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Thread: CBI announces its guardianship "Warka" and waving his elimination

  1. #1
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    CBI announces its guardianship "Warka" and waving his elimination

    CBI announces its guardianship "Warka" and waving his elimination

    19/12/2012 | (Voice of Iraq) - Add a comment -

    Twilight News waved Iraqi Central Bank, on Wednesday, the liquidation of the Warka Bank unless repaid $ 200 billion dinars before the end of this year.

    and Warka Bank 130 branches across Iraq. , the bank said in a statement received "Twilight News" copy of it, that management Warka Bank for Investment and Finance "committed numerous errors which summoned the Central Bank to impose trusteeship upon start act Capricorn liquidate him," he said, adding that the bank where many problems.

    said the bank that he "studied options liquidation and rehabilitation under very careful on the interests of depositors and their rights," and said he was " Note that the liquidation of the bank was equity risk."

    and added, "keep the Warka Bank on this case is contrary to trends central bank in building a Iraqi bank Rezin and enhance confidence in him."

    He said he decided to issue warnings to the Warka Bank until the 31 of December, to be repaid what was agreed upon deposit of $ 200 billion dinars in the light of what has been meeting with him, otherwise, the central bank takes action to eliminate him. EM

    http://www.sotaliraq.com/mobile-news...#ixzz2FWoB8TEB
    Follow the money $$

  2. #2
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    Looks like the end, wonder if we lose everything?
    " Never forget everything Hitler did in Germany was legal " ---Martin Luther King jr.---

  3. #3
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    I think the CBI guarantees our accounts!

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    Central of Warka either (liquidation) or (rehab) and giving him 10 days to deposit 200 billion dinars
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    cms BAGHDAD / obelisk: Central Bank has given the Warka Bank for ten days to comply with its decisions Judge deposit of $ 200 billion Iraqi dinars and not to damage the interests of its clients.



    A statement issued by the bank and got the obelisk, a copy of "I faced the Warka Bank for Investment and Finance several problems and committed his administration a lot of mistakes, which summoned the Iraqi Central Bank to impose trusteeship upon start act Capricorn liquidate him has offered major shareholders in the bank several proposals for his rehabilitation."



    The statement noted that "the Board of Directors of the Central Bank studied two options to address the situation Bank Warka first heading toward (liquidation) and the second emphasizes the (rehab) under very careful on the interests of depositors and their rights and noted that the liquidation of the bank threaten their rights."



    "The keep the bank on this case is contrary to trends central bank in building a Iraqi bank Rezin and strengthen confidence" past to say "it Council decided to extend a warning to the Warka Bank until 12/31/2012 to pay what was agreed upon deposit of $ 200 billion dinars, Otherwise take the Central Bank of the necessary measures to eliminate him. "



    The Central Bank of Iraq announced, (5 March 2012) on the status of the Warka Bank under trusteeship after the failure of talks with British bank Standard Chartered, which began in April 2011 to buy a stake in it after suffering a financial crisis summoned and placed under guardianship.



    Warka Bank for Investment and Finance, which was established in 1999, 130 branches and 350 ATMs in all parts of Iraq.



    It is noteworthy that Iraq has seven banks owned by the state and 23 private banks and eight Islamic banks in particular, according to the site's central bank, while dominated by the banking sector banks Rafidain and Rasheed Aovernmaan, and subject currently restructuring in order to pay off the debts accumulated after years of war and sanctions.
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  5. #5
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    Quote Originally Posted by War Eagle View Post
    I think the CBI guarantees our accounts!
    I don't think Iraq has any kind FDIC in place from the govt. or CBI. On the other hand does the CBI only want to get control of Warka Bank keeping all of its accounts safe and in place. It seems to me Iraq is trying to advance its banking system and getting rid of the largest bank in the country would be counter productive to this goal.

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    surely they will find a buyer ?

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    Hopefully their is account protection under the CBI rules, or we will see Warka come up with the funds to make solvent.
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    To e Warka is a gonner, no way no how, owners will come up with 200 mil by end of December.

    So what is next for warka and its account holders is the BIG question indeed.

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    hmmmm,,,here's a thought,,,if they don't come up with the 200b (unlikely imo) and the cbi takes over, will the cbi go back and see if SC is still interested? My understanding is that if SC had gotten 51% during original talks it would have been a done deal...

    any opinions?

  10. #10
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    This begs the question why would Bunnia lose everything instead of selling.
    " Never forget everything Hitler did in Germany was legal " ---Martin Luther King jr.---

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