the negotiation with the unions and organizations and Arab companies on the waiver of part of the interest owed to it for the deposits frozen in exch

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Al-Dabbagh: the negotiation with the unions and organizations and Arab companies on the waiver of part of the interest owed to it for the deposits frozen in exchange for the remaining part of

(Voice of Iraq) - 06/17/2010

Date: June 17, 2010

Announced the government spokesman Ali al-Dabbagh said the Cabinet decided to approve the authorization of the Ministry of Finance has the power to negotiate with the unions and organizations and Arab companies on the waiver of part of the interest owed to it for the deposits frozen assets in the Rafidain Bank in exchange for the remaining part and that not less than the interest rate ceded 50% of purchases totaling due.

Dabbagh said that the approval to authorize the Ministry of Finance, this kind of authority comes as part of the government's keenness on the performance of financial systems and banking and conducted through the legal mechanisms to take into account the rights of the bank's customers and maintain the government money and reputation of the Bank of Ancient is Bank of Iraq, which has been struggling to perform financial obligations in spite of all conditions experienced by the bank as a bank and government work in accordance with mechanisms and informal contexts and that this move was complementary to the previous step is the launch of the assets of these deposits.

Dabbagh said that the Ministry of Finance has set a target to them through negotiations with the actors mentioned to avoid booking the property of the Bank of Iraq outside of Iraq and the fact that those benefits are really for companies and associations and organizations in Arab aggregated under which a court ruling to the full amount of interest, where the ministry said that the issue of foreign currency deposits owed to the organizations, unions and Arab companies have already been frozen during the period of economic embargo on Iraq was launched out of such deposits without benefits

Dabbagh said that the Finance Ministry made it clear to the Secretariat for the Council of Ministers that had been negotiated with the organizations and associations of Arab businesses on the waiver of those benefits in return for a part taking into account the economic conditions and by as much than (10% - 30%) of the principal amount of interest, but the bodies referred it refused, had filed against Bank of Iraq has been won a number of those claims for themselves, and in order to avoid booking the property of the Bank of Iraq outside Iraq in addition to attorney's fees that may be borne by those banks to argue the proceedings against them have been lifted rate negotiated (50% ) maximum response was noted by the related parties so requested by the Ministry of Finance have approved the continuation of negotiations to settle the issue and to allow those companies and organizations and unions to continue its work.

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