Experts: Banks civil prone to bankruptcy and the government support

[k98nights]

 

Experts: Banks civil prone to bankruptcy and the government support

 

25/05/2015

 

 

BAGHDAD / JD / .. invited a number of experts and specialists in the financial and economic affairs, to the need to support local banks, especially those experiencing financial scarcity, noting that there are a large number of banks threatened with bankruptcy because they do not possess sufficient cash flow, as called for activating the side Investment in the banking industry for the advancement of the national economy.

Says Executive Director of the Association of private banks Abdul Aziz Hassoun, said the government and the Central Bank, demanding to provide the necessary support for the domestic banks, especially with weak cash flow, instead of taking deterrent punitive measures the right, indicating that support those banks means the development process in the country support on the grounds that local banks will contribute to the financing of investment projects and the launch of soft loans.

He said Hassoun told / JD /: that "necessity urgently to pass a new law for the banks working on the development and support of local banks and the fact that the current law hinders the opening up of local banks to global process," stressing "the importance of promoting banking twinning between local and international banks to create a major development banks able to finance giant projects in the country, and therefore we could be integrated and sophisticated banking system in the country. "

The banking expert Mohsen Ali warned the exposure of a large number of local banks to financial bankruptcy in the case not to consider it by the central bank and lend a helping hand to them, noting that there are big names of banks known threatened with bankruptcy and closure because they suffer from a financial shortage in assets.

Ali told / JD /, the government and the central bank, demanding encouraging citizens in dealing with local banks through bid farewell to their money and by certain dividends to save those banks, as well as encourage those banks to open new projects to lend citizens in various projects to accelerate development. "

For his part, member of the Committee of Economy and Investment parliamentary Ahmed Salim, the private banks experiencing financial shortage and the government's support.

He said Salim told / JD /, that "there are several doors that can open in front of the Iraqi economy, including investment door, in addition to the modifying Law No. 13 to bring the capital", adding that "what is going through the country currently is directly linked with the economy and has negative impacts What makes a market in a constant state of stagnation. "

He said that "to deal with the market situation at the moment has to be for the government to support private banks amounts of loans from the central bank according to the standards and controls," noting that "most of the banks are suffering a shortage of funds due to lack of money in the market trading properly to the scarcity of the currency and this is reflected in the sector and the private traders in general. "

"The country is in crisis, security in light of the economic crisis and there are many reforms on the side of the economic sector of Iraq, including opening the doors to global banks and the exchange of bonds by private banks and partners in this aspect and all that enters in the revitalization of the Iraqi economy factors".

He noted that "the parliamentary committee the economy has a lot of reforms in the Iraqi economy, but it must be the stability of the security situation."

Iraq plans to request emergency funding of $ 400 million to $ 700 million from the International Monetary Fund, while the government made a decision to issue government bonds worth $ 5 billion, and it continues to negotiate on their own terms.

And pass the country in a state of fiscal austerity and crisis in the provision of cash called on the government to think about and study to extend the payment of staff salaries period to forty days instead of a month and the imposition of numerous taxes to cover the deficit in the budget.

Iraq and many countries in the world is witnessing an economic crisis, as a result of falling oil prices, the global stock market, below $ 48 per barrel, after it was $ 110. / End / 8 /

 

http://www.dananernews.com/News_Details.php?ID=5777

 

[Freedomrules]

These banks will be just fine after the GOI bails them out after the RV.  Plenty of wealth to spread around the world. And we will all get whats coming to us.

[skeetdog]

Thanks Woody...It aint to hard to figure that one out....

[newbieDA]

 

He said Hassoun told / JD /: that "necessity urgently to pass a new law for the banks working on the development and support of local banks and the fact that the current law hinders the opening up of local banks to global process," stressing "the importance of promoting banking twinning between local and international banks to create a major development banks able to finance giant projects in the country, and therefore we could be integrated and sophisticated banking system in the country. "

 

hmm

[sandfly]

THANKS