CENTRAL BANK OF IRAQ Parliamentary Finance seeks to free banks from the pressures of the Central Bank

[Markinsa]

Parliamentary Finance seeks to free banks from the pressures of the Central Bank

 On 2013-02-25 | Author Ali Hussein

 

 

BAGHDAD / electronic integrity

Started the parliamentary Finance Committee amendments to the Law (94) of the 2004 Banking Act in order Thariralanzma banking pressures CBI.

A member of the Committee MP Haitham al-Jubouri in a press statement, "We are trying to edit government Karashid banks and Mesopotamia to be having financial independence," adding that "the development of the law of this period will positively affect the economic system of investment governed by the interest rates of banks."

 

Jubouri said "the aim of the changes taking place on the Banking Act is to make it more obvious interest in investment banks private and public sectors."

 

The amendments to the Banking Act sent by the Commission to some lawmakers to look at it and study awaiting a vote in the House of Representatives, and the central bank intends to transform banks to large financial institutions after obtaining the government's approval of amendments.

 

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[uncirculd]

Here are some exerts from the Gazzette of the laws they are talking about. 

http://www.iraq-lg-law.org/ar/content/%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D9%85%D8%B5%D8%A7%D8%B1%D9%81-%D8%B1%D9%82%D9%85-94-%D9%84%D8%B3%D9%86%D8%A9-2004

 

Article 94 - rehabilitation of insolvent banks (reservation)

Not rehabilitate a bankrupt bank in whole or in part, as provided for in Article 67.

 

b - presented the CBI to the court decision of the Minister of Finance was taken in accordance with Article 67 and stipulates that the stability of the banking system in Iraq requires re- Rehabilitation bank. 
gives the CBI at his request two weeks to submit two directories or such decision before court decides in confusion. 
gives the CBI at his request two weeks to submit two directories or such decision before court decides on the

 

 

 explanation of the reasons for custody to the CBI.

Section XII

Rehabilitation banks

Article 67 - rehabilitation measures

1 - Disposable Rehabilitation bank designated by the guardian of the bank under the control of the Central Bank of Iraq if he decides to Minister of Finance and based on the written recommendation of the Central Bank of Iraq that the Iraqi banking system stability requires the rehabilitation of the bank. And if taking the Minister of Finance decision to rehabilitate the bank authorizes the Minister of Finance and by choice or provides funding for transactions and the costs and expenses referred to in paragraph 4 and 5 of this article. 
2 - Attach a bequest CBI under which rehabilitated Bank plan for rehabilitation prepared CBI in consultation with the guardian and identify plan weaknesses in the management, operations, and define in detail the necessary corrective measures to correct these weaknesses and provide a realistic timetable to take these actions and provide financing plan for the rehabilitation of the proposed and reviewed the plan and evaluate strategies transform business bank core to another bank through a single transaction or more authorized under Article 84 sets procedures that prevent enrich owners bank at the expense of the state, and the Minister of Finance, at any time during the implementation of the plan and after consultation with the Central Bank of Iraq that 1 finishing the rehabilitation process 2 asked the CBI to submit to the Court financial services applied for a lawsuit bankruptcy under Article 72. 
3 - For the purposes of keeping assets Bank and the protection of its deposits and Business Administration bank subject to rehabilitate an ongoing basis may the Iraqi Central Bank may order the guardian to transfer part or all of the assets and liabilities of the bank to the bank and broker the State founded and capitalized and becomes conversion him effective and immediate in the case of exclusion of some of the bank's obligations to its creditors from this conversion takes guardian interests of these creditors in mind. This does not require conversion to get the approval of the bank or any of its governing bodies. And publishes converter liabilities by Tnnbha in the Official Gazette and in two or more newspapers with general circulation by the Central Bank of Iraq. 
4 - in addition to the powers conferred on the basis of Article 61 and 62 of this law, the Central Bank of Iraq that: - 
a - authorizes the guardian of the bank that the transaction or more of the transactions referred to in Article 84 This may include funding by the state in capital, loans, grants and guarantees. 
b - orders to increase the authorized capital of the bank and issuing shares of capital stock of the Bank, as determined by the Iraqi Central Bank of the terms and provisions or 
5 - bear the costs arising from the bank rehabilitation of the Bank in the case of insufficient assets borne by the state bank

