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The Gazette: Regulation No. (3) for the year 2016 guarantee bank deposits

rocky
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The Gazette: Regulation No. (3) for the year 2016 guarantee bank deposits Empty The Gazette: Regulation No. (3) for the year 2016 guarantee bank deposits

Post by rocky on Mon 26 Sep 2016, 6:30 am

The Gazette: Regulation No. (3) for the year 2016 guarantee bank deposits





Regulation No. (3) for the year 2016 guarantee bank deposits

Date of publication: 18 Jul 2016

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Page 1


The Cabinet decided

No. (177) for Menna 2016 Cabinet decided in its session usual twenty-second session held on 201 777,

What comes:-

The issuance of Order No. (3) for the year 2016 to ensure that bank deposits Dqgah the State Council system, according to the provisions of subsection (iii) of Article 80 of the Constitution, and (b)

(2) of Article (4) of the Central Bank of Iraq Law No. (56) for the year 2004.

Dr.. Mahdi Mohsen Keywords p / Secretary General of the Council of Ministers 2017689



Page 2

Based on the provisions of clause (iii) of Article 80 of the Constitution, and (b) (2) of Article (4) of the Iraqi Central Bank Law No. (06) for the year 2004.

We issued the following system

No. (3) for the year 2016 system

Guarantee bank deposits Article 1 - - The Central Bank of Iraq to grant leave to exercise guarantee bank deposits to a joint stock company established in accordance with the provisions of the Companies Law No. (21) for the year 1997.

Article - 2. First - not subject to the provisions of this Regulation:

A. branches of Iraqi banks operating out of Iraq.

B - development banks, investment banks and illiteracy licensed to operate in accordance with the law and conducting project financing and investment in Iraq and that accept specific purpose deposits.

- _ Government deposits in state banks.

Second. Not subject to ensure Mayati:

A - cash bond for the value of the credit facilities.

B - bank deposits with the Central Bank of Iraq.

- - Legal Reserve banks deposited with the Central Bank of Iraq.

D - deposits of the members of the Management Board of the bank shareholder.

- - Deposits unclaimed deposited with banks contributing.

And - bank deposits deposited at another bank.

Article - 3. First - is required to ensure that bank deposits that the company at least for the capital (100 billion) a hundred dinars, and the pilot will be the contribution of Iraqi banks

Brass doomed mandatory.

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Othania - determine the contribution rate of the bank in the capital of the Company by decision of the Board of Directors of the Central Bank of Iraq and may be adjusted according to economic conditions.

Third, if the shareholder bank delayed payment of the amount of its contribution to the capital of the company and instead of monthly insurance schedule -sdad to guarantee bank deposits, the company takes the central Abannt Iraqi legal procedures stipulated in Article (06) of the Act-Sarv No. (94) ment for 2004.

IV on the composition of the company's financial Ohtepashat determined by the bank's management board

Iraqi Central.

Article - 4 - First: the bank pays covered by the provisions of this system instead of a monthly insurance Whipple-g and one dinar for every (1000 m) ten thousand Danarmen amount subject to guarantee the bank deposits.

Thani calculated the total deposits with the bank as at the end of the previous month.

Article - 0 - financial resources of the company is made up (excluding capital and reserves) of: First, rather than monthly insurance.

Than-- company funds investment returns.

III granting any financial offer for the company with the approval of its board to be tolerant of official approvals her.

Article 6 - - Company exercises the following functions: -

First: provide cover to ensure public deposits with licensed banks of the Iraqi Central Bank of Iraq within Iraq.

Second: the company's funds to invest in the areas of investment following: -

- Deposited in banks as deposits fixed by decision of the board of directors.

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B - the purchase of securities issued M-n Ministry Almala_h Khawwalat Treasury bonds and the Government of Iraq, bonds and money orders issued by

The Iraqi central bank is buying from the secondary market.

Ii- borrowing directly from banks or issue a loan to support its capital and their own resources pursuant to the provisions of Article bonds (77) of the Companies Act No. 21 of 1997.

