COFE minutes of meeting

[carlablum]

Can someone help me understand what this means?

Thank you!!!

Carla

COFE minutes of meeting

COFE held its fourth meeting for 2010 on Thursday April 15, 2010, during

which it had discussed the following subject:

1. The results of UN Security Council meeting held on April 6, related

to the report presented by the Government of Iraq which included the

transitional plan for post – DFI which will end by Dec.31, 2010.

2. Review COFE’s report to the IAMB related to its activities during

March and April 2010.

3. Review the agenda of the IAMB meeting to be held in Paris on April

28 -29, 2010, which included the following:

a. Presentation by the U.N. and COFE on their briefings of the Security

Council, including a report to the IAMB on the UNSC briefings.

b. Status of the 2010 Audit of the DFI, the IAMB was informed by the

minute prepared by COFE relating to the analyses of the proposals

submitted by the international firms.

c. Briefing by KPMG on the results of the 2009 audit of the DFI and the

management letter.

d. Report of COFE’s activities for January, February, March and April,

2010, and planned activities for the remainder of 2010, which are the

following:

I. Continue its regular meetings in accordance with the previous time

table.

II. Preparing the bimonthly reports.

III. Follow up the plan and time table for DFI successor arrangements,

and prepare the report of the Government of Iraq.

IV. Follow up the settlement of the observation from E&Y and

KPMG’s reports.

e. Update on the implementation of earlier recommendations.

f. Briefing by the Committee of Financial Experts on their activities in

preparation to assume the role and functions of the IAMB upon its

dissolution.

g. Briefing on progress in designing a successor to the DFI

4. Review the report submitted by the BSA follow up team relating

KPMG’s observations on DFI audit for 2008 and was agreed to hold

a meeting with the team on April 18 concerning the still valid

observations.

5. Review the progress of DFI audit for 2009 presented by KPMG on

April 13, it found out the following:

28 administration were audited

5 administration are not audited yet

6. Follow up the plan and time table for DFI successor arrangements,

and as detailed below:

a. The first two items from the time table were implemented during the

meeting held in New York on April 6, 2010.

b. COFE sent a letter to the CBI to ask about the item to be achieved

before May 1, 2010 to obtain the initial approval of the FRBNY.

c. COFE sent a letter to the ministerial committee to ask about its

efforts related to identify the immunity of the Iraqi funds by June 1,

2010.

d. The item to be achieved by June 15, was implemented through

preparing a minute of study and analyze the proposals of the firms,

which was sent to the IAMB.

e. The remaining items will be followed up by COFE in coordination

with the ministerial committee formed for this task, and the IAMB

will be informed with the results.

7. The status of debts and the government program, as COFE wrote to

the Ministry of Finance to request an up date for the plan related to

settle the governmental and commercial debts

[Brandon2230]

Wow, what does this mean?? Sounds goo though, any experts?

[carlablum]

Wow, what does this mean?? Sounds goo though, any experts?

If a person isn't completely sure about what all of these abbreviations mean, it would make it difficult to understand this, I for one am trying to figure out what they are refering to in alot of this. LOL

I would love to see other comments!

Thanks!

Carla

DFI

IAMB

KPMG

COFE

FRBNY

E&Y

UNSC

[ayaimmortal]

frbny = federal reserve bank of NY

DFI= Department of financial institutions

IAMB= International advisory and monetary board

E&Y= Ernst and young(i think)

UNSC = United nations security council

COFE = committee of financial experts

Edited April 28, 2010 by ayaimmortal

[wbuse984]

frbny = federal reserve bank of NY

DFI= Department of financial institutions

IAMB= International advisory and monetary board

E&Y= Ernst and young(i think)

UNSC = United nations security council

COFE = committee of financial experts

This seems to be a timeline of milestones to get Iraq onto the world stage as an equal monetary basis to foster trade to allow Iraq to pay off its debts. An RV/RI it seems to me would do the trick (as well as take care of some of my debts

[carlablum]

frbny = federal reserve bank of NY

DFI= Department of financial institutions

IAMB= International advisory and monetary board

E&Y= Ernst and young(i think)

UNSC = United nations security council

COFE = committee of financial experts

Thank you soooooooooo much!!

Carla

[lgraham]

Carla,

DFI is the acronymn for the development fund of Iraq. This is the fund that is located at the federal reserve in New York. This is the fund that all the Iraq oil revenues are deposited in. It is believed that this fund may have 300 billion dollars in it. Or more! This fund gives the gov. of Iraq all the protections from lawsuits and leins from other countries. This fund is set to expire at the end of this year. It has already been extended a couple of times now.

