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


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

On: Sun 11/03/2012 9:21

 Baghdad / term follow-up

Said the Finance Committee in the House of Representatives will call it the Iraqi Central Bank Governor Sinan Shabibi to discuss the issue of Warka Bank, said that the Iraqi Central Bank to impose guardianship on the Iraqi Warka Bank for Investment and Finance came to save him from some of the problems that plague them.

Revealed the same parliamentary committee that there are unconfirmed reports suggest the smuggling capital of the Warka Bank out of the country following the flight of the founders of the bank.

The Iraqi central bank decided last week to develop and guardianship to the Warka Bank, one of the largest Iraqi banks because of some visa problems in financial dealings.

The Central Bank of Iraq and that the imposition of guardianship on the Iraqi Warka Bank for Investment and Finance came to save him from some of the problems that plague them.

A member of the Committee Secretary Hadi, told the Kurdish news agency (Rn) that the Finance Committee will summon the Governor of Central Bank of Iraq to discuss the issue of Warka Bank, noting that there is a problem in the Warka Bank for more than two years and there were instruments back because of the lack of balance of Mali.

A member of the Finance Committee of the existence of unconfirmed reports indicate that the capital of the bank have been smuggled abroad, and that the founders of the bank also may have left Iraq, "noting that" there are a lot of claims made by citizens to the judiciary against the bank, "and there is controversy in the ministries letters of guarantee provided by the bank. "

And sought the Warka Bank, according to economic reports to emerge from its financial crisis by entering Bembagesat with Standard Chartered Bank British to sell a share of the shares, but the talks reached a dead end. The decision to place custody of the Warka Bank at a time enter the Central Bank of a new mechanism requiring the withdrawal of foreign currency on the basis of the importance of development projects in the country, after news spread that the breadth of the phenomenon of smuggling hard currency, especially to Iran, facing international sanctions.

In the meantime, the CBI that 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 going work, while the Commission held House of Representatives Finance a Central Bank is an important step to improve and reality.

The Iraqi Central Bank decided this week to develop and guardianship to the Warka Bank of Iraq one of the largest banks because of some visa 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 which has not closed." The Deputy Governor of the Bank that "Warka Bank of the large banks and very good and has many branches, and the custody means the temporary administration of the bank," and expressed the hope that "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 more," revealing that "the bank faltered in dealing daily because of a section of his dealings outside his control, including the Iraqi government to withdraw deposits from three years ago."

In response to the puzzlement expressed by Iraqi Finance Minister Rafie al-Issawi's decision to custody of the Warka Bank without informing him in person, the deputy central bank governor that "there is confusion in the law of the Central Bank occurred in the articles is the 59 and 66," adding that "He explained to the Minister of Finance and the latter expressed his conviction. " He said.

He and Finance Minister Rafie al-Issawi in a press statement yesterday surprised at the decision of the Central Bank of Iraq's Warka Bank developed under the tutelage of coordination and without the 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 to the trustee after the appointed by the central bank can 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 out of the financial crisis by entering Bembagesat with the British bank Standard Chartered to sell a share of the shares, but the talks 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.

Economists point out that all banks in Iraq, whether governmental and private organizations 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 occurred in the banks in the case of deposits, the control of all banks, whether private or government on the grounds that some of the banks to now has not led 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 employ 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 place custody of the 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 that the breadth of the phenomenon of smuggling hard currency, especially to Iran, facing international sanctions.

http://translate.google.com/translate?hl=en&langpair=ar%7Cen&u=http://www.almadapaper.net/news.php%3Faction%3Dview%26id%3D61657

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

I'm sure all you people invested through Warka will be just fine. Wished I was just didn't have the money to diversify. That's why I try to stay on the positive side of this ride. Won't make as much, but money will be made after the rv as well. :)

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Article 59 Grounds for appointment of a conservator

1. The CBI shall appoint a conservator for a bank when the CBI determines that:

a. the bank fails to pay its financial obligations, including but not limited to deposit

liabilities, as they fall due;

b. the capital of the bank is less than 50 percent of the minimum capital required by

law or by regulation of the CBI pursuant to paragraph (1) of Article 16; or

c. a petition has been submitted for opening bankruptcy proceedings against the bank,

as set forth in Article 72.

2. The CBI may appoint a conservator for a bank when the CBI determines that:

a. the bank fails to carry out an order given to the bank by the CBI;

b. the capital of the bank is less than 75 percent of the minimum capital required by

law or by regulation of the CBI pursuant to paragraph (1) of Article 16; or

c. there is evidence that the bank or any of its administrators have engaged in criminal

activities punishable by imprisonment of one year or more or there is reasonable

cause to believe that the bank or any of its administrators are engaging in such

criminal activities.

