Association of private banks held a joint workshop with the parliamentary finance committee to discuss a draft banking law
Economy News / special / Baghdad .....
It examined the association of Iraqi private banks in a joint workshop with an extensive parliamentary finance committee a draft government Banking Act
The head of the Finance Committee in parliament Faleh in force during the workshop which was attended by general director of the bank Industrial Kazem fistula and adviser to the central bank and Idi Walid and representatives from the private banks, the importance of government Banking Act, which was prepared by a number of advisors and concerned banking work.
He also noted the importance of holding the workshop organized by the Association of private banks for the diagnosis of kinks in the law and listen to the opinions and proposals put forward by the private banking sector being the closest to the work of direct relevance and with citizens
He explained the importance of leaving the force space is sufficient for the private sector to exercise its role in the development of the Iraqi economy, noting that the public sector accounted for 90% of the overall Iraqi economic activity
For his part, praised the Iraqi Central Bank adviser Walid Idi Convention signed between the Central Bank and Ministry of Finance to restructure State-owned banks, noting that it did not Tralnuraly far, although submitted to the Council of Ministers and the House of Representatives in preparation for a special legislation into law.
And it provided legal counsel and a representative of the Advisory Committee
Legal Association of banks Mr. Laos Tariq Hameed range of views and proposals on the draft government Banking Act, pointing out that this law is marred shortcomings in the regulation of terms the practice of banking activities and did not take into account the specificity of the fact that its capital is in public funds and therefore must involve the strict provisions of the purpose of maintenance and preservation it from loss and also added that there are loopholes in the law may be an outlet of financial and administrative corruption and its provisions should be built on democracy and transparency in addition to other views and proposals it will hopefully be taken out into consideration by the authorities concerned
Turning Director General of Industrial Bank Kazem fistula in his speech during the workshop to the history of the Rafidain and Rasheed, noting that the capital Hrakther which is restricted, any sense that the tradition of working in private banking that existed focused on Tnimh profits and build financial capacity while the policy of government banks represent general of the state, which led to a decline in activity because the government does not see the importance in raising capital, that they are the last guarantor of all government obligations and thus led lower their capital.
For his part, Mscharrabotth Iraqi private banks, Sayyid Ali al-Husseini said there are several points must be put into consideration before approving the law of the State banks, including the State Bank is a mixed sector, which calls for opening the doors of underwriting its shares to the public.
Put Husseini during several workshop questions about the position of the law of the Trade Bank of Iraq , which Iatbermn government banks, and whether he covered system restructuring, stressing the importance to have the private banking sector 's role in the nomination of the Council of State - owned banks departments and not be a Finance Minister authorized only in the selection boards of exports of these banks .
The Chairman of the Parliamentary Finance Committee on these questions, stressing the possibility of not offering shares to the government banks Gmehurkonha / sink / and its capital, a state-owned.
For his part, Maderaltnive of the Association of Iraqi private banks Ali Tariq that the holding of this workshop to deepen dialogue and access to participants between the legislature and the private sector to adopt laws serve the Iraqi economy, taking Bnzeralaattabarassaobh economic conditions that prevailed in the country and the search for decisions that serve the private and public sectors.