Regards,

Lgraham

[carlablum]

Carla,

DFI is the acronymn for the development fund of Iraq. This is the fund that is located at the federal reserve in New York. This is the fund that all the Iraq oil revenues are deposited in. It is believed that this fund may have 300 billion dollars in it. Or more! This fund gives the gov. of Iraq all the protections from lawsuits and leins from other countries. This fund is set to expire at the end of this year. It has already been extended a couple of times now.

Regards,

Lgraham

Thank you so much for your explanation and help! I now have a much better understanding.

Thanks again!

Carla

[lgraham]

Carla,

KPMG is a global firm of tax advisors that specialize in audits etc.

E & Y is Ernst and Young. The have provided some audits for the CBI.

Lgeaham

[carlablum]

Carla,

KPMG is a global firm of tax advisors that specialize in audits etc.

E & Y is Ernst and Young. The have provided some audits for the CBI.

Lgeaham

I see.. So does this have any impact or relationship to our dream.. The Dinar?

Thank you,

Carla

[lgraham]

Carla,

I believe you have found a very interesting article here. Re-read this article in the following manner. COFE is a group of financial experts right! Well guess what, This group of experts is made of of Iraqis. So, when you read that the IAMB is going to turn over the reporting duties of this DFI fund to COFE. What you are actually reading is that the reporting of this crucial account at the federal reserve is going to be turned over to the Iraqis themselves....under the guise of COFE. Did you read this thread posted by Doc31:

Read this and see just how significant the DFI account truly is!

Lgraham

[carlablum]

Carla,

I believe you have found a very interesting article here. Re-read this article in the following manner. COFE is a group of financial experts right! Well guess what, This group of experts is made of of Iraqis. So, when you read that the IAMB is going to turn over the reporting duties of this DFI fund to COFE. What you are actually reading is that the reporting of this crucial account at the federal reserve is going to be turned over to the Iraqis themselves....under the guise of COFE. Did you read this thread posted by Doc31: http://dinarvets.com...umbers-by-uncc/

Read this and see just how significant the DFI account truly is!

Lgraham

I am trying to grasp all of this and I am feeling that this is a HUGE piece to the puzzel! I am reading so much news lately on major issues and I am feeling as though I am missing some big signs. It just seems like there is so much "reading between the lines!" and that there is alot of things happening that are clearly connected to an RV that I may be missing.

I appreciate your help! and I sure look forward to learning more.

Thank you!!

Carla

[wckdinar]

Carla,

I believe you have found a very interesting article here. Re-read this article in the following manner. COFE is a group of financial experts right! Well guess what, This group of experts is made of of Iraqis. So, when you read that the IAMB is going to turn over the reporting duties of this DFI fund to COFE. What you are actually reading is that the reporting of this crucial account at the federal reserve is going to be turned over to the Iraqis themselves....under the guise of COFE. Did you read this thread posted by Doc31:

Read this and see just how significant the DFI account truly is!

Lgraham

b. COFE sent a letter to the CBI to ask about the item to be achieved

before May 1, 2010 to obtain the initial approval of the FRBNY.

Read more:

I wonder what this means????

[ayaimmortal]

did anyone find out what happened during this meeting???

[Doc31]

Nice find Carlablum

6. Follow up the plan and time table for DFI successor arrangements,

and as detailed below:

a. The first two items from the time table were implemented during the

meeting held in New York on April 6, 2010.

b. COFE sent a letter to the CBI to ask about the item to be achieved

before May 1, 2010 to obtain the initial approval of the FRBNY.

c. COFE sent a letter to the ministerial committee to ask about its

efforts related to identify the immunity of the Iraqi funds by June 1,

2010.

d. The item to be achieved by June 15, was implemented through

preparing a minute of study and analyze the proposals of the firms,

which was sent to the IAMB.

And nice job of reading through the cryptic "smoke" lgraham. You have a great eye for cutting through the nonsense and getting to the "meat" (if any ... which you also point out) and then an easy read style of voicing what's really there. Again, nice job and thank you.

