The Central Bank announces a mechanism for compensating those affected by banks

[yota691]

Deposit Guarantee Company: We give the highest deposit compensation in the region for bankrupt banks

 

Executive Director of the Iraqi Deposit Insurance Company, Walid Idi. "Economy News"

Dialogues Economy News - Baghdad On Tuesday, the Deposit Insurance Company announced its intention to join a global institution in early 2022 to enhance its banking potential. The company's executive director, Walid Eidi, said in an interview with "Al-Eqtisad News" that the company started the work of joining a global deposit insurance institution to strengthen its banking position. He added that the compensation granted by the company is the highest and fastest in the Arab region. Below is the text of the interview: First of all, would we like to get to know the deposit insurance company in general? The idea of establishing the company began in 2008, when I was general manager of the banking department at the Central Bank of Iraq. I presented a study to the bank’s board of directors at the time to establish a deposit guarantee company like what exists in all countries of the world, as Iraq and Somalia were the only countries that did not have such this company. During that period, a working group was formed under my chairmanship that included representatives of government private banks to prepare a law for them, and in fact we prepared the law and it was discussed in the Iraqi Private Banks Association, then it was sent to the State Council for scrutiny and sent to the Council of Ministers, and the latter referred it to the House of Representatives in 2009 for legislation. The company’s draft law was neglected in the House of Representatives for a period of 6 years due to the general conditions that Iraq went through, and in 2015 we withdrew the draft law from the House of Representatives and approved it by the Council of Ministers as a company’s regulation that contains 16 articles and carried No. 3 of 2016. After that period, a committee was formed to implement the company's system, consisting of the central bank as well as other bodies, and the team began its activities. * How much is the capital of the company? The paid-up capital of the company is 100 billion dinars, the public sector contributes 48% to it, and the remainder is from the private sector. * What is the deductible percentage from deposits? With regard to the issue of deduction, the company charges one dinar out of every 10,000 dinars from deposits subject to guarantee in accordance with the provisions of Article 2 of the company’s system, which is the lowest deduction rate at the Arab level, as some companies will deduct 7% annually. The company also grants the highest compensation rate in the region, estimated at 51% for deposits of less than 100 million dinars and 25% for deposits in excess of 100 million dinars. * How long does a company take to pay back secured deposits? Compensation shall be made within 30 days from the date of a judicial decision issued by the Financial Services Court declaring a bank bankruptcy. Note that the compensation period in some countries ranges from 6 months to a year. Through a study conducted by the company, we came to the fact that we guarantee small depositors at a rate of approximately 80%, which is a very high percentage, compared to the global percentage that reaches 70% as a maximum. We built a database and information on public deposits. And now we are negotiating with technology companies to build a very sophisticated electronic system for the company, through which we can compensate customers within 30 days, as mentioned earlier. * Who does the company's board of directors consist of? - The company’s board of directors includes seven members, two of them represent the public sector, the rest are from the private sector banks and five reserve members from the private sector as well. They were selected in the company's general assembly meeting held on August 31, 2019. * During the last short period, what were the main activities of the company? The company held 6 meetings of its board of directors. We began to receive the amounts related to insurance operations in the company's account in the Central Bank of Iraq. Work has also been made to invest in the company’s capital to reap future profits and distribute it to the banks joining the company. * What is the nature of these investments? Investments currently consist of investment deposits and fixed deposits in commercial and Islamic banks for a period of one year, with an interest ranging between 6-7%. These investments will achieve financial returns for the company, and the latter will distribute them to joint stock banks and other parties contributing to the company's capital. * What is the percentage of banks ’contributions to the company's capital? The largest percentage in the company's capital is for the banking sector, as it is estimated at 85%. Governmental banks contributed 4.1 billion dinars, and the National Pension Authority contributed 15 billion dinars, in addition to the contribution of other bodies such as insurance companies and other institutions. * Why do not all banks join the company? Up to now, the company has witnessed the accession of 61 banks, and as for the rest of the banks, it is working to complete some of the requirements necessary to join the company, especially since there are recent banks. Does the company have a role in enhancing public confidence in the banking sector? Through the company's website and direct contacts, we seek to increase public confidence by responding to customer inquiries and publishing all information related to the company. * What are the privileges that the bank that joins the company gets? One of the privileges that the bank obtains, it becomes able to write on its official documents issued by it that “our customers’ deposits are guaranteed by the Iraqi Company to Guarantee Deposits, ”which enhances public confidence in the bank. And when we joined the International Deposit Insurance Corporation ( AIDI ) in Switzerland, the latter has requirements, including that the bank that does not join the ranks of the company must write a sign on its branches and on its official books stating that the bank’s deposits are not guaranteed in the deposit insurance company. This will take place in Iraq after joining the Foundation. * Is there any intention by you to join the International Deposit Insurance Corporation? We approached the company verbally to request joining through their office in Amman which is managed on their behalf by the Central Bank of Jordan, and membership fees were determined, which were estimated at 17 thousand euros in addition to other fees, and the matter is still taking place in its routine context as it requires us to submit a complete file on the company, including it. Final accounts as well as other requirements for the purpose of joining. We expect to join the foundation in early 2022.  * What are the company's goals for the next stage? The first goal is to focus on the media side to reach the target groups, and the other goal is to eliminate the phenomenon of hoarding money in homes, and also to increase the company's capital. * last word ? Let everyone be reassured, there is no losing deposit guarantee company in the world, because companies always take the necessary precautions to prevent bankruptcy, especially as they have the support of the central banks in the countries in which they operate.

