Deputy: Conversion of Private Banks to Fianacial Inst.

[Shelley]

Deputy: conversion of private banks to financial institutions and promote the economy will work

Date: Tuesday, 05-06-2012 11: 34 am

Baghdad (newsletter) ... According to a member of the Finance Committee, the National Alliance Deputy//Secretary Bob Abbas, that the conversion of private banks to large financial institutions by the Central Bank will the Iraqi economy through its organization of work.

He said Abbas (News Agency news) on Tuesday that the Central Bank planned to convert the private banks to financial institutions through merged with governmental, noting that a request has been submitted to the Government to amend the Banking Act No. (94) of the year (2004).

He said that some private banks recently declared bankruptcy due to lack of sober Act regulates and absence of tight control and monitoring by the Central Bank as if turned into large financial institutions develop their work and contribute to the promotion of the national economy.

Said: that the private banks when running large financial institutions will have the ability to promote the economic reality of the country, being operated by a special Act by regulating its work under the supervision of the Central Bank or other government bodies.

The Iraqi Central Bank confirms that the number of private banks in Iraq arrived to 40 banks while capital remained weak and needed to be bolder banks among them to form a strong capital.

It is noted that the State banks dominate b 92% on the domestic market and private banks do not exceed the 10% which is dominance does not take space from Iraq market by the Central Bank.

Iraqi Central seeks to restructure private banks in line with the general structure of the Iraqi market and the nature of its relationship with other global markets finished.//8 y. n/

http://www.microsofttranslator.com/bv.aspx?from=ar&to=en&a=http%3A%2F%2Fwww.ikhnews.com%2Fnews.php%3Faction%3Dview%26id%3D44508

[zigmeister]

I have to be critical of CBI, they should have been cornering these banks and getting them in tip top form by now. Good post Shelly. Thanks.

[Shelley]

Good morning Zig... I agree 100 % , was just talking with KK.. I think maybe thats why the US Treasury is there

[zigmeister]

Could be.