Article - 7 - Shareholder Bank is committed to providing the financial statements of deposits a month, "to guarantee bank deposits in the company.

Article - 8 - on each retain a bank shareholder all its records and books to make sure glimpse of the total deposit numbers and the health of the premium due account to the company for insurance, rather than for (0) five years from the submission of statements to the Central Abannt Iraqi history and in case of disagreement on insurance instead Faihtqz out for pending in this dispute.

Article - 9 - First: The company appoint an observer metaphor accounts after obtaining the approval of the central Iraqi Abannt him to audit and audited annually for a period of not exceeding (0) five years.

Second observer notify the Iraqi Central Bank accounts in writing of any

Shortages of operations carried out by the company or any material or any errors

Offense and that shows in the report whether Uncle-data AZ has been audited contrary to the provisions of the law.

Article - 10 - First: compose the Board of Directors guarantee bank deposits, the company exercised its functions and powers according Mamansos in banks Law No. (94) for the year 2004 and the Companies Act No. 21 of 1997.

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Second may not be the President of the Board of Directors of the company Aoedo guarantee bank deposits that occupies the presidency, membership of the Board of Directors of another company.

III people candidates undergo pain-high level in the company to

Controls stipulated in the Banking Act Rim (94) for the year material - 11 - have Almqod Director in ensuring bank deposits with experience and competence in financial matters and Chirvih or legal company and holder of a university degree previews of the least full-time to manage the company's business in addition to the conditions set Aqiha in Article 121 of the companies Law No. (21)

For the year 1997.

Article - 12 - First: the company's records and accounts and transactions for scrutiny and subject to inspection

Of CBI.

Second company CBI provides the following: -

A company's quarterly accounts.

B - the final accounts certified by an observer metaphor accounts.

C - periodic information requested on its work in accordance with the requirements of the Central Bank of Iraq models within the periods and deadlines him.

D - any change in the company's headquarters or the President or any of its affiliates within Iraq.

Article - 13 - First: The company pays compensation for deposits with banks contributing according

To Mohi: -

(A) the amounts that are (100000000) a hundred million dinars or less the ratio of compensation (1% e) Fifty-one percent of.


Page 6

B - amounts in excess of 100 hundred million dinars -on ratio of compensation (20%) of twenty-five percent.

second-. Central Bank of Iraq to change the proportions set forth in item (i)

Of this Article, depending on economic conditions and the economic situation of the company.

Article 14 - - if the decision Trust and bankruptcy or insolvency of the Bank of shareholder issued in accordance with the provisions of the Banking Law No. (94) for the year 2004 is calculated deposit per person to determine the amount of the guarantee on the basis of Article (14) of this regulation in accordance with the following procedures:

First: If a person has more than one account -srv or descendants Vtad total accounts one account.

Second: If the account is shared between two or more persons distributed b-g Warranty them by the share of each one of them in the account, according to official documents submitted by the official authorities and whether their shares in the account is not specific Vtad equal to not exceed the total Maigdin per person at the high end of Melg security If he has another account or more with the same bank.

Third: If a person owes the bank or guarantor of a debtors is being Amtah clearing between its deposits with the bank and between Djemba obligations and facilities incurred by him, which is responsible for repayment to shame the bank whether obligations and facilities payable or not and if it was caused by an Astah clearing credit balance shall be deemed the balance is a deposit that pays her security deposit in accordance with the provisions of this Regulation.

IV shall not be subject to the clearing house to guarantee deposits not covered by the company.

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Article - 10 - First: the company paying the security deposit to the owner Alm_sthak Alodymh

Secured within a period of thirty (30) days from the date of his application to the trustee or liquidator to liquidate the existing shareholder of the bank.

Second amounts deposited guarantees that no one received and the amounts of deposits unclaimed Komanat the CBI review in accordance with the provisions of Article 37 of the Banking Law No. (94) for the year 2004.

III company resolved legally replace the deposit holders within the limits of the amounts

Actuated them when the liquidation of any shareholder bank.

Article - 16 - The system implemented from the date of its publication in the Official Gazette.

Dr.. Haider al-Abadi

Prime Minister

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