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  1. #1
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    Central Bank Warka Bank choice between liquidation and payment of 200 billion dinars

    Central Bank Warka Bank choice between liquidation and payment of 200 billion dinars

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

    Alsumaria News / Baghdad

    face the Iraqi Central Bank, on Wednesday, warning liquidation of Warka Bank for Investment and Finance, unless repaid $ 200 billion Iraqi dinars before the end of this month. , the bank said in a statement released today, and got "Alsumaria News", a copy of which, "The Warka Bank for Investment and Finance and faced several problems and committed his administration numerous errors which summoned the Iraqi Central Bank to impose trusteeship upon start act Capricorn liquidate him, "noting that" major shareholders in the bank offered several proposals for rehabilitation."

    the bank said that "studied options liquidation and rehabilitation With great care the interests of depositors and their rights," adding that he "noted that the liquidation of the bank was equity risk."

    and affirmed the bank to "keep the Warka Bank on this case is contrary to trends central bank in building a Iraqi bank Rezin and enhance confidence in him," pointing out that he "decided to issue warnings to the Warka Bank until the 31 of December, the current, to be repaid as agreed to deposit two hundred billion dinars in the light of what has been meeting with him, and Otherwise take the central bank action to liquidate."

    The central bank announced, in (26 June 2012), that the Commission guardianship formed to audit the accounts Warka Bank will distribute financial returns they receive from debt bank between owners small deposits, stressing that there are ten thousand small depositors in the bank.

    Article 67 of the Banking Act that the Iraqi Central Bank to establish The license of the Bank of progress based on Article 67 and provide capital by the state for all or part of the assets and liabilities of the bank subject to rehabilitation.

    announced Executive Director of the Association of Iraqi private banks Abdul Aziz Hassoun, in August 2011, that the Warka Bank needs to about 100 billion dinars Iraqi (90 million dollars) to boost liquidity, while confirming the Iraqi market for securities that the Board of Governors in the Iraqi Stock Exchange has decided to cancel listing of Warka Bank from the market, in accordance with paragraph ninth of Article V of the instructions number three amended for the year 2011, which provides for the cancellation company insertion if the stoppage of trading for six months without taking appropriate action to appeal, pointing out that the Warka Bank Stopped trading since the eighth of February 2010.

    and the Warka Bank for Investment and Finance, which was established in 1999.

    130 branches and 350 ATMs in throughout Iraq.

    noteworthy that Iraq has seven state-owned banks and 23 private banks and eight Islamic banks in particular, according to the website of the Central Bank, the banking sector is dominated by banks, Rafidain and Rasheed Aovernmaan.


    http://www.sotaliraq.com/mobile-news...#ixzz2FXZCc56F
    Follow the money $$

  2. #2
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    Quote Originally Posted by guardian View Post
    Central Bank Warka Bank choice between liquidation and payment of 200 billion dinars

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

    Alsumaria News / Baghdad

    face the Iraqi Central Bank, on Wednesday, warning liquidation of Warka Bank for Investment and Finance, unless repaid $ 200 billion Iraqi dinars before the end of this month. , the bank said in a statement released today, and got "Alsumaria News", a copy of which, "The Warka Bank for Investment and Finance and faced several problems and committed his administration numerous errors which summoned the Iraqi Central Bank to impose trusteeship upon start act Capricorn liquidate him, "noting that" major shareholders in the bank offered several proposals for rehabilitation."

    the bank said that "studied options liquidation and rehabilitation With great care the interests of depositors and their rights," adding that he "noted that the liquidation of the bank was equity risk."

    and affirmed the bank to "keep the Warka Bank on this case is contrary to trends central bank in building a Iraqi bank Rezin and enhance confidence in him," pointing out that he "decided to issue warnings to the Warka Bank until the 31 of December, the current, to be repaid as agreed to deposit two hundred billion dinars in the light of what has been meeting with him, and Otherwise take the central bank action to liquidate."

    The central bank announced, in (26 June 2012), that the Commission guardianship formed to audit the accounts Warka Bank will distribute financial returns they receive from debt bank between owners small deposits, stressing that there are ten thousand small depositors in the bank.