Carla,

I believe you have found a very interesting article here. Re-read this article in the following manner. COFE is a group of financial experts right! Well guess what, This group of experts is made of of Iraqis. So, when you read that the IAMB is going to turn over the reporting duties of this DFI fund to COFE. What you are actually reading is that the reporting of this crucial account at the federal reserve is going to be turned over to the Iraqis themselves....under the guise of COFE. Did you read this thread posted by Doc31: http://dinarvets.com...umbers-by-uncc/

Read this and see just how significant the DFI account truly is!

Lgraham

[Traconesu02]

frbny = federal reserve bank of NY

DFI= Department of financial institutions

IAMB= International advisory and monetary board

E&Y= Ernst and young(i think)

UNSC = United nations security council

COFE = committee of financial experts

carlablum , Thanks for bringing this to the attention of others.

ayaimmortal, Thanks for the definition of these acronyms. I am sure many others feel the same.

[Deneco]

And FRBNY is the Federal Reserve Bank in New York?

Sounds to me like plans are getting approved, and whatever the specific dates represent, they appear to be set...with the June date as a verification/reporting date....April dates already done, so a May 1 date still to be executed. I only hope May 1 executes what I want it to!

[drox]

Good sites for the newbies to read:

http://www.iamb.info/index.htm (IAMB site)

http://www.cofe-iq.net/pages/e_home.htm (COFE site)

Hey nice find Carlablum http://www.cofe-iq.n...ting4_2010e.pdf ... Quick background review for anyone interested:

The International Advisory and Monitoring Board (IAMB) is an audit oversight body for the Development Fund for Iraq (DFI). The DFI was established pursuant to United Nations Security Council Resolution 1483 and holds the proceeds of petroleum export sales from Iraq, as well as remaining balances from the UN Oil-for-Food Program and other frozen Iraqi funds. Disbursements from the DFI must be used for the benefit of the Iraqi people. The principal role of the IAMB is to help ensure that:

•The DFI is used in a transparent manner for the benefit of the people of Iraq, and

•Export sales of petroleum, petroleum products, and natural gas from Iraq are made consistent with prevailing international market best practices.

COFE.... In accordance with the Council of Ministers decree, issued in October 2006, the Committee of Financial Experts was established and inaugurated its work on April 1, 2007, in order to be an oversight body that replaces the International Advisory and Monitoring Board (IAMB), which currently supervises the expenditures of the Iraqi public funds, due to production and export of crude oil and its products, deposited in an account at Federal Reserve Bank in New York, in accordance with UN Security Council Resolutions issued after overthrowing Iraqi former regime, under the name of Development Fund for Iraq (DFI). This account has been given an international immunity to preserve it from being a subject of seizure or confiscation as result international court's sentence due to claims and demands against former regime.

Key paragraphs of UN resolution 1483 http://www.iamb.info/pdf/unsc1483.pdf

14. Underlines that the Development Fund for Iraq shall be used in a

transparent manner to meet the humanitarian needs of the Iraqi people, for the

economic reconstruction and repair of Iraq’s infrastructure, for the continued

disarmament of Iraq, and for the costs of Iraqi civilian administration, and for other

purposes benefiting the people of Iraq;

20. Decides that all export sales of petroleum, petroleum products, and

natural gas from Iraq following the date of the adoption of this resolution shall be

made consistent with prevailing international market best practices, to be audited by

independent public accountants reporting to the International Advisory and

Monitoring Board referred to in paragraph 12 above in order to ensure transparency,

and decides further that, except as provided in paragraph 21 below, all proceeds

from such sales shall be deposited into the Development Fund for Iraq until such

time as an internationally recognized, representative government of Iraq is properly

constituted;

21. Decides further that 5 per cent of the proceeds referred to in paragraph

20 above shall be deposited into the Compensation Fund established in accordance

with resolution 687 (1991) and subsequent relevant resolutions and that, unless an

internationally recognized, representative government of Iraq and the Governing

Council of the United Nations Compensation Commission, in the exercise of its

authority over methods of ensuring that payments are made into the Compensation

Fund, decide otherwise, this requirement shall be binding on a properly constituted,

internationally recognized, representative government of Iraq and any successor

thereto;

http://www.iamb.info/pdf/unscr1905.pdf 5th extension of Res. 1483 for Developmental Fund (DFI)

2. Decides further that the provisions in the above paragraph for the deposit

of proceeds into the Development Fund for Iraq and for the role of the International

Advisory and Monitoring Board and the provisions of paragraph 22 of resolution

1483 (2003) shall be reviewed at the request of the Government of Iraq or no later

than 15 June 2010;