Number of observations 131   Date of addendum 02/16/2021

[yota691]

The governor of the bank inaugurates the headquarters of the Iraqi Deposit Insurance Corporation and announces its most prominent tasks

 

•  Today, 13:08

 

BAGHDAD
- The Central Bank of Iraq announced today, Monday, the opening of the headquarters of the Iraqi Deposit Insurance Corporation, while stressing that this company is one of the leading institutions in banking.
The bank’s media office said, in a statement received by the Iraqi News Agency (INA), that "the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mekhaif, opened the new headquarters of the Iraqi company to guarantee deposits today."
The governor stressed during the opening that "the company will contribute to restoring confidence in the private banks operating in Iraq," noting that "the central bank will pay attention to this company as it is one of the pillars of the banking business."
He added that "the public and private banking sector actively participated in the establishment of this company to become one of the pioneering institutions in the banking business and supporting it."
It is noteworthy that the Iraqi Deposit Insurance Company provides a cover to guarantee public deposits with Iraqi banks licensed by the Central Bank of Iraq inside Iraq, especially small depositors.

[yota691]

The opening of the headquarters of the Iraqi company to guarantee deposits

•  Time: 04/19/2021 12:56:35
•  
•  Read: 1,729 times

  

{Economist: Al-Furat News} The governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, inaugurated, on Monday, the headquarters of the new Iraqi company to guarantee deposits.

 

"The company will contribute to restoring confidence in the private banks operating in Iraq," the governor said in a statement that Al Furat News received, stressing that "the Central Bank will pay attention to this company as it is one of the pillars of the banking business."
He explained that "the public and private banking sector actively participated in establishing this company to become one of the leading institutions in the banking business and supporting it."
It is noteworthy that "the Iraqi Deposit Insurance Corporation provides a cover to guarantee public deposits with Iraqi banks licensed by the Central Bank of Iraq inside Iraq, especially small depositors."

Forgiveness Al-Khalidi

[yota691]

To restore confidence in private banks ... Opening the headquarters of the Iraqi Deposit Insurance Company

Economie| 01:03 - 19/04/2021

 

 

 

 

BAGHDAD - Mawazine News,
Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, opened the new headquarters of the Iraqi Company for Deposit Insurance on Monday.
"The company will contribute to restoring confidence in the private banks operating in Iraq," the Central Bank Governor said, in a statement received by Mawazine News, that "the central bank will pay attention to this company as it is one of the pillars of the banking business."
It is frighteningly clear that "the public and private banking sector actively participated in establishing this company to become one of the pioneering institutions in the banking business and supporting it."
It is noteworthy that the Iraqi Deposit Insurance Company provides a cover to guarantee public deposits with Iraqi banks licensed by the Central Bank of Iraq, inside Iraq, especially small depositors. Ended 29 / p4

[shixjr]

This is much needed to get the people to trust the banks.  Now let's see if the people will trust these folks!

[Half Crazy Runner]

They’ve taken a long time to drag their country into the 21st century in banking from out of the Stone Age. I wonder how they managed anything while their currency was $3.00+?? 

[rvmydinar]

15 minutes ago, Half Crazy Runner said:

I wonder how they managed anything while their currency was $3.00+?? 

If the rate comes out at $3+, i will manage my new found wealth to buy iranial rial and vietnamese dong. And the rest, well, i will take a long holiday in a beach to enjoy my life. Life is good.

[horsesoldier]

41 minutes ago, Half Crazy Runner said:

They’ve taken a long time to drag their country into the 21st century in banking from out of the Stone Age. I wonder how they managed anything while their currency was $3.00+?? 

Theyve been an absolute train wreck for a very long time, huh.

[yota691]

The Central Bank inaugurates the Iraqi Deposit Company

Tuesday 20 April 2021 83

 

 Baghdad: Morning

 

The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, inaugurated the new headquarters of the Iraqi Deposit Insurance Corporation.

"The company will contribute to restoring confidence in the private banks operating in Iraq," Mkhaif said in a statement, stressing that "the central bank will pay attention to this company as it is one of the pillars of the banking business."

He added that "the public and private banking sector actively participated in establishing this company to become one of the pioneering institutions in the banking business and supporting it."

In the meantime, the Rasheed Bank announced the disbursement of the sums of the marriage advance to the transactions received on dates dating back to the past year.

A statement by the bank stated, "It was decided to disburse the sums of the advance of marriage to the transactions received on dates dating back to the year (2020)." He explained that "the exchange will be based on previous instructions, regardless of resettlement, provided that the inquiry has been made and the issuance is valid before the new instructions are issued."

The statement pointed out that "the new instructions included granting those wishing to marry employees an advance on the condition of resettlement with the bank."

