CBI confirms that the guardianship and the Warka Bank came to save him

09/03/2012 15:19

Baghdad, March 9 (Rn) - The Central Bank of Iraq, Friday, the imposition of guardianship on the Warka Bank of Iraq Investment and Finance came to save him from some of the problems experienced by noting that the interim administration's current bank moving its business, while considered the Committee of Representatives of financial conduct of the Central is an important step to improve and reality.

The Iraqi Central Bank decided this week to develop and guardianship of a Warka Bank of Iraq's largest banks because of marking some of the problems in financial dealings.

The main tasks of the Central Bank in managing monetary policy in the country and raise the level of the values ​​of the Iraqi dinar and tackle inflation.

The deputy governor of Bank of Iraq the appearance of Mohammed Saleh told the Kurdish news agency (Rn), "the central bank to impose guardianship on the Warka Bank to help him overcome his problems," noting that "the bank had a problem and we look closely now its assets, and work is continuing and has not closed."

The Deputy Governor of the Bank that "Warka Bank of the large banks and very good and has many branches and guardianship means is the interim administration of the bank," and expressed his hope that "the Warka Bank back to normal after the conclusion of the investigation."

He continued that "the guardianship, according to the law is 18 months, renewable for 18 again," revealing that "the bank found in the daily deal section due to reasons outside of his will, including the Iraqi government to withdraw deposits from three years ago."

In response to a surprise that situ Iraqi Finance Minister Rafie al-Issawi's decision to custody of the Warka Bank without being told personally by the Deputy Governor of the Central Bank that "there is confusion in the law of the Central Bank occurred in the articles is the 59 and 66", noting that "He explained to the Minister of Finance The latter expressed his conviction. " He said.

He expressed his Finance Minister Rafie al-Issawi yesterday in a press statement from the bank's decision surprised the Iraqi Central Bank developed under the tutelage of Warka, without taking the coordination and approval of the Ministry of Finance.

He says the Iraqi Central Bank, Article 59 of its law permits him put custody of the banks which is about the appointment of an interim administration for any bank get its financial problems, while the point of article 66 of law that the trustee after the appointed by the central bank could seek through the Central Bank of the request decision of the Minister of Finance to save the bank in case found that there is a possibility to save him.

And sought the Warka Bank, according to economic reports to come out of his financial entry through the Bembagesat with the British bank Standard Chartered to sell a share of the shares, but the talks have reached a dead end.
The Committee expressed its support for the parliamentary economic decision to place custody of the P-Warka Egypt on the grounds that the policy adopted by his administration were not effective.

He said the Commission's decision Mahma Khalil's (Rn), "the policy of the Warka Bank banking and economic ineffective in Iraq and a lot of citizens' rights were lost because of the political incorrect," noting that "put the bank under the tutelage of the Central Bank is an important step to improve the reality."

Khalil said that "the Central Bank of Iraq assumes all responsibility in the granting of rights to citizens who deposited their money in Warka Bank."

Economists point out that all banks in Iraq, whether government and private need to tighten control by the central bank in order to prevent financial problems call placed under guardianship.

The economist said Falah Hassan's (Rn), that "there are a lot of the problems that got the issue of deposits in banks, the control of all banks, whether civil and government on the grounds that part of the banks has not led to the now active role in the Iraqi economy."

Hassan said that "the control of the central bank to all banks will be capable of evaluating their work and improve the efficiency of performance and thus recruitment expertise to improve the Iraqi economy," adding that "everyone rejects the principle of trusteeship on any bank, but there is confirmation to activate the control of the bank."

He continued that "censorship Central Bank of Iraq will be important in terms of evaluating the work of Iraqi banks in addition to preventing access to the stage of development of each trusteeship."

The decision to put Alossaath Warka Bank in the Central time enter the new mechanism requiring the withdrawal of foreign currency on the basis of the importance of development projects in the country, after news spread of the breadth of the phenomenon of smuggling hard currency, especially to Iran, facing international sanctions.