post
    Yes is old I know. I was waithing for someone from the negative spirit to pick this article.

    But this is the site for the antiwarka.
    I Declare
    https://www.youtube.com/watch?v=JyOAtA62xJ4
    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  5. #5
    Supporter and Investor!
    Join Date
    Apr 2008
    Location
    here
    Posts
    1,354
    Just sayin that its an old article.

  6. #6
    Supporter and Investor! haggisbasher's Avatar
    Join Date
    Jul 2005
    Location
    AULD CALEDONIA
    Posts
    633
    Warka Bank will return trading but not until the investment law has had its 2nd reading and voted through,but there is light at the end of this.JMHO.

  7. #7
    Supporter and Investor!
    Join Date
    Mar 2005
    Location
    Not in CA any more
    Posts
    1,997
    Propaganda. There isn't any way to force them to return likely millions of dollars and the rush to get the money out would bring them down. This is all spin and cover to protect a reputation for the people there and we are just o'bummered.
    We will be lucky to see .04 by the end of 09.
    UPDATE: We will be lucky to see 1169 by the end of 09.

  8. #8
    Supporter and Investor!
    Join Date
    Jun 2006
    Posts
    681
    Quote Originally Posted by SEABEE CAN-DO View Post
    Propaganda. There isn't any way to force them to return likely millions of dollars and the rush to get the money out would bring them down. This is all spin and cover to protect a reputation for the people there and we are just o'bummered.

    Not necessarily. If there is a legitimate desire to return to business, they can control withdrawal requests in a manner to stay liquid. If they are restored, there may not be as many withdraws as you might think. I for one would keep my funds there..why move? After all they've endured & survived, I can then access my funds from there as with any other bank. Warka would have proved their ability to survive attack, and that would bring them above world class status, IMO. I see no need to rush to repatriate; certainly not to USD anyway.

    Regardless, having no other options at this time, I prefer to wait it out w/o projecting doom.
    [Still kicking]

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Powered byvBSocial.com and Block Facebook