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Central Bank confirms that the Warka Bank did not guarantee the rights of depositors
29/03/2012 17:14
Baghdad, "Iraq's gate," Mohammed Sharif
The Central Bank of Iraq's Warka Bank that did not guarantee the rights of depositors and that the decision to impose the trusteeship was the result of the growing problems of liquidity in the bank.
And "Reuters" quotes the deputy governor of Central Bank of Iraq appearance of Dr. Mohammed Saleh, said Thursday that the decision to impose the trusteeship was the result of the growing liquidity problems in Egypt, Warka and the difficulties encountered in meeting the requests for withdrawal of deposits and failure to reach an agreement with Standard Chartered Bank on buying a majority stake in Bank of Iraq.
Saleh said "the granting of bank loans has grown - and it seemed that the guarantees for these loans was weak. What worries us more than anything else is to stabilize the financial sector and human rights of depositors and shareholders third. "
But Mr. Salih said by saying "This is not a bad bank, but he was one of the best private bank by assets, technical, such as the number of branches, which more than a quarter of bank branches" in the country.
But he completely denied that the authorities targeted the bank and said, "weakened the capacity of the Bank's investment, and if capital went up by only five percent of the Central Bank is entitled to put the bank under guardianship. We have given several opportunities to bank restructuring, but this does not work. "
The Deputy Governor of the Central Bank of the external auditor is an Iraqi company is expected to submit a report within two weeks may include a recommendation for restructuring by establishing a "bank temporarily" take the good assets of the Bank of Warka.
He said, "I personally believe that this bank is able to recover again and I hope to be in the interests of the Iraqi banking sector." And "We want this bank to resume its activity, and distance himself from the high-risk activities."
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29/03/2012 17:14
Baghdad, "Iraq's gate," Mohammed Sharif
The Central Bank of Iraq's Warka Bank that did not guarantee the rights of depositors and that the decision to impose the trusteeship was the result of the growing problems of liquidity in the bank.
And "Reuters" quotes the deputy governor of Central Bank of Iraq appearance of Dr. