Central Bank Lifts Guardianship for Warka Bank
|February 7, 2014||Filled under Other News|
Decided to CBI, on Thursday, lifting the trusteeship imposed by the Warka Bank since 2012 to find work since 2010, and experts described the decision as “good financially,” calling the government to “maintain the financial situation in the country.”
A source at the Central Bank in an interview with the Almadapress, “The bank decided, today, lifting the trusteeship, which was imposed on the Warka Bank since 2012,” noting that “the central bank imposed a trusteeship after tumble work of the bank in 2010.”
For his part, the deputy governor of the Central Bank of the previous appearance of Mohammed Saleh in an interview with the Almadapress, “The bank’s move to lift the guardianship for Warka Bank, after a period of almost two years good financial sense, because it will give a good indication of the guarantees of the banking and financial dealings in Iraq.”
He expressed surprise at the “delay in raising the tutelage of progress despite a number of international organizations, financial reporting orally about the return of the Warka Bank to work.”
Saleh added that “Warka Bank needs simple organize administratives to return to the financial arena also requires that there be active assistance by the government represented by the Ministry of Finance through the development of a long-term deposit in the bank to help him to Financial Action Task Force in spite of the high volume of financial assets relative to debt.”
He said the deputy governor of the Central Bank of the past that “the duty of government is to keep the financial situation of the country, because the Warka Bank not only carry all the money the owners have, but there are large amounts of citizens who are part of the financial system of the country and assist the Ministry of Finance of the Warka Bank due now.”
Salih noted that “with the lifting of guardianship for Warka Bank, has not only left a single bank (via Iraq), and can not call it the recommended naming it, because the theme is nearing its decisiveness by the central bank and the borrowers.”
For his part, welcomed a member of the Board of Directors in Warka Bank Issam al-Asadi, the decision of the Central Bank, describing it as a “fair decision because it will enhance the role of the bank in the financial system.”
He said al-Asadi said in an interview Almadapress, “The Warka Bank has the capacity currently on infringement of the crisis, because financial assets within the bank amounting to almost 500 billion dinars, which is greater than the liability that does not exceed the 380 billion dinars,” pointing out that “Warka Bank is a large bank and very good and has many branches that qualifies it to support the country’s economy in general.”
The Iraqi Central Bank announced on (March 5, 2012) guardianship of the Warka Bank one of the largest Iraqi banks, following the failure of talks with Standard Chartered Bank, the British, which began in April 2011 to buy a stake in it after suffering a financial crisis summoned and placed under trusteeship, because of marking some of the problems of financial in his dealings.
The central bank said at the time that the imposition of guardianship on the Warka Bank of Iraq for Investment and Finance came to save him from some of the problems that plague them, as 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 the financial problems, while indicating Article 66 of the law that the trustee be appointed after the central bank could be sought through the central bank’s decision at the request of the Minister of Finance to save the bank in case it was found that there is a possibility to save him.
Article 67 of the Banking Act that the Central Bank of Iraq and the establishment of a license to the Bank of progress on the basis of Article 67 and provide it with capital by the state for all or part of the assets and liabilities of the Bank subject to rehabilitation. And the Warka Bank for Investment and Finance, which was established in 1999.130 branches and 350 ATMs in all parts of Iraq.
It is noteworthy that Iraq has seven banks, state-owned and 23 private banks and eight Islamic banks in particular, according to the site’s central bank, while dominated by the banking sector, banks, Rafidain and Rasheed Aovernmaan, and are currently undergoing restructuring in order to pay off the debt that accumulated after years of war and sanctions.
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