Blackout on custody of the Iraqi Central Bank to Warka

[alan_coaks_3]

5 - 7 - 2012

Dubai / agencies / .. President of the Bank "Warka Investment," Saad structure, the decision to the Iraqi Central Bank to impose "legal guardianship" on his bank, saying that the decision is not based on a direct cause, and does not meet the conditions of custody, while rejecting the Central Bank Governor, Sinan Shaibi , comment on the decision. The structure, in a statement to CNN Arabic, "The Central Bank of Iraq put Bank of Warka under guardianship, under the pretext of protecting the citizen and the monetary policy in general, based on reports of low liquidity directly in the bank, against the backdrop of the withdrawal of the government to Odaúaha." He added that the structure of the Iraqi Central Bank "used the" bad situation to some extent, low liquidity, to impose the so-called "guardianship," noting that "the documents indicate that the assets of the Warka Bank and more than cover the needs." The structure provides that "official documents, which can be displayed if necessary, refer to the strength and durability of Bank of Warka, the invalidity of the right of the central bank was placed under tutelage, and through the figures and data that indicate the health of the economic policies that reflected the size of assets and deposits, and the number of accounts and customers in the bank. "he continued, CEO of Warka, in his statement to CNN in Arabic, that" the subject bank under guardianship, is illegal, a kind of conspiracy to bring down the bank, which contrary to its interests with the interests of gangs in the Central Bank of Iraq. " It is noteworthy in this regard to the existence of explicit comments on the lips of official figures in the Iraqi government, describing the central bank's move Warka Bank developed under the tutelage of "illegal." The response of the Iraqi Central Bank on the lips of Governor, Sinan Al Shaibi, in a telephone interview conducted by CNN in Arabic, saying: "I have no new information on the issue of Warka Bank." He declined to comment on the remarks Shaibi a public officials in the Iraqi government, preferring to be sent written questions to his office, which was to call in advance, has not shown any willingness to help. In this regard, that the decision of custody of the Bank "Warka Investment", the fourth and trusteeship imposed by the CBI, who is responsible for monetary policy, since the law of private banks in 1991, as already imposing guardianship on the "Iraqi Islamic Bank", then the bank, "the pond" , and the Bank "National Basra." According to bankers Iraqis, the Warka Bank is cause for lifting the trusteeship Iraqi Islamic Bank, Bank of the pond, while stopping the Iraqi Central Bank unable to timely help either.

My link

[shabbadude]

Saad is posturing. They were low in liquidity, over extended in it's commitments and it's books were in chaos and not Basel compliant. The CBI could not afford Warka continuing only because the IMF and the WB is crawling all over the financial system. All large entities have, and continue to transact with the TBI, Warka was primarily servicing individuals and smaller entities.

The receivership is intended to be temporary and was stated to be released by the end of the year. I don't think that those invested with Warka will loose their deposits, but it might be a challenge to withdraw funds for a while.

[k98nights]

Blackout on custody of the Iraqi Central Bank to Warka

05/07/2012

Dubai / agencies / .. President of the Bank "Warka Investment," Saad structure, the decision to the Iraqi Central Bank to impose "legal guardianship" on his bank, saying that the decision is not based on a direct cause, and does not meet the conditions of custody, while rejecting the Central Bank Governor, Sinan Shaibi , comment on the decision. The structure, in a statement to CNN Arabic, "The Central Bank of Iraq put Bank of Warka under guardianship, under the pretext of protecting the citizen and the monetary policy in general, based on reports of low liquidity directly in the bank, against the backdrop of the withdrawal of the government to Odaúaha." He added that the structure of the Iraqi Central Bank "used the" bad situation to some extent, low liquidity, to impose the so-called "guardianship," noting that "the documents indicate that the assets of the Warka Bank and more than cover the needs." The structure of that "official documents, which can be displayed if necessary, refer to the strength and durability of Bank of Warka, the invalidity of the right of the central bank was placed under tutelage, and through the figures and data that indicate the health of the economic policies that reflected the size of assets and deposits, and the number of accounts and customers in the bank. "he continued, CEO of Warka, in his statement to CNN in Arabic, that" the subject bank under guardianship, is illegal, a kind of conspiracy to bring down the bank, which contrary to its interests with the interests of gangs in the Central Bank of Iraq. " It is noteworthy in this regard to the existence of explicit comments on the lips of official figures in the Iraqi government, describing the central bank's move Warka Bank developed under the tutelage of "illegal." The response of the Iraqi Central Bank on the lips of Governor, Sinan Al Shaibi, in a telephone interview conducted by CNN in Arabic, saying: "I have no new information on the issue of Warka Bank." He declined to comment on the remarks Shaibi a public officials in the Iraqi government, preferring to be sent written questions to his office, which was to call in advance, has not shown any willingness to help. In this regard, that the decision of custody of the Bank "Warka Investment", the fourth and trusteeship imposed by the CBI, who is responsible for monetary policy, since the law of private banks in 1991, as already imposing guardianship on the "Iraqi Islamic Bank", then the bank, "the pond" , and the Bank "National Basra." According to bankers Iraqis, the Warka Bank is cause for lifting the trusteeship Iraqi Islamic Bank, Bank of the pond, while stopping the Iraqi Central Bank unable to timely help either.

http://www.dananernews.com/News_Details.php?ID=597