Central Bank Warka Bank choice between liquidation and payment of 200 billion dinars

[yota691]

Central Bank Warka Bank choice between liquidation and payment of 200 billion dinars

19/12/2012 - 17:02

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Alsumaria News / Baghdad

face the Iraqi Central Bank, on Wednesday, warning liquidation of Warka Bank for Investment and Finance, unless repaid $ 200 billion Iraqi dinars before the end of this month. , the bank said in a statement released today, and got "Alsumaria News", a copy of which, "The Warka Bank for Investment and Finance and faced several problems and committed his administration numerous errors which summoned the Iraqi Central Bank to impose trusteeship upon start act Capricorn liquidate him, "noting that" major shareholders in the bank offered several proposals for rehabilitation. " the bank said that "studied options liquidation and rehabilitation With great care the interests of depositors and their rights, "adding that he" noted that the liquidation of the bank was equity risk. " and affirmed the bank to "keep the Warka Bank on this case is contrary to trends central bank in building a Iraqi bank Rezin and enhance confidence in him," pointing out that he "decided to issue warnings to the Warka Bank until the 31 of December, the current, to be repaid as agreed to deposit two hundred billion dinars in the light of what has been meeting with him, and Otherwise take the central bank action to liquidate." The central bank announced, in (26 June 2012), that the Commission guardianship formed to audit the accounts Warka Bank will distribute financial returns they receive from debt bank between owners small deposits, stressing that there are ten thousand small depositors in the bank. Article 67 of the Banking Act that the Iraqi Central Bank to establish The license of the Bank of progress based on Article 67 and provide capital by the state for all or part of the assets and liabilities of the bank subject to rehabilitation. announced Executive Director of the Association of Iraqi private banks Abdul Aziz Hassoun, in August 2011, that the Warka Bank needs to about 100 billion dinars Iraqi (90 million dollars) to boost liquidity, while confirming the Iraqi market for securities that the Board of Governors in the Iraqi Stock Exchange has decided to cancel listing of Warka Bank from the market, in accordance with paragraph ninth of Article V of the instructions number three amended for the year 2011, which provides for the cancellation company insertion if the stoppage of trading for six months without taking appropriate action to appeal, pointing out that the Warka Bank Stopped trading since the eighth of February 2010. and the Warka Bank for Investment and Finance, which was established in 1999.130 branches and 350 ATMs in throughout Iraq. noteworthy that Iraq has seven state-owned banks and 23 private banks and eight Islamic banks in particular, according to the website of the Central Bank, the banking sector is dominated by banks, Rafidain and Rasheed Aovernmaan.

http://www.alsumaria.tv/news/68621/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D8%AE%D9%8A%D8%B1-%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D9%88%D8%B1%D9%83%D8%A7-%D8%A8%D9%8A%D9%86-%D8%A7%D9%84%D8%AA%D8%B5%D9%81%D9%8A%D8%A9-%D9%88%D8%AF%D9%81%D8%B9-20/ar

[Butifldrm]

Bump

<div><br></div><div>Yota, you may want to repost this in the Warka Bank Section.  It's very interesting.  <img src="http://dinarvets.com/forums/public/style_emoticons/default/biggrin.gif" alt=":D/>" class="bbc_emoticon"></div>

[make11]

There goes my millions, RV or not...

[rightsonword]

"face the Iraqi Central Bank, on Wednesday, warning liquidation of Warka Bank for Investment and Finance, unless repaid $ 200 billion Iraqi dinars before the end of this month."

I'm assuming this means before the end of December. I hope they make that payment.

[dontlop]

now can i sue brietling for talking me into buying all those electronic dinars in warka bank ?

ba ba ....baritling ... had a huge audience ,, as he explained how safe it was ,, and how he himself has done it .. and he even showed people how to open their warka accounts ..

seriously i never trusted him .. the studdering set me off away from him .. he seemed to be grasping at straws on way to many occasions

i wonder if this is where al the money laundering was taking place with iranian and syria currencies as they deteriated away into nothing ... did they lose all their money ?

[rightsonword]

now can i sue brietling for talking me into buying all those electronic dinars in warka bank ? :soon:/>

ba ba ....baritling ... had a huge audience ,, as he explained how safe it was ,, and how he himself has done it .. and he even showed people how to open their warka accounts ..

seriously i never trusted him .. the studdering set me off away from him .. he seemed to be grasping at straws on way to many occasions

i wonder if this is where al the money laundering was taking place with iranian and syria currencies as they deteriated away into nothing ... did they lose all their money ?

Adam did the same concerning Warka and I don't blame anyone who though it was a good idea. At the time, WARKA seemed like a great opportunity, and it indeed was. nobody could have predicted the problems concerning WARKA. Other banks in Iraq are flourishing. Let's give it until the end of the month before we come ot any conclusions concerning WARKA.

[TrinityeXchange]

Adam did the same concerning Warka and I don't blame anyone who though it was a good idea. At the time, WARKA seemed like a great opportunity, and it indeed was. nobody could have predicted the problems concerning WARKA. Other banks in Iraq are flourishing. Let's give it until the end of the month before we come ot any conclusions concerning WARKA.

completely agree. many people trusted warka and had good reason to. my hope and prayer is that this all turns out alright for all of my dinar buddies who invested through warka.

[katie45]

Transfer your money to another Iraqi bank before it's to late.

[Dinar4Dinner]

Transfer your money to another Iraqi bank before it's to late.

Any ideas on whom else to bank with there? And do you know if one can make a bank-to-bank transfer? Also, forgive if I've missed any such leads in other threads. I haven't spent too much time bumping around these here rooms the last year or so.

Peace Out

[unirod]

Warka has supposedly for the last 12 months needed 90 million usd in capital reserves. I find it hard to believe they have not increased them over 18 months? 2nd; a 200 million usd deposit before the end of this month? really? I guarantee that the major shareholders are not going to be forced to liquidate. they are proposing numerous solutions according to the article. Warka is a victim of it's own success and its all about controlling success in Iraq. If you don't have a plan and accept risk then you will never have success. There are may solutions that the major shareholders are proposing and I would not start worrying about liquidation just yet. Besides our deposits are backed by the full faith and guarantees of the CBI and that I trust is better than FDIC insurance......IMO

Thanks for the post Yota!!

Sorry I said the same thing 2x. I should have edited