The decision to raise banks' capital and true integration is the best solution
10/28/2013 12:00 AM
President of JSC «morning»:
Baghdad morning
Ask specialists proposal contributes to the increase of capital of private banks, and through integration with each other to form giant banks be a solid base for investors.
Chairman of the Securities Commission, Dr. Abdul Razzaq al-Saadi said in a statement to the (morning): "The central bank's decision, which was issued two years ago to increase the capital of private banks is the right decision, and to encourage them to increase their capital to be in refineries international banks or close to it" adding, in his speech, "as in Lebanon when experience had owned banks with a small capital, as the Central Bank of Lebanon plan encouraged the integration of these banks has contributed an effective contribution to their capital and has become one of the giant banks after the merger."
It is noteworthy that the central bank has issued instructions in February 2010 recognizes which compel banks approved the exercise of banking increase their capital to 250 billion dinars during the period of three years from the date of issuance of this resolution and to be (100) Milirkhalal one year and 150 billion dinars during the two years to reach 250 billion dinars during the three years of the date of the decision.
He said Saadi said the currency bloc in the Iraqi market is limited to invest in this sector, calling for private banks with capital small to merge with each other to be a bank sobering and powerful, especially as the giant companies invested dealing with large banks broad-based integrated with each other and then expand investor base.
He noted the Chairman of the Commission that the process of integration, according to the concepts of owners is very difficult because some of the banks owned by the Iraqi families, believing that the banks family future is weak, on the contrary banks owned by more than one party in the community shall be developed more and be of interest to most everyone, because the price of its shares Less than one dinar and therefore do not achieve good returns and profits.
But al-Saadi called for the central bank to show flexibility in the deal that allocates incentives for those who wish to merge private banks to make them strong and durable, urging the banks to develop a solid plan for the merger.
The Chairman of the Commission that the banks did not increase their capital suffers from several problems, including the issue of marketing and capital, trust and the like, considering that this situation affect the financial market, because the monetary mass in banks will be reduced so as to withdraw capital, especially that some of them included in the the stock market, so the market will be worth less because their profits will be limited and then affect the market.
He said al-Saadi to the need to give ample space to act and encouragement of private banks in all its aspects, in contrast must emphasize the central bank controls on the movement of these banks so that the work within the contexts of the market economy and the direction of the Iraqi economy, saying that the bank should be engaged in his business, so it has to be cooperation and interaction in the development of the private banks, because the market economy to Ainmo without the growth of private sector banks and sophisticated that does not exist in Iraq at the present time, he says.
The President of the Commission on the importance of controlling the money supply to combating money laundering if the money of people living with banknote clean are to give them adequate space to move whatever he wants, especially as the market economy does not have the black markets for the sale of shares, but work to the principle of supply and demand, as is the case in the stock market financial, defined clean money would mean every person deposited in his account amounts exceed 10 thousand dollars, you must disclose the origin of these funds, as the case in most developed countries of the world.
Saadi urged ministries to put their money in private banks for their support and encouragement for the advancement of private banks in the country, which supports the movement of investment and increase investor confidence in these banks.
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10/28/2013 12:00 AM
President of JSC «morning»:
Baghdad morning
Ask specialists proposal contributes to the increase of capital of private banks, and through integration with each other to form giant banks be a solid base for investors.
Chairman of the Securities Commission, Dr. Abdul Razzaq al-Saadi said in a statement to the (morning): "The central bank's decision, which was issued two years ago to increase the capital of private banks is the right decision, and to encourage them to increase their capital to be in refineries international banks or close to it" adding, in his speech, "as in Lebanon when experience had owned banks with a small capital, as the Central Bank of Lebanon plan encouraged the integration of these banks has contributed an effective contribution to their capital and has become one of the giant banks after the merger."
It is noteworthy that the central bank has issued instructions in February 2010 recognizes which compel banks approved the exercise of banking increase their capital to 250 billion dinars during the period of three years from the date of issuance of this resolution and to be (100) Milirkhalal one year and 150 billion dinars during the two years to reach 250 billion dinars during the three years of the date of the decision.
He said Saadi said the currency bloc in the Iraqi market is limited to invest in this sector, calling for private banks with capital small to merge with each other to be a bank sobering and powerful, especially as the giant companies invested dealing with large banks broad-based integrated with each other and then expand investor base.
He noted the Chairman of the Commission that the process of integration, according to the concepts of owners is very difficult because some of the banks owned by the Iraqi families, believing that the banks family future is weak, on the contrary banks owned by more than one party in the community shall be developed more and be of interest to most everyone, because the price of its shares Less than one dinar and therefore do not achieve good returns and profits.
But al-Saadi called for the central bank to show flexibility in the deal that allocates incentives for those who wish to merge private banks to make them strong and durable, urging the banks to develop a solid plan for the merger.
The Chairman of the Commission that the banks did not increase their capital suffers from several problems, including the issue of marketing and capital, trust and the like, considering that this situation affect the financial market, because the monetary mass in banks will be reduced so as to withdraw capital, especially that some of them included in the the stock market, so the market will be worth less because their profits will be limited and then affect the market.
He said al-Saadi to the need to give ample space to act and encouragement of private banks in all its aspects, in contrast must emphasize the central bank controls on the movement of these banks so that the work within the contexts of the market economy and the direction of the Iraqi economy, saying that the bank should be engaged in his business, so it has to be cooperation and interaction in the development of the private banks, because the market economy to Ainmo without the growth of private sector banks and sophisticated that does not exist in Iraq at the present time, he says.
The President of the Commission on the importance of controlling the money supply to combating money laundering if the money of people living with banknote clean are to give them adequate space to move whatever he wants, especially as the market economy does not have the black markets for the sale of shares, but work to the principle of supply and demand, as is the case in the stock market financial, defined clean money would mean every person deposited in his account amounts exceed 10 thousand dollars, you must disclose the origin of these funds, as the case in most developed countries of the world.
Saadi urged ministries to put their money in private banks for their support and encouragement for the advancement of private banks in the country, which supports the movement of investment and increase investor confidence in these banks.
[You must be registered and logged in to see this link.]
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