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CBI confirms guardianship of Alorkaa Bank


Carrello
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CBI News > Iraqi Central Bank confirms that guardianship alorkaa came to save him

09/03/2012

9 March in Baghdad (aknews) – the Iraqi Central Bank said Friday that impose guardianship on Iraqi alorkaa Bank for investment and finance came to rescue him from some problems afflicting, indicating that the current interim administration of the Bank its going in the House Financial Committee considered an important step to improve central located.

The Iraqi Central Bank decided this week put his tutelage on the Bank of alorkaa one of the largest Iraqi banks due to some financial problems in marking its dealings.

Central Bank functions and in the management of monetary policy in the country and raise the level of Iraqi dinar values and the tackle inflation.

Deputy Governor of the Bank of Iraq the appearance of Mohamed Saleh news agency of Kurdistan (aknews), "Central Bank impose guardianship on alorkaa Bank to help it overcome its problems", stating that "the Bank of problem assets, we currently audit and continuous work" was closed.

The Deputy Governor of the Bank "Bank alorkaa from large banks and very good and has many branches and guardianship mean is Bank Interim Administration, hoping that the" return to normal Bank alorkaa after completion of investigations. "

"Guardianship in accordance with the law is 18 months renewable for another 18", revealing that "Bank stumbled in dealing with daily due to reasons outside his control section, including withdrawal of deposits from the Iraqi Government three years ago."

In response to the surprise which abduh Iraqi Finance Minister Rafe Al-Issawi guardianship decision without him personally alorkaa Bank Vice Governor of the Central Bank that "there is confusion in the law on the Central Bank in the two articles is 59 and 66", noting that "he described the last Finance Minister expressed his conviction." According to him.

Rafe was Finance Minister Thursday in comments published Al-Issawi was astonished by the decision of the Central Bank of Iraq to a Bank of alorkaa under guardianship without coordination and approval of the Ministry of finance.

The Iraqi Central Bank says that article 59 of the law authorizes him to establish guardianship over banks which set an interim administration for any bank when financial problems, with article 66 of the law that appointed the guardian after the Central Bank could seek through Central Bank to request a decision from the Minister of finance to save the Bank if it finds that there is a possibility to save him.

Alorkaa Bank sought in accordance with the economic reports out of a deep financial crisis through talks with British Standard Chartered Bank to sell a portion of its shares, but the talks deadlocked.

The parliamentary Economic Committee expressed its support for the decision of a guardianship of Egypt v. alorkaa as adopted by the political administration were not viable.

The Committee said the decision for mohama Khalil (aknews), "banking and economic policy Bank alorkaa ineffective in Iraq and many citizens ' rights have been lost due to political incorrect", stating that "the Central Bank's custody Bank is an important step to improve the reality".

Khalil said that the "Central Bank of Iraq bears full responsibility in granting rights to citizens who have placed their money in Bank alorkaa".

Economists refer to all banks in Iraq, whether governmental and private need tighter control by the Central Bank to prevent financial problems warranting its placement under guardianship.

Economic expert said Falah Hassan (aknews), that "there are many problems that occurred in the banks issue deposits, control over all banks whether private and governmental as part of banks to now not turn actor in the Iraqi economy."

Hassan said the "Central Bank supervision to all banks will be capable of calendar work and improve the efficiency of performance and thus employment experiences to improve the Iraqi economy", adding that "everyone rejects the principle of guardianship of any Bank, but there is no confirmation on activation of the control of the Bank.

"The control of the Central Bank of Iraq will be important in terms of Iraqi banks work calendar in addition to preventing access to some guardianship development phase."

The decision comes a alosaith Bank alorkaa in time enter new require withdrawal mechanism Central hard currency based on the importance of development projects in the country, after news of the widening spread of the phenomenon of smuggling hard currency, and especially to Iran facing international sanction.

