Representative offices of legislation law protects bank deposits and removes the fear of dealing wit

Representative offices of legislation law protects bank deposits and removes the fear of dealing with banks



Baghdad (News)/report/... The House legislation seeks law protects bank deposits to enhance customer confidence in banks and protected all deposits in various banks in the country.

Member of the Finance Committee, said Haitham Harish (News Agency): there are a series of measures adopted by the Finance Committee to improve the economic situation through stability and what be opposite her Iraqi currency from other currencies, indicating that the Central Bank is now trying to maintain the stability of banks including eligibility through several version controls.

He continued that the Finance Committee had not only the stability of banks, but those banks trying to develop capacity through its participation in building the national economy by increasing their heads that come from different ministries and institutions of the State, as well as the deposits of citizens, adding that the deposits were probably wary of banks, so there was a need to legislate a law that guarantees and protects deposits.

He added that the Central Bank would be obliged to protect those deposits through the law that Parliament will legislate him which would be citizen or investor or the Iraqi Government itself able to deposit their money in the Bank eligibility without fear.

Explained: the fear of private banks continues because of bitter experience with private banks, as happened previously with Warka Bank of Basra, who have both failed, so legislation can secure those deposits.

Private bankers welcomed the step as Parliament would be part of the opening up of private banks on the market.

According to the Managing Director of United Bank to invest Saif Al hilfi (News Agency): there should be a modern system to guarantee bank deposits, creating a significant capital contribution, stating that the company guarantee of bank deposits was one of the key demands of a large number of private banks.

There were demands for a number of private banks as a company to ensure that bank loans, achieved through the formation of company bank guarantees by which the contribution guaranteed Bank loans by private banks for various segments in the country.

He added: the formation of a company to deposit insurance can protect private banking sector and also protects the customer with the Bank from any future cons as has happened previously when some banks declared bankruptcy which resulted in considerable problems with depositors and bank management.

Money experts found the proposal could develop if the private banks and support as well as support for the national economy involving private banks.
The financial expert said Assia (News Agency): that the Iraqi Government is protecting the economy individually and do not give an opportunity to the private sector, adding that the Government allow the private sector wanted to develop the economy.

It was: that the legislation of any law, whether a law protecting deposits or other must be oriented towards the private sector, but at the same time insurance agent must be for scientific support exists for the cons do not occur in this area.

The Association of private banks that proportion of deposits in State banks ranging from 65 to 68 trillion dinars, of which 22 trillion dinar deposits in private banks.

And Iraq's banking system consists of forty-three banks, as well as the Central Bank and distributed by property (7) and banks (30) my family including Bank (7) in addition to Islamic banks (6) foreign banks.

Previously, the IMF called on the Central Bank to adopt progressive measures towards edit view foreign exchange through auctions held by the Bank so that repeated unrest that hit financial markets last year./finished/3. d. o/

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