WARKA FUNDED - RUMOR UNTIL OFFICIALLY ANNOUNCED

[one4dinar]

TO FloridaChick and Frank 61 for keeping the faith!!

Warka Funded!!!!! GO WARKA !!!

Not from me!!! Found somewhere else, Enjoy!!!

"Warka has just sold stock to Standard Charter Bank of UK for 180 Million EURO

The bank is now fully funded and the stock should trade up when it comes back on the market. Warka is the number one bank in Iraq and will stay that way as far as private Iraqi banks are concerned. Do not be worried about the rumors, we own a lot of Warka in the company account.

The news will be formally announced in about 4 weeks,...which goes along with Warka coming back to trading March 15th...."

[OMEGA3]

so , you are saying that if this buy in is not for real, Warka bank is out of money. You are saying that they do not have enough money to pay their investers unless their stock sold.

I have seen that somewhere before, Warka bank is broke.

[kamm]

I hope there not broke. Kamm

[bluejay]

Great info...Key here is "when" ISX goes live....Let's hope soon.

[BanG]

All I have to say is Google WARKA Banks credit ratings, they come up with some pretty bad reviews. Peace.

[smee2]

I thought it was saying that this other bank in England has purchased Warka stock and now Warka is FULLY FUNDED. Does not sound like a bank going under to me. Sounds like some of the recent banking change rules in Iraq made them go looking for an investor and they found it. Should be good news for Warka, hopefully good news for the investor, and good news fo Iraq. A healthy banking system sometimes needs internal refinancing and outside money to cover transition periods. Can you think of any other place on earth going through the kind of transitions happening in Iraq?

smee2

[babylon5]

this has already been debunked by the bank.

[GARLIC]

Offering full and complete services to it's customers is the only way a bank can debunk anything.

I do see that Warka web site now has their e-mail addresses available.

The bank is still not doing international wire transfers. The debit/master card still not working since Nov. 2010.

First it was Citi bank buying into Warka, then it was BoA, Now it is Standard Charter Bank of UK, which is it?

[one4dinar]

so , you are saying that if this buy in is not for real, Warka bank is out of money. You are saying that they do not have enough money to pay their investers unless their stock sold.

I have seen that somewhere before, Warka bank is broke.

No, I'm not saying that the buy is not for real. Several people have received this same information regarding Standard Charter UK and a stock purchase with Warka Bank. What I am saying, is that it has not been "officially announced by Warka Bank, Standard Charter or news media. This is a business deal and until all the papers are signed and monies paid, it will not be announced officially. You can understand why that is, can't you?

This is the reason why Warka Investment Bank took on a partner.

Yes, they had a liquidity problem based on the actions of the Kurdistan branch of the CBI an the Kurdistan MoF. The radical branch has since been placed under direct supervision of the CBI. It was a political move as private banks were paying more interest than the Kurdistan state banks which complained to the MoF. Without warning the MoF pulled all pension and Govt funds from Warka which depleted their 15% required reserves in case of with drawn deposits. Since the MoF insisted on physical cash withdrawal in a effort to cause a run on Warka , Warka was forced to close for business until physical cash reserves could be transported to Kurdistan for payment to depositors and ~1.6 billion in dollars. The required CBI liquidity by the CBI is 15% required reserves of that banks assets. There was never any question of insolvency as the remaining assets were 85% and ascertained by the CBI. In the case of insolvency the CBI would follow CBI law and immediately close Warka, convert all their assets to cash for payment to depositors and as the lender of last resort make up any differences. I can see why some of the news might distress account holders, especially if never having experienced the situation so each should manage their affairs in a manner that would be comfortable to themselves.

However the facts are that they had a liquidity problem at a few branch banks in Kurdistan due to withdrawels over the required reserves of 15%. They did not have a insolvency problem as they have very large assets for a private bank. The problem was solved in a couple of days by the CBI sending them some of their physical reserves deposited at the CBI and overnight loans from other banks.

Don't confuse reserve liquidity with insolvency as they are different things. In the case of insolvency there is no lingering or promise to do better. In any such accusation the Banks is immediately audited, close and liquidated. Usually it is taken over or its assets sold to another bank with the requirement that all deposits are honored.

Investing isn't for everyone. There are risk involved in any type of investment, US or any other country. It comes with the territory.

Best advice, when you are unsure, do your own research.

Edited February 3, 2011 by one4dinar

[one4dinar]

Offering full and complete services to it's customers is the only way a bank can debunk anything.

I do see that Warka web site now has their e-mail addresses available.

The bank is still not doing international wire transfers. The debit/master card still not working since Nov. 2010.

First it was Citi bank buying into Warka, then it was BoA, Now it is Standard Charter Bank of UK, which is it?

I've always been able to send wire transfers. I just sent one. I receive e-mails, my orders are processed for stock purchases, I receive my free and paid up shares.My account balances are always correct.

Citi Bank and BOA were rumors posted by members but no details were given as in Standard Charter rumor. As I said above, it's all rumor until the fat lady sings. If you don't believe the rumor posted, that's fine, time will tell.

Try not to be so negative and nasty. And remember, you are not dealing with US or UK banks that are half a century old or more. Investing in Iraq is a frontier market at best. No bank in the US is going to jump because you whine because of caliberations being worked on for international currencies.

If nothing else you can always close any accounts you have with Warka Bank and then you won't have to worry about it.

I thought it was saying that this other bank in England has purchased Warka stock and now Warka is FULLY FUNDED. Does not sound like a bank going under to me. Sounds like some of the recent banking change rules in Iraq made them go looking for an investor and they found it. Should be good news for Warka, hopefully good news for the investor, and good news fo Iraq. A healthy banking system sometimes needs internal refinancing and outside money to cover transition periods. Can you think of any other place on earth going through the kind of transitions happening in Iraq?

smee2

Thanks Smee2, you are 100% correct.

[tcat1]

My old employer is Barclays...be back shortly.

[leola]

I got an e/mail from warka bank this morning,,,personal business re my account... they may be preparing for bigger things to come,,,ergo ,,cash on hand????looks like banks may be firming up both here and abroad,,,,WHY????????

[leola]

I`M NOT SURE,,BUT ,,,CITI MAY NOT BE IN POSITION TO BUY INTO WARKA.THEYARE STARTING UP DIVIDENDS , EITHER THIS MONTH OR NEXT...