Central: Warka Bank rebuilds itself

[Markinsa]

Central: Warka Bank rebuilds itself

18/03/2012

He said that the imposition of trusteeship to ensure that depositors' money

BAGHDAD - Al Sabah

Deputy Governor of the Central Bank of the appearance of Mohammed that Warka Bank is able to recover himself again to the real estate owned by the guarantees of up to (250) billion dinars, and multiple branches in the country, noting that the trusteeship was to keep the funds of depositors and financial stability in the country.

The confirmation of the Central Bank in response to a report published last week on the morning demanding the Association of Iraqi banks, which called for which the central to the action to a joint meeting brings together all the parties following the decision to impose custody of the Warka Bank.

The appearance of Mohammed Saleh during a press statement: The Central Bank commissioned an observer of the accounts, prepare a special report Bank of Warka to demonstrate its ability to restore itself or that are helped by the Central Bank or he needs to appoint a new administration a temporary until the debt incurred by him.

He favored the benefit of the Warka Bank was able to regain their financial capacity of what he has great potential and guarantees of real estate (250) billion dinars, as well as having some (120) branches in all provinces can be reduced through cash flow that provides great.

He explained that the central bank's decision to impose custody of the Warka Bank was to maintain financial stability in the country and to safeguard the depositors 'money that the majority of ordinary citizens and shareholders' funds by asserting that the trusteeship would be for a period of (18) months, renewable if the bank is unable to restore itself back the other.

The central bank announced on the status of the Warka Bank under trusteeship after the failure of talks with Standard Chartered Bank, which began in April 2011 to buy a stake in it, stressing that it will set a new administration soon.

It is noteworthy that the Board of Governors in the Iraqi Stock Exchange decided to write off Al Warka Bank from the market, in accordance with paragraph IX of Article V of the instruction number three amended for the year 2011, which provides for the write-off company from the listing if the stoppage of circulation for six months without taking appropriate action for the appeal, pointing out that the Warka Bank is dependent on the eighth trading since February 2010 and the Warka Bank for Investment and Finance, which was established in 1999, (130) branches and (350) ATMs in all parts of Iraq.

The association of private banks and the statement made by the (morning) earlier this week warned of intervention points is not concerned with the honored banking and economic, which has led to fabricate much fanfare unprecedented in the previous period, saying that it was the Lrabotth is concerned with banks groping for that and identify all related Alamuralta private banks.

In the opinion of the Association that the need requires careful consideration and no more than unity of effect Alyalmassarv own, which began on the transactions, namely, referring to the central bank's decision to impose custody of the Warka Bank, and which could lead to a decline in the level of confidence in these banks at a time when everyone is seeking, along with Central to give the lead to private banks in the process of contributing effectively to the achievement of development through his involvement this requires the strengthening of confidence sinks Avkdanha.

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[unirod]

So this board has concluded that Warka can guarantee depositors money because of the 250 Billion Dinar real Estate holdings and the cash flow. So did the CBI jump the gun and compromise confidence in the private banking system? this article is implying that this is exactly what they cannot afford and it has to be fixed.

[Goldiegirl]

Very positive article, thanks for posing Markinsa.

This should put the Warka doom and gloom posts to rest now.

[Stryker365]

Very positive article, thanks for posing Markinsa.

This should put the Warka doom and gloom posts to rest now.

I agree Goldie....

Thanks Markinsa.....

+'s for the both of you....

Edited March 18, 2012 by Stryker365

[Patriotic_mess]

I agree Goldie....

Thanks Markinsa.....

+'s for the both of you....

Yes very good, thanks Markinsa. Btw i like the new avatar Stryker.