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Adviser to the Prime Minister: Loan repayment defaults make banks vulnerable to guardianship
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Economy News - Baghdad
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Added 12/28/2023 - 4:58 PM
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Economy News - Baghdad
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed on Thursday that the issue of faltering loan collection makes the bank vulnerable to the imposition of commandments by the Central Bank.
Saleh said in an interview with Al-Iqtisad News, “The global standard for defaulting on loans is a maximum of no more than 3% of the total loans or cash credits granted by banks.”
He added, "Our country has witnessed defaults in recovering loans from debtors, amounting in some banks to 28% of the total loans, which makes the bank vulnerable to guardianship due to the erosion of capital, especially banks that do not have sufficient hedges around capital in the event of defaults in granted bank credits."
Saleh stressed "the importance of creating an insurance or guarantee company to collect loans in a way that maintains the integrity of the banking system, the integrity of its operations, and the strength of its liquidity, and to avoid the risks resulting from loss due to default in collection, which causes poor quality of assets in relation to bank liabilities or liabilities and their dues."
He pointed out that "the cost of guaranteeing loans will be inversely proportional to the type of guarantees provided by the borrower. The stronger the guarantees, the lower the cost of insurance or the cost of the guarantee that the loan guarantee company will receive in return for securing the loan, whether from the borrower itself, the bank granting the loan, or both together." .
Views 85
Added 12/28/2023 - 4:58 PM
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