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Well, I guess the good news is, is that the Central Bank is trying to help the banks in Iraq. As far as Warka, which is my concern, it seems that guardianship over Warka, which has been stated, might be a good thing. I would hope that Iraq would want their citizens to have confidence in all their banks and letting them fail would not accomplish that goal. It may be a long road for Warka to recover, but this appears to be good news -- maybe --- as long as foreign investors don't end up being excuded somehow. <_<

Thanks for the post,

Kimberlye B)

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:oWell, I guess the good news is, is that the Central Bank

is trying to help the banks in Iraq. As far as Warka, which is my concern, it seems that guardianship over Warka, which has been stated, might be a good thing. I would hope that Iraq would want their citizens to have confidence in all their banks and letting them fail would not accomplish that goal. It may be a long road for Warka to recover, but this appears to be good news -- maybe --- as long as foreign investors don't end up being excuded somehow. dry.gif

Thanks for the post,

Kimberlye B)

Wrong...............When you hear the word central,what comes to mind?.....helping other banks?...... HELL-O is anybody in there(knocking on your head)

Central banks are out to...control,takeover and destroy other banks so as to draw and consolidate power and control into their hands. whoever controls the money, controls the country!!!:o

Edited by Mongo
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Wrong...............When you hear the word central,what comes to mind?.....helping other banks?...... HELL-O is anybody in there(knocking on your head)

Central banks are out to...control,takeover and destroy other banks so as to draw and consolidate power and control into their hands. whoever controls the money, controls the country!!!:o

Hey Mongo,

Wow, it seems I read the article incorrectly and obviously misunderstood the process, according to you.

Guardianship in accordance with the law is 18 months renewable for another 18", revealing that "Bank stumbled in dealing with daily due to reasons outside his control section, including withdrawal of deposits from the Iraqi Government three years ago."

Read more:

I read this as temporarily helping out until they get back on their feet. I consider myself somewhat intelligent, but not when it comes to finance, banking, currency. So thanks for pointing out that I need to do some research and/or ask more questions.

Kimberlye B)

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Well, I guess the good news is, is that the Central Bank is trying to help the banks in Iraq. As far as Warka, which is my concern, it seems that guardianship over Warka, which has been stated, might be a good thing. I would hope that Iraq would want their citizens to have confidence in all their banks and letting them fail would not accomplish that goal. It may be a long road for Warka to recover, but this appears to be good news -- maybe --- as long as foreign investors don't end up being excuded somehow. <_<

Thanks for the post,

Kimberlye B)

Kimberlye you make an excellent observation in my book. + for you. That astute observation is this, what a blow it is for the CBI with this issue with Warka. They were trying to educate the people the banks in Iraq could be trusted, now this. Warka proved the peoples opinions of the banks in Iraq correct. So how would the CBI bring people in to the banking system now? What could they do to entice and convince them to deposit their money now? I think it will have to be dramatic.

Good post Kim. ;)

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Kimberlye you make an excellent observation in my book. + for you. That astute observation is this, what a blow it is for the CBI with this issue with Warka. They were trying to educate the people the banks in Iraq could be trusted, now this. Warka proved the peoples opinions of the banks in Iraq correct. So how would the CBI bring people in to the banking system now? What could they do to entice and convince them to deposit their money now? I think it will have to be dramatic.

Good post Kim. ;)

Thanks, Zig. That was my thought process. I guess I need to learn how Central Banks work. Iraq is already struggling to get the Iraqis to trust their banks, it seems it would be a devastating blow to their economy if the banks fail.

Happy Sunday to you,

Kimberlye B)

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Hey Mongo,

Wow, it seems I read the article incorrectly and obviously misunderstood the process, according to you.

Guardianship in accordance with the law is 18 months renewable for another 18", revealing that "Bank stumbled in dealing with daily due to reasons outside his control section, including withdrawal of deposits from the Iraqi Government three years ago."

Read more: http://dinarvets.com.../#ixzz1opNoZ0cJ

I read this as temporarily helping out until they get back on their feet. I consider myself somewhat intelligent, but not when it comes to finance, banking, currency. So thanks for pointing out that I need to do some research and/or ask more questions.

Kimberlye B)

Sorry Kim......sometimes I get carried away.... I'm no expert either.....central Banks, central Governments are never a good thing, just a wolf in sheeps clothing

our fledgling Government in the begining outlawed central banks for a good reason, they would have to much control like the Bank of England

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Sorry Kim......sometimes I get carried away.... I'm no expert either.....central Banks, central Governments are never a good thing, just a wolf in sheeps clothing

our fledgling Government in the begining outlawed central banks for a good reason, they would have to much control like the Bank of England

Thanks, Mongo. I'm just learning as I go. It's like being back in school and having to study again. I just can't find the cheat sheet for this one. :P

Have a great day,

Kimberlye :D

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