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Elimination eliminates the tutelage of the Central Bank of the Warka Bank

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day dreamer
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Elimination eliminates the tutelage of the Central Bank of the Warka Bank

Post by day dreamer on Thu 14 Mar 2013, 7:19 am


Elimination eliminates the tutelage of the Central Bank of the Warka Bank



Tuesday, March 12, 2013



It's arbitrary decision as he said .. Has canceled the Supreme Council of the Iraqi judiciary and tutelage of the Iraqi Central Bank on the Warka Bank, which lasted for a whole year which damaged the bank and its depositors in the Iraqi economy.
And learned (writings) that the discriminatory at the head of the resumption of Baghdad - Rusafa the Supreme Judicial Council has decided to cancel the tutelage of the Central Bank of the Warka Bank after a hearing chaired by President Jaafar Hassan Ali and his two deputies membership Hamel Ajili gesture and Najim Abdullah Mohsen.
She said the discriminatory in its resolution, obtained by (writings) that "in 29 - 2-2012 board decided CBI put guardianship of Warka Bank for Investment and Finance .. and that's where this decision arbitrarily led to damage the interests of the bank and the depositors and customers and shareholders in the capital The banking sector and the national economy .. and after checking the body in the central bank's decision has decided to accept the appeal decision guardianship after it found that the ruling is incorrect and contrary to the law as the central bank when he decided to put guardianship did not take into account the provisions of the law or the basis on which calls for taking as he did not take the necessary measures to provide liquidity for the bank, although it functions. "
She Authority discriminatory in its resolution that "the Ministry of Finance may have contributed to its proceedings of withdrawing government deposits from private banks in crisis in the financial situation of the Warka Bank because it was the mainstay of its liquidity cash .. also said the central bank did not take the necessary measures to improve the situation of the bank, despite this from his responsibilities as did not provide him loans needed to get out of its financial crisis as called for by the committees set up by the World Bank to address the financial situation of the Warka Bank. "
The Commission concluded to say in conclusion, "and thus became the central bank's decision to impose trusteeship bank free of isnads was decided to cancel the legal guardianship."
The Central Bank of Iraq has decided to put his tutelage Warka Bank is one of the largest Iraqi banks and has 130 branches across Iraq because of marking some of the problems in financial dealings. The bank said that imposing guardianship on the Warka Bank for Investment and Iraqi funding came to save him from some of the problems suffered by. The main tasks of the central bank in the conduct of monetary policy in the country and raise the level of the values ​​of the Iraqi dinar and tackle inflation.
The deputy governor of Bank of Iraq the appearance of Mohammed Saleh said that "the central bank to impose his tutelage on the Warka Bank to help him overcome his problems," noting that "the bank suffered a problem and we scrutinize its assets, and work is continuing it did not close." He explained that "the Warka Bank of large banks and very good and has many branches, and guardianship means the temporary administration of the bank," and expressed the hope that "Warka Bank returns to its normal position after the conclusion of the investigation."
He continued that "trusteeship and in accordance with the law is 18 months, renewable for another 18," revealing that "the bank has stalled in daily trading because of a section of his dealings outside his control, including the withdrawal of the Iraqi government to deposit him three years ago."
In response to the surprise shown by Iraqi Finance Minister Rafie al-Issawi's decision trusteeship Warka Bank without being informed personally, between the deputy governor of the Central Bank that "there is confusion in the central bank law occurred in articles are 59 and 66," noting that "He explained to the Minister Finance and the latter expressed his conviction. " He said.
And expressed Finance Minister Rafie al-Issawi said in a press statement astonishment of the Iraqi Central Bank's decision put the Warka Bank under guardianship without coordination and obtaining the approval of the Ministry of Finance.
The central bank says that the Iraqi Article 59 of its law allowing him a trusteeship on banks which is about the appointment of an interim administration for any bank get the financial problems, while indicating Article 66 of the law to be guardian after appointed central bank can seek through the central bank request decision of the Minister of Finance to save the bank in case it was found that there is a possibility to save him.


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lonelyintexas
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Re: Elimination eliminates the tutelage of the Central Bank of the Warka Bank

Post by lonelyintexas on Thu 14 Mar 2013, 7:47 am

This is very important article for those who might have a Warka account. Not sure but half way throught the article, it seems to say they are removing the tutelage. I am not sure but I think this means Warka Bank will be coming back into operation, and will someday trade again on the ISX. If I have this wrong please correct me.
Thanks
LIT

day dreamer
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Re: Elimination eliminates the tutelage of the Central Bank of the Warka Bank

Post by day dreamer on Thu 14 Mar 2013, 10:34 am

looks like it i'm excited to see what happens after rv, maybe screwball will have more to say

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Re: Elimination eliminates the tutelage of the Central Bank of the Warka Bank

Post by Screwball on Thu 14 Mar 2013, 4:12 pm

Warka returns to its normal position! Not sure if this can be done?mtheynhave to raise a lot of capital they are the largest private bank in Iraq with the biggest ATM network! I still have shares with them and will continue to use them but will wait to see how this pans out! I have always known that there was some discrimination going on and the fact that the government withdrew large sums of money did not help?

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