Rocky- Admin Assist
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Join date : 2012-12-21
by Rocky Mon 15 Apr 2024, 3:27 pm
MM&C 4/15/24
Time: 04/15/2024 17:04:50
{Economic: Al-News} The economic and financial advisor to the Prime Minister, Mazhar Muhammad Saleh, considered the decisions to restructure government banks “a prelude to comprehensive economic reform.”
Saleh said {to Al-News} that: “The decisions to restructure government banks by dividing or merging are within the framework of the reform policy pursued by the Prime Minister, which he finds in raising the competitiveness and efficiency of government banks as an introduction to comprehensive economic reform.”
He added, "It must start with government financing institutions that dominate 85% of banking activity in our country today and face regulatory obstacles inherited from previous eras that were riddled with bureaucracy, monopoly of banking business, and loss of efficiency."
Saleh added, "The path to economic reform begins with financial and banking reform."
Last January, the Council of Ministers approved the banking reform plan and approved the following:
1- Direct contracting with Ernst & Young; To study the issue of restructuring the Rafidain and Rasheed banks, present its recommendations regarding them, and propose a road map in this regard, within 6 months.
2- Direct contracting from the Industrial Bank with the company (Ernst & Young); To study the issue of merging banks (industrial, real estate, agricultural) into one bank from its specialized experts, provide the appropriate recommendation regarding it, and determine the time period required for the merger and the mechanism for transferring balances to the new bank.
3-Direct contracting from the National Insurance Company with Ernst & Young; To study the issue of merging the National Insurance Company with the Iraqi Insurance Company, into one company from its experts and specialists, and provide the appropriate recommendation regarding it, and determine the time period required for the merger and the mechanism for transferring its funds to a new company, as an exception to the instructions for implementing government contracts (2 of 2014), and the controls issued According to it.
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The COM approved this meger 4.5 months ago. They say they will have it done witihin 6 months. I would love to know how far along E&Y are in the process by now.. I wouldn't be surprised under the present circumstances they are a good way along.. imo ~ MM
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