3. The provisions of this section shall apply to the domestic branch offices and domestic

representative offices of a foreign bank as if all these offices together were to form a single

legal entity. All assets, liabilities, acts and omissions of the foreign bank resulting from or

otherwise relating to the business of any such office shall be attributed to that single entity in

applying the provisions of this section. The conservator shall be authorized to take all actions - 42 - ANNEX A

with respect to such single entity as could be taken, were it to be a domestic bank, by the

authorized manager or by shareholders at the general meeting of shareholders. Article 66 Termination of conservatorship

1. The appointment of a conservator shall terminate upon the earlier of:

a. completion of the term specified in the decision appointing the conservator or in

the decision last extending the term of the conservator;

b. a decision by the CBI or the Financial Services Tribunal to that effect; or

c. appointment of a receiver pursuant to Article 78.

2. Upon termination of the appointment of a conservator as described in sub-paragraphs (a)

or (B) of paragraph (1), the conservator shall immediately return control of the bank and its

assets, books and records to the authorized manager of the bank.

3. Within 20 business days of the termination of the appointment, the conservator shall

prepare and submit to the CBI a final report and accounting of the conservatorship. http://www.cbi.iq/documents/banking_law_f.pdf

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GM yota, I see you found yet another Warka article..the drama continues..I was really hoping it was a bad dream.:blink:

Oh no, I hope that doesn't get taken the wrong way too...:lol: :lol: :lol: ..just kidding. Anyway I hope no one losses they money folks including me! There is a few positive things in this article...and yes I'm staying positive, heck I've already been accused of being too positive, not a bad characteristic by the way....

I like this part that they slipped in;

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. ...I don't know what color this is but it stands out....:D

See someone else is positive too 20Million, it's just not me, see here;

"Warka Bank of the large banks and very good and has many branches, and the custody means the temporary administration of the bank," and expressed the hope that "Warka Bank back to normal after the conclusion of the investigation."

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

I'm sure all you people invested through Warka will be just fine. Wished I was just didn't have the money to diversify. That's why I try to stay on the positive side of this ride. Won't make as much, but money will be made after the rv as well. :)

Well at least a few of us think alike, do you like BBQ post RV style???

Yota, I know now why you wanted to see if I was up this morning, coffee is ready I'll call you in a few minutes...Thanks good friend..I and others should feel better....see folks I have been concerned about everyone's Warka money. See I have great friends that have more in Warka then I and see I care about their money more than mine but crying about it does not solve the problem and the problem is not solve yet but thanks to yota we are getting more educated by the minute.

By the way this is how the Iraqi's are going to get educated...yota has been ask to show them how the new exchange rate and currency will give them more power....:o:lol: :lol: :unsure:

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Anyone care to guess what important development project their talking about? smile.gif

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

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Anyone care to guess what important development project their talking about? smile.gif

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

When I read that I too thought the same thing....thanks for pointing it out to all +..........

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

They want their people to have faith in the banking system, citizens loosing money is the worst thing they can do to that trust. Lets see if Saleh's "by back to normal" is reestablishing the liquidity in those accounts and showing the people not be afraid of keeping money in a bank.

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I only hope the lawsuit Warka has implied does not stall the investigation by the CBI. But it might, which will hinder trust from the people even more.

I agree 100 percent, Zig. I guess we need to keep a close watch on what's happening with Warka as well as the other banks in Iraq. If this doesn't turn around, it could be devastating for Iraq, IMO.

Kimberlye B)

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This was sent to me by one of our group members today as a response to his request for a reply from Warka on what the Heck is going on with the CBI's guardianship. This should clear a lot of it up!!!!

Thank you Anda H...... from Styker

Hey, here is what I received from Warka this morning.

on Mar 11, 2012, at 1:34 AM, c.accounts wrote:

Dear Sir, The CBI has been appointed guardian and trustee of the bank to support the bank in finalizing its capital increase and boost its operations as well as collecting its debt from creditors. The daily operations of the bank are running smoothly and regularly where we are accepting deposits and opening accounts standard daily practice. With regards to Warka stock once we finalize our affairs with the Iraqi Company Registration Office and Capital Increase we will trade regularly on the ISX.. Many thanks and best regards, Customer Accounts Dept.International AffairsWarka Bank for Investment and Finance

This e-mail is confidential and the information contained in it is privileged. It should not be read, copied or used by anyone other than the intended recipient. If you have received it in error, please contact the sender immediately by return email, and delete the e-mail and do not disclose its contents to any person

Edited by Stryker365
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Wow, thanks, Stryker, for posting this. I actually breathed a sigh of relief after reading it. It may take some time, but it sounds like maybe it will all work out. :):)

Happy Sunday,

Kimberlye B)

P.S. It actually might be a great post on its own. I know we have a lot of members invested in Warka and it might make them smile too.

Edited by Kimberlye
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Wow, thanks, Stryker, for posting this. I actually breathed a sigh of relief after reading it. It may take some time, but it sounds like maybe it will all work out. :):)

Happy Sunday,

Kimberlye B)

P.S. It actually might be a great post on its own. I know we have a lot of members invested in Warka and it might make them smile too.

I was thinking the samething, I'm on it....

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