Central Bank raised Bank tutelage (Iraq) after raising capital to 150 billion dinars

[Hue Mi]

The Central Bank raised Bank tutelage (Iraq) after raising the capital to 150 billion dinars



Author: ASJ, HH
Editor: HH, SH
2014/06/11 10: 55
Hits: 430
Range/Baghdad

The Iraqi Central Bank, announced on Wednesday, lifting his tutelage Bank (Iraq) after more than two years, with the lifting of the Trusteeship came after completing all procedures including raising bank capital to 150 billion dinars, he committed the Bank to raise capital of 250 billion up to the end of the year 2014.

The Director General of Directorate of the finance and credit Bank Abdel Abbas Khalaf told the (term), "based on a decision of the Board of the Central Bank in its numbered 1510 and complex on 2 March 2014 due to complete all actions by Iraq's Bank in terms of capital increase to 150 billion dinars, according to the article (56/IV), of the companies act in force decides to raise a wills Bank".

"Behind that" Central Bank committed the Bank to raise capital of 250 billion dinars, up until the end of the 31/12/2014 ", adding that" raising capital is one of the items signed by the Bank and for which they were commandments."

The Central Bank had imposed days before his tutelage on economy and investment bank in a move said, it's to maintain the Bank's clients and funds of the Iraqi economy.

[haggisbasher]

OK I read this a couple of times and the only think new is that Warka has now been given till the end of the year to raise the anti to 250 billion,do they now need approval from the ISX commission to start trading on the ISX.wot else is in this statement that I have not picked up on.

[dinar_dude]

Where does it say anything about Warka? It could be talking about another bank.

[HumbleGenius]

OK I read this a couple of times and the only think new is that Warka has now been given till the end of the year to raise the anti to 250 billion,do they now need approval from the ISX commission to start trading on the ISX.wot else is in this statement that I have not picked up on.

I dont know what the above states but I can provide a little info re cbi isx. These are mutually exclusive governing bodies. The actions of one do not directly relate to the other. The CBI governs (in theory) the health of banks and their operations conform to CBI regs. The ISX has its own governance structure and regulations. The key one for us being the annual financial disclosures. Too my knowledge Warka has not provided a annual report in over 3 years at least. So regardless of what Warka's cap may or may not be it wont matter regarding opening trading on the ISX untill all the missing annual financial reports are released for the past x number of years.

[Will-it-happen?]

How many institutions are there in "Guardianship" ?

1) Warka
2)
3)
4)

[HumbleGenius]

Most of them will be soon with what is unfolding over there now. Currency value just about destroyed, 100 tanks, 2 helicopters, unlimited arms now in ISIS hands. The US afraid to act. But look at the bright side. With the arguably given fact gas prices will go up thus taking money out of our pockets, the anemic economy we are in now will slow down further. Goodtimes ahead for all!

[ChinaGirl]

Does anybody read the full article anymore ? says Economy bank right in the post above ....

http://goingglobaleastmeetswest.blog...telage-of.html

Central impose the tutelage of
the Economy Bank for Finance and Investment



Central Bank of Iraq, on
Friday, for the imposition of trusteeship Economy Bank for Finance and
Investment, adding that he would set up committees and trusteeship composed of
three people for a period of 18 months, subject to extension of its mission to
prepare a report on the financial situation and the future and the future
prospects for the bank. ,

the
bank said in a press release that, given the deterioration of the financial Bank
of the economy and its inability to fulfill its financial obligations because of
mistakes and unsound practices committed by the bank and the debacle over the
obligations to its customers and the aim of the safety of banking and financial
system in Iraq decides to impose a trusteeship on the
bank.

[HumbleGenius]

Does anybody read the full article anymore ? says Economy bank right in the post above ....

No, thats why we have you........ (actually I didnt care but figured I would clarify cbi/isx roles being the good humble person I am)