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  1. #1
    Supporter and Investor!
    Join Date
    Aug 2004

    Private banks

    A parliamentary committee proposes assigning state - owned companies to guarantee deposits of private banks

     Baghdad / term

    Parliamentary Finance Committee has proposed converting an Iraqi insurance companies to the guarantor institution to domestic banks in order to restore trust between the citizen and the banks. And it called on the central bank to repay deposits of depositors affected by the private banks and the settlement of accounts.
    The MP Magda al-Tamimi, a member of the parliamentary finance committee, at a joint news conference held with a number of citizens who deposited Mbalghm in some private banks, said that "citizens who deposited their money in the Warka Bank each sold their homes and put all their savings in the bank, but the bank told them our fiscal deficit and the money went have ever been on this case for seven years, and Dar es Salaam, he went away on this two years and a few months the case. "
    She said a member of the Finance Committee that "those banks had to grant citizens a few installments not exceeding one million dinars or less, even though everyone knows that the currency difference is different now about seven years ago, and thus where to stay citizen's confidence in banks, creating their reluctance and make them keep their money at home Adding to the crime rate. "
    She called Tamimi central bank to "pay those families with their profits and settle accounts with those banks directly," surprising "to enter the Warka Bank to sell the currency market, which claims to lack of funds has at the time that this bank auction of depositors' money income, while the House Bank peace has bought land that money. "
    She explained a member of the Finance Committee "in 2015 and put a paragraph budgetary formed an organization to guarantee private banks but did not see the light," calling to "transform an insurance company to a guarantor institution to domestic banks to rebuild trust between the citizen and the banks, which has affected the situation of the economic development of the country."
    An official source in the banking sector occur (range), at the end of last year, said that "the Central Bank decided to impose a trusteeship on the bank of Dar es Salaam for investment and the Tigris and Euphrates rivers because of Aavaihma to repay deposits of citizens during the last period as a result of mismanagement," stressing that "the Bank Central has in recent days launched a part of the legal reserve Dar es Salaam to depositors, but the bank can not meet its obligations. "on the other hand, said Abdul Hussain Anbaki, an economic adviser to the prime minister, said that" private banks in Iraq is creating credit, and relies on the auction in get the currency difference, "adding that" it is supposed to be doing these banks the economic development of Iraq and not to be Dakkakaan banking. "
    He Anbuge "These banks must work in the Iraqi environment and to have the risks and operates in all banking functions and exercised by the creator credit for development."
    Experts and bankers attribute the causes of the current crisis being experienced by some private banks, the financial crisis experienced by the country as a result of lower oil prices, the security and the collapse that followed the fall of Mosul in 2014, and the number of private banks after 2003 to up to 50 banks, after it was 17 banks prior to this date.
    In the meantime, Ali Tariq, Executive Director of the Association of private banks, said that "the troubled banks are very few when compared with banks that have been successful over the past period," adding that "the Central Bank has taken a series of decisions to end the issue of troubled banks and was launched cash reserve located at the central bank and distributed to the holders of deposits of citizens. "
    He added that Tariq "find some banks due to low liquidity after a number of citizens to withdraw their money after the organization Daesh control of some areas in addition to the non-payment of dues to the state contractors."

  2. #2
    Supporter and Investor!
    Join Date
    Feb 2010
    so is Warka saying they are broke and can't pay depositors their money? yet they are participating in the currency auctions? Wasn't it just a year or so ago when warka was released from custodianship and had more assets than liabilities?

    I really wish either Warka or the CBI would give an update and say if Warka is going to open for business again or not.

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