[yota691]

Al-Ahly of Iraq" launches certificates of deposit with an annual interest rate of 6.5%

 

The headquarters of the National Bank of Iraq

banks Economy News - Baghdad On Sunday, the National Bank of Iraq announced the launch of certificates of deposit with an annual interest rate of 6.5%. The bank said in a post on its Facebook site, which was seen by "Al-Iqtisad News", that it decided to "grant certificates of deposit with a guaranteed return rate of 6.5%." He added that "the deposits of the National Bank of Iraq are subject to insurance by the Deposit Insurance Company." It is noteworthy that the National Bank of Iraq currently has 18 branches spread across all major Iraqi cities.

Views 21   Date Added 11/14/2021

[Carrello]

CDs at 6.5% should move some mattress money.

 

Thank you, Yota!

[yota691]

The Central Bank announces a mechanism for compensating those affected by banks

Economie| 06:52 - 07/12/2021

 

 

 

 

Baghdad - Mawazine News
The Iraqi Company for Deposit Insurance of the Central Bank of Iraq announced, today, Tuesday, a mechanism for compensating those affected by banks, while setting the compensation ceiling.
And the authorized director of the Iraqi Deposit Insurance Company, Walid Idi, said, "The mechanism for compensating those affected by the banks takes place after the Central Bank announced the bankruptcy of the concerned bank and its acquisition of the final degree and its approval by the Financial Services Court," noting that "the company's management is coordinating with the trustee of the bank." compensation to depositors.
He added, "The compensation process is carried out according to two levels, the first is if the deposit balance "current, saving or fixed" is 100 million Iraqi dinars, the compensation will be 51% of the last amount, secondly, if the deposit exceeds the amount of 100 million dinars, the compensation will be 25% of the amount The total balance of this deposit," noting that "the maximum compensation ceiling is 150 million dinars, which is considered the highest compensation rate in the Arab region."
He added, "The company does not charge depositors anything except the fee, which is one dinar for every 10,000 dinars of the deposit," explaining that "this percentage is considered the lowest in the Arab region and even in the world."
Eidi confirmed that “the company does not receive any interest, neither from the bank nor from the depositors, but it is called the guarantee amounts for guaranteeing deposits,” noting that “the company officially started work on October 17, 2020, and has not yet compensated any depositor in the banks, for not The Central Bank announced the bankruptcy of a bank affiliated with the company, as the company is responsible for the banks affiliated with it, and has nothing to do with the pre-accession banks.
And he indicated that "the compensation process, according to the company's system and policy approved by its board of directors, is done for one time and is not in the form of payments," explaining that "the time limit set for compensating depositors is 30 days from the date of a decision issued by the Central Bank of Iraq with a final degree of declaring the bankruptcy of a bank, as This period is not extendable.
He stated that "the company, in light of this, compensates the depositors during the period specified by law." Ended 29 / h

[ronscarpa]

He added, "The compensation process is carried out according to two levels, the first is if the deposit balance "current, saving or fixed" is 100 million Iraqi dinars, the compensation will be 51% of the last amount, secondly, if the deposit exceeds the amount of 100 million dinars, the compensation will be 25% of the amount The total balance of this deposit," noting that "the maximum compensation ceiling is 150 million dinars, which is considered the highest compensation rate in the Arab region."

"The time limit set for compensating depositors is 30 days from the date of a decision issued by the Central Bank of Iraq with a final degree of declaring the bankruptcy of a bank, as This period is not extendable.

Well, at least the depositors should get something back ... maybe..!

[dinarham]

On 12/9/2021 at 10:34 AM, ronscarpa said:

He added, "The compensation process is carried out according to two levels, the first is if the deposit balance "current, saving or fixed" is 100 million Iraqi dinars, the compensation will be 51% of the last amount, secondly, if the deposit exceeds the amount of 100 million dinars, the compensation will be 25% of the amount The total balance of this deposit," noting that "the maximum compensation ceiling is 150 million dinars, which is considered the highest compensation rate in the Arab region."

"The time limit set for compensating depositors is 30 days from the date of a decision issued by the Central Bank of Iraq with a final degree of declaring the bankruptcy of a bank, as This period is not extendable.

Well, at least the depositors should get something back ... maybe..!

    They are trying to suck in dinar bigtime ,but I would imagine that most Iraqis won't be doing this .

[screwball]

hmmm....interesting

[horsesoldier]

On 12/9/2021 at 8:34 AM, ronscarpa said:

He added, "The compensation process is carried out according to two levels, the first is if the deposit balance "current, saving or fixed" is 100 million Iraqi dinars, the compensation will be 51% of the last amount, secondly, if the deposit exceeds the amount of 100 million dinars, the compensation will be 25% of the amount The total balance of this deposit," noting that "the maximum compensation ceiling is 150 million dinars, which is considered the highest compensation rate in the Arab region."

"The time limit set for compensating depositors is 30 days from the date of a decision issued by the Central Bank of Iraq with a final degree of declaring the bankruptcy of a bank, as This period is not extendable.

Well, at least the depositors should get something back ... maybe..!

... that something back I hear is Ninja Foodie-well, it’s a step up from a Black & Decker Toaster... those things are a piece O crap.