Article - 67 - A - 
1 - The Central Bank of Iraq and by choosing the establishment and licensing of the Bank of progress based on Article 61 6, which owned and managed the Central Bank of Iraq. For the receipt of any assets and liabilities of one or more of the banks that had been appointed regent by virtue of section 11 or guard prosecuted under section 14. 
2 - The Iraqi Central Bank to establish and license of the Bank of progress based on Article 67 and provide a capital by the state for all or part of the assets and liabilities of the bank subject to rehabilitation. 
3 - appointed Iraqi Central Bank board members of the bank progress and who will be people fit and suitable and does this Council to implement memorandom bank progress and also was approved by the Central Bank of Iraq and the adoption of all by-laws approved by the CBI. 
4 - The Bank progress powers institutional granted to him under this Act and subject to the requirements except for: - 
A - exempt bank progress of the requirements contained in Article 14 and Article 16 of the Banking Act. 
b - the Iraqi Central Bank to exempt the bank progress or modify the requirements of materials 30, 31 and 33 of this Act and the regulations issued thereunder. 
c - CBI appointment or dismissal of any administrative or employee bank senior working at the bank progress. 
5 - stop working any legal action the bank progress the party so as to receiving any assets or assume responsible for any liabilities of the bank, who is suffering from a shortage of repayment Bay lawsuits other for a period of up to 45 days at the request of the bank progress. 
6 - What did not get the bank progress prior approval of the Central Bank of Iraq Bank may not progress direct to any transaction or series of transactions, or issued balance of capital or be a party to any merger or consolidation or disposition of assets or liabilities and the sale and exchange of capital stock or transactions such or change its or its core. 
7 - Bank progress: - 1 - under the control of a guardian or a receiver According to Section 11 and 2 - to end its operations two years after the issuance of its license, unless the Central Bank of Iraq and its option to extend the legal existence of the three extra classes in one year.

 

I am not sure about it are they doing it for investmest purposes or for laundering purposes

[Markinsa]

Here are some exerts from the Gazzette of the laws they are talking about. 

 

http://www.iraq-lg-law.org/ar/content/%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D9%85%D8%B5%D8%A7%D8%B1%D9%81-%D8%B1%D9%82%D9%85-94-%D9%84%D8%B3%D9%86%D8%A9-2004

 

Article 94 - rehabilitation of insolvent banks (reservation)

Not rehabilitate a bankrupt bank in whole or in part, as provided for in Article 67.

 

b - presented the CBI to the court decision of the Minister of Finance was taken in accordance with Article 67 and stipulates that the stability of the banking system in Iraq requires re- Rehabilitation bank. 
gives the CBI at his request two weeks to submit two directories or such decision before court decides in confusion. 
gives the CBI at his request two weeks to submit two directories or such decision before court decides on the

 

 explanation of the reasons for custody to the CBI.

 

Section XII

 

Rehabilitation banks

 

Article 67 - rehabilitation measures

 

1 - Disposable Rehabilitation bank designated by the guardian of the bank under the control of the Central Bank of Iraq if he decides to Minister of Finance and based on the written recommendation of the Central Bank of Iraq that the Iraqi banking system stability requires the rehabilitation of the bank. And if taking the Minister of Finance decision to rehabilitate the bank authorizes the Minister of Finance and by choice or provides funding for transactions and the costs and expenses referred to in paragraph 4 and 5 of this article. 
 

 

2 - Attach a bequest CBI under which rehabilitated Bank plan for rehabilitation prepared CBI in consultation with the guardian and identify plan weaknesses in the management, operations, and define in detail the necessary corrective measures to correct these weaknesses and provide a realistic timetable to take these actions and provide financing plan for the rehabilitation of the proposed and reviewed the plan and evaluate strategies transform business bank core to another bank through a single transaction or more authorized under Article 84 sets procedures that prevent enrich owners bank at the expense of the state, and the Minister of Finance, at any time during the implementation of the plan and after consultation with the Central Bank of Iraq that 1 finishing the rehabilitation process 2 asked the CBI to submit to the Court financial services applied for a lawsuit bankruptcy under Article 72. 
 

