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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Director of the Iraqi Deposit Insurance Corporation: We grant the highest deposit compensation for b

    Rocky
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    Director of the Iraqi Deposit Insurance Corporation: We grant the highest deposit compensation for b Empty Director of the Iraqi Deposit Insurance Corporation: We grant the highest deposit compensation for b

    Post by Rocky Tue 23 Mar 2021, 9:17 am

    Director of the Iraqi Deposit Insurance Corporation: We grant the highest deposit compensation for bankrupt banks


     MARCH 18, 2021



     COMMENTSTHE DIRECTOR OF THE IRAQI DEPOSIT INSURANCE COMPANY: WE GIVE THE HIGHEST COMPENSATION FOR DEPOSITS FOR CLOSED BANKRUPT BANKS
     22 VIEWS



    It seeks to join a global institution at the beginning of the year 2022 to enhance its banking capabilities
    New morning agencies:
    The Iraqi Deposit Insurance Company announced yesterday its intention to join a global institution at the beginning of the year 2022 to enhance its banking capabilities.
    The executive director of the company, Walid Idi, said in an interview with «Economy News», that the company started the work of joining a global deposit insurance institution to strengthen its banking position. , Adding that the compensation granted by the company is the highest and fastest in the Arab region.
    The executive director of the company explained that the idea of ​​establishing the company began in 2008, when I was general manager of the banking department in the Central Bank of Iraq. I submitted a study to the bank’s board of directors at the time to establish a deposit guarantee company like what exists in all countries of the world, as Iraq and Somalia were the only countries. Who do not have such a company.
    During that period, a working group was formed under my chairmanship that included representatives of government private banks to prepare a law for them. Indeed, we prepared the law and discussed it in the Iraqi Private Banks Association, then it was sent to the State Council for scrutiny and sent to the Council of Ministers and the latter referred it to the House of Representatives in 2009 for legislation.
    The company’s draft law was neglected in the House of Representatives for a period of 6 years due to the general conditions that Iraq went through, and in 2015 we withdrew the draft law from the House of Representatives and approved it by the Council of Ministers as a system for the company that contains 16 articles and carried No. 3 of 2016.
    After that period, a committee was formed to implement the system The company is made up of the central bank as well as other bodies, and the team started its activities.
    The company's paid-up capital is 100 billion dinars, the public sector contributes 48% to it, and the remainder is from the private sector.
    The largest percentage of the company's capital is for the banking sector, as it is estimated at 85%. Governmental banks contributed 4.1 billion dinars, and the National Pension Authority contributed 15 billion dinars, in addition to the contribution of other bodies such as insurance companies and other institutions.
    So far, the company has witnessed the accession of 61 banks, and as for the rest of the banks, it is working to complete some of the requirements necessary to join the company, especially since there are recent banks.
    One of the privileges that the bank obtains, it becomes able to write on its official documents issued by it that “our customers’ deposits are guaranteed by the Iraqi Company to Guarantee Deposits, ”which enhances the public’s confidence in the bank.
    And when we joined the International Deposit Guarantee Corporation (AIDI) in Switzerland, the latter has requirements, including that the bank that does not join the ranks of the company must write a sign on its branches and on its official books stating that the bank’s deposits are not guaranteed in the deposit insurance company. This will take place in Iraq after joining the Foundation.
    We approached the company verbally to request joining through their office in Amman, which is managed on their behalf by the Central Bank of Jordan, and the membership fees were determined, which were estimated at 17 thousand euros in addition to other fees, and the matter is still taking place in its routine context as it requires us to submit a complete file on the company, including accounts. Final, as well as other requirements for the purpose of joining. We expect to join the foundation in early 2022.
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