4. Calls upon the Government of Iraq to put in place the necessary action

plan and timeline by 1 April 2010 and to ensure the timely and effective transition to

a post-Development Fund mechanism by 31 December 2010, which takes into

account IMF Stand-By Arrangement requirements and includes external auditing

arrangements and enables Iraq to meet its obligations as established in the

provisions of paragraph 21 of resolution 1483 (2003);

5. Requests the Government of Iraq through the head of the Committee of

Financial Experts (COFE) to report to the Security Council on a quarterly basis,

with the first report no later than 1 April 2010 to provide an action plan and timeline

for the transition from the Development Fund and details on the progress made in

strengthening financial and administrative oversight of the current Development

Fund for Iraq, with subsequent quarterly reports to provide an assessment of

progress against the action plan and oversight improvements;

There is also a letter from Maliki requesting the extension in Res 1905

So... the Action Plan meeting was on April 1st, 2010 to show how Iraq planned to take over the Development Plan and to continue the programs to take care of the Iraqi people. Many "Guru's" were targeting this date as the "announcement of the RV" because they felt it would support the DFI through the benefits of more money because of an RV. It may be a part of it we don't know. Anyway, that day came and went. Then April 6th 2010 they had another meeting where the IAMB reviewed the Action Plan and came back to the Goverment of Iraq to announce their decisions about the plan as well as their requests. To my knowledge... none of their decisions or requests were made public. Now this article from today is the first I have seen referring to that meeting at all and it shows certain requests were definitely made. June 15th, 2010 (or sooner if GOI requests it) is the first quarterly meeting to see if the "Action Plan" is progressing on task. I have always thought this would actually be closer to the potential date of an RV/RI. Ok... in paragraph's 20 and 21 above of Resolution 1483, please note that to be released from the DFI the Government of Iraq must have an internally recoginized representative government properly constituted (or in place). and all proceeds from such sales shall be deposited into the Development Fund for Iraq until such time as an internationally recognized, representative government of Iraq is properly constituted; it further states....Decides that all export sales of petroleum, petroleum products, and natural gas from Iraq following the date of the adoption of this resolution.... all proceeds

from such sales shall be deposited into the Development Fund for Iraq. I paraphrased it... but it says all oil sales go into the DFI fund. So, it is critical to Iraq that they take control of their own petroleum funds to use as they see fit. This is why it is so important to be released from the DFI as soon as possible. Keep in mind that COFE takes over the IAMB to ensure that funds will still appropriately help with infrastructure and to help the Iraqi people. Iraq wants that control though and the UN wants to relinquish their say on it but not until a fully representative Iraqi government is in place. Now read below and put your brains to work to connect the dots.......

http://www.cofe-iq.n...ting4_2010e.pdf

6. Follow up the plan and time table for DFI successor arrangements,

and as detailed below:

a. The first two items from the time table were implemented during the

meeting held in New York on April 6, 2010.

b. COFE sent a letter to the CBI to ask about the item to be achieved

before May 1, 2010 to obtain the initial approval of the FRBNY.

c. COFE sent a letter to the ministerial committee to ask about its

efforts related to identify the immunity of the Iraqi funds by June 1,

2010.

d. The item to be achieved by June 15, was implemented through

preparing a minute of study and analyze the proposals of the firms,

which was sent to the IAMB.

Clearly, they have agreed to the Action Plan with a couple of prerequisites stated above. As Iraq turns these items over and simultaneously reveals that Parliament is set in place and a Prime Minister and President have been selected then I believe there is a good chance that an RV/RI or Forex open market trading could occur on, before, or right around, June 15th, 2010. This is the likely removal date of UN sanctions. It is imperative that Iraq's politicians get moving and get a seated government ASAP! My believe is that we will see the CBI (Central bank of Iraq) use the managed float in place to RV before June 15th at a smaller number. Once Chap 7 sanctions are lifted then we could see it traded as an internationally recognized currency on Forex and it will find it's natural value. Who knows... Just my opinion but this date works because of all of the world pressure on Iraq to get it done before the massive US troop reduction in August. Hope this helps and sorry for the lengthy post. Please correct me if I am wrong on any of my interpretations above.

[lgraham]

Thanks Drox.......That was excellent! I would like to nominate you as the next Guru. I mean that is a very positve way.

Lgraham

[Quart]

b. COFE sent a letter to the CBI to ask about the item to be achieved

before May 1, 2010 to obtain the initial approval of the FRBNY.

I find "the item to be achieved" to be the most interesting and cryptic part of this report.