The Deputy Governor of the Central Bank: a bank central alorkaa undecided and pending financial watchdog report

[BatmaninIraq]

The Deputy Governor of the Central Bank: a bank central alorkaa undecided and pending financial watchdog report

Date: Saturday, 12-05-2012 12: 04 pm

Baghdad (newsletter) … The Deputy Governor of the Central Bank sees the appearance of Mohamed Saleh, to submit a report on the status of bank financial Sergeant alorkaa to the Central Bank within the next few days to see a bank financial assets hand and its required external financial, legal actions in the light of the report.
He said Saleh (News Agency news) on Saturday: it is still undecided about alorkaa being a large Bank and its operations are complex and require financial assets assessment for a long time, and now awaits Central Bank submitted his fiscal watchdog in the next few days to the interim administration of the Bank “guardian” and then be submitted to the Central Bank to see if the Bank could continue to “life” to help him, or needs to extend his tutelage until financial solve its problems.
And between: the report property inventory includes financial watchdogs financial and external liabilities of the Bank and see is there any significant loss of capital, and in the light of the Bank is to know the status, noting that the Central Bank would ask the Finance Ministry to grant loans long futures in the event of a sharp decline in its financial position, or resort to participation by other banks, as stipulated in the Banking Act in article (66) number (64) of the year (2004).
The Board of Governors in Iraq Stock Exchange include bank company decided to write-off alorkaa from the market, in accordance with paragraph 9 of article v of the modified directive no. three for 2011, which provides cancellation of the insertion if the company stops trading for six months without taking appropriate action to resume, banner Bank alorkaa is shut down trading since February 8, 2010.
And alorkaa Bank for investment and finance, established in 1999, (130) 130 branches and 350 ATMs throughout Iraq and the Central Bank has developed a three-stage plan to raise capital of banks to 213 million dollars by June 2013 to spur lending while recovering the Iraq sanctions and the US-led invasion in 2003.
http://www.microsofttranslator.com/b...w%26id%3D41803

[MEALTICKET]

Looks like Al Warka is going to be on the sideline for for awhile.

[Will-it-happen?]

Looks like Al Warka is going to be on the sideline for for awhile.

How long you think ? another 2 years ?

[Kickabuck]

From Rabee's site:
The Central Bank of Iraq (ICB) stated today (May 13) that its committee set up to study and resolve the assets of Warka Ahli Bank will pay the depositors in the bank before the owners of capital. (AKnews)

[chakkarchee]

By the look of it and my experience , this is going to ba a very long haul for Warka to be back on their feet. may be good 5 to 10 years

[anele]

Central: Development of the Warka Bank is settled



05/13/2012 0:00

BAGHDAD - Al Sabah
Most likely the deputy governor of the Central Bank of the appearance of Mohammed Saleh, to report on the status of financial Sergeant Warka Bank to the Central Bank during the next few days to know the status of the bank in terms of financial assets and financial liabilities of Foreign Affairs, to take legal action in the light of the report.
Saleh said (of the Agency news): The matter is still undecided about the Warka Bank as a major bank and its operations are complex and evaluation of assets of financial need and a long time, and the central bank is now waiting for Sgt. Financial will submit his report within the next few days to temporary administration of the bank «guardian» and is then submitted to the Central Bank to determine if the bank can continue and «life» to help him, or needs to extend his custody until the solution of financial problems.
And: that the report of Sergeant Financial includes an inventory of financial assets and liabilities of foreign bank and see if there are significant losses in the capital, and in the light are know the status of the bank, noting that the central bank will be required from the Ministry of Finance granted loans and long-term if there is a sharp decline in its financial position , or resorting to participation by other banks as stipulated by the law of Iraqi banks in Article (66) No. (64) for the year (2004). It is noteworthy that the Board of Governors in the Iraqi Stock Exchange canceled the listing of the Warka Bank from the market, in accordance with paragraph IX of Article V of the instruction number three amended for the year 2011, which provides for the write-off company from the listing if the stoppage of circulation for six months without taking action suitable for the appeal, pointing out that the Warka Bank is turned off from trading since the eighth of February 2010. and Warka Bank for Investment and Finance, which was established in 1999, (130) branches and (350) ATMs in all parts of Iraq. has developed a central bank plan three stages to raise banks' capital to 213 million by June 2013 to stimulate lending at a time when Iraq is recovering from the sanctions and the U.S. invasion in 2003.

http://translate.google.com/translat...x%3FID%3D26985

[jcav]

CBI: The Committee on Trusteeship Will Pay Depositors Warka Bank

May 13, 2012

Baghdad, (Rn) – The Central Bank of Iraq, The Committee on Trusteeship, which commissioned the study and the liquidation of the assets of the Warka Bank Ahli, who suffered a severe financial crisis is seeking as a first stage to pay depositors the bank over the assets of the bank as he emphasized that the Sergeant Financial is still studying up to now assets of the bank in order to raise the final report developed by the Central Bank. and decided Central Bank of Iraq beginning of March last to develop and guardianship to the Warka Bank because of the deterioration of fiscal policy, the bank said that the imposition of guardianship on the Warka Bank came to save him.

The main tasks of the Central Bank in managing monetary policy in the the country, and raise the level of the value of Iraqi dinar and tackle inflation. Deputy Governor of Bank of the appearance of Mohammed, told the Kurdish news agency (Rn) that the “Committee for guardianship which was commissioned by the Central Bank of the management of the Warka Bank operates as a first stage to pay depositors the bank by the owners of capital through the liquidation of assets of the Bank.”

Said Mohammed that “the assets of the Bank of Warka large there are a lot of money awarded to investors millions of dollars and the Committee seeks guardianship over the legal methods to recover the money that refuses to some payment.” and the Deputy Governor of the Bank that “Sgt. financial charge of preparing a report on the assets of the bank is still working .. . requires more time out for the purpose of the report because there are many complexities.”

He said. sought Warka Bank, according to economic reports to emerge from its financial crisis by entering Bembagesat with Standard Chartered Bank British to sell a share of the shares, but the talks reached a dead end.

The decision to place custody of the Warka Bank at a time enter the central new mechanism requiring the withdrawal of hard currency on the basis of the importance of development projects in the country, after the news spread about the widening phenomenon of smuggling hard currency, especially to Iran, facing international sanctions. , says Central Bank of Iraq that the article 59 of its law permits him put custody of the banks which is about the appointment of an interim administration for any Bank gets it financial problems.

According to Article 66 of the Bank Act to the trustee after the appointed by the central bank could seek through the Central Bank of the request by the Minister of Finance to save the bank in case found that there is a possibility to save him.

http://iraqdailytime...ors-warka-bank/

[chakkarchee]

I lost a bundle here, but happy most eggs were not in the same basket

[shardima]

not over until the fat lady sings!

[chakkarchee]

If accounts goes in CBI/govt's hand things will go to snails pace.
on the other hand Mr I may have a chance to be a head huncho at Warka, most likely be a good thing.