    Article 67 of the Banking Act that the Iraqi Central Bank to establish The license of the Bank of progress based on Article 67 and provide capital by the state for all or part of the assets and liabilities of the bank subject to rehabilitation.

    announced Executive Director of the Association of Iraqi private banks Abdul Aziz Hassoun, in August 2011, that the Warka Bank needs to about 100 billion dinars Iraqi (90 million dollars) to boost liquidity, while confirming the Iraqi market for securities that the Board of Governors in the Iraqi Stock Exchange has decided to cancel listing of Warka Bank from the market, in accordance with paragraph ninth of Article V of the instructions number three amended for the year 2011, which provides for the cancellation company insertion if the stoppage of trading for six months without taking appropriate action to appeal, pointing out that the Warka Bank Stopped trading since the eighth of February 2010.

    and the Warka Bank for Investment and Finance, which was established in 1999.

    130 branches and 350 ATMs in throughout Iraq.

    noteworthy that Iraq has seven state-owned banks and 23 private banks and eight Islamic banks in particular, according to the website of the Central Bank, the banking sector is dominated by banks, Rafidain and Rasheed Aovernmaan.


    http://www.sotaliraq.com/mobile-news...#ixzz2FXZCc56F
    any news ??

  3. #3
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    "the Commission guardianship formed to audit the accounts Warka Bank will distribute financial returns they receive from debt bank between owners small deposits, stressing that there are ten thousand small depositors in the bank. "

    What does that part mean and who/where will the account be held for us owners of small deposits?

  4. #4
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    Is this a liquidation notice??
    I have read the articles several times and still don't understand what is actually being stated!!!
    Any opinions on what they are announcing here...
    DINAR INDEX.COM London UK - Investments in the New Iraq - Currency Buy/Sell - ISX (Iraqi Stock Exchange) Facilitation - Iraqi Banking Services - Facebook.com/DINARINDEX - IIF Member since 2005

  5. #5
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    Quote Originally Posted by Dinar Index View Post
    Is this a liquidation notice??
    I have read the articles several times and still don't understand what is actually being stated!!!
    Any opinions on what they are announcing here...
    Personally I believe its more of the "either/or" situation. Its dated 19th December and we were aware of the scenarios before that.
    Is it clarification of what is to happen if they dont pay, is the question? Worrying times methinks..
    MWNN

  6. #6
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    Why would a bank pay good dividends if they were going "out of business"?

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    Quote Originally Posted by War Eagle View Post
    Why would a bank pay good dividends if they were going "out of business"?
    Warka hasn't paid anyone for a long time. The interest paid in Dec is only on paper and they have not distributed any to their clients. I just hope they can pull a rabbit of of their hat.
    Success Comes In Cans...Not In Cannots.

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    Warka submitted to the CBI a proposition IQD 300 billion

    Dear Sir,


    With regards to Warka Bank for Investment and Finance current events and circulating news please note that our CEO and Chairman of the Board of Directors has submitted to the CBI a proposition a get well business plan exceeding the capital requirement set by the CBI covering over IQD 300 billion over a period of 6 months the standard period in accordance with the set business procedures protocols and guidelines where the board of directors hopes that this proposition is taken into consideration and approved for the good benefit of all the fine parties concerned where a notice will be posted on our website regarding the result of this proposal.

    Best regards,

    Warka Bank for Investment and Finance

  9. #9
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    Quote Originally Posted by War Eagle View Post
    Why would a bank pay good dividends if they were going "out of business"?
    Have they? Warka bank is just as snakey as all the other banks we have all had dealings with over the years, Mr I seemed nice enough, probably is as a person, and chances are he dont know to much either as to whats going on, of course that is if he still works for them.

    A bank is a business that's all it is, and like most business's will take your money right up to the last moment of trading, tell you a thousand times how well it's doing...then bam...gone.

    I dont think we need to be told Warka is now in trouble, and if these numbers spoken of on here are anywhere near the truth, well what else can be said.

    It might get out of it.....hows that for the half full glass approach then?

  10. #10
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    they are paying dividends you cant access....smoke.

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