 

3 - For the purposes of keeping assets Bank and the protection of its deposits and Business Administration bank subject to rehabilitate an ongoing basis may the Iraqi Central Bank may order the guardian to transfer part or all of the assets and liabilities of the bank to the bank and broker the State founded and capitalized and becomes conversion him effective and immediate in the case of exclusion of some of the bank's obligations to its creditors from this conversion takes guardian interests of these creditors in mind. This does not require conversion to get the approval of the bank or any of its governing bodies. And publishes converter liabilities by Tnnbha in the Official Gazette and in two or more newspapers with general circulation by the Central Bank of Iraq. 
 

 

4 - in addition to the powers conferred on the basis of Article 61 and 62 of this law, the Central Bank of Iraq that: - 
a - authorizes the guardian of the bank that the transaction or more of the transactions referred to in Article 84 This may include funding by the state in capital, loans, grants and guarantees. 
b - orders to increase the authorized capital of the bank and issuing shares of capital stock of the Bank, as determined by the Iraqi Central Bank of the terms and provisions or 
 

 

5 - bear the costs arising from the bank rehabilitation of the Bank in the case of insufficient assets borne by the state bank

 

Article - 67 - A - 
 

 

1 - The Central Bank of Iraq and by choosing the establishment and licensing of the Bank of progress based on Article 61 6, which owned and managed the Central Bank of Iraq. For the receipt of any assets and liabilities of one or more of the banks that had been appointed regent by virtue of section 11 or guard prosecuted under section 14. 
 

 

2 - The Iraqi Central Bank to establish and license of the Bank of progress based on Article 67 and provide a capital by the state for all or part of the assets and liabilities of the bank subject to rehabilitation. 

 

3 - appointed Iraqi Central Bank board members of the bank progress and who will be people fit and suitable and does this Council to implement memorandom bank progress and also was approved by the Central Bank of Iraq and the adoption of all by-laws approved by the CBI. 
 

 

4 - The Bank progress powers institutional granted to him under this Act and subject to the requirements except for: - 

 

A - exempt bank progress of the requirements contained in Article 14 and Article 16 of the Banking Act. 
 

 

b - the Iraqi Central Bank to exempt the bank progress or modify the requirements of materials 30, 31 and 33 of this Act and the regulations issued thereunder. 
 

 

c - CBI appointment or dismissal of any administrative or employee bank senior working at the bank progress. 
 

5 - stop working any legal action the bank progress the party so as to receiving any assets or assume responsible for any liabilities of the bank, who is suffering from a shortage of repayment Bay lawsuits other for a period of up to 45 days at the request of the bank progress. 
 

 

6 - What did not get the bank progress prior approval of the Central Bank of Iraq Bank may not progress direct to any transaction or series of transactions, or issued balance of capital or be a party to any merger or consolidation or disposition of assets or liabilities and the sale and exchange of capital stock or transactions such or change its or its core. 

 

7 - Bank progress: - 1 - under the control of a guardian or a receiver According to Section 11 and 2 - to end its operations two years after the issuance of its license, unless the Central Bank of Iraq and its option to extend the legal existence of the three extra classes in one year.

 

 

 

 

 

 

[SocalDinar]

Thanks Markinsa

[SgtFuryUSCZ]

***///

 

Man, if we were over there, we'd open up a couple of    KurdCreditUnions   and begin functioning for

the benefit of The People and the corrupt CBI  be damned!

 

Sure would be nice if The People had that option so they could get on with their lives, huh....

 

Hopefully these articles we're seeing mean they ARE making an effort to seriously free their People from the

dictatorial United Nations (who have a slobbering love affair with the owners of central banks the globe over...)

 

United Nations:  tool of - and whipping boy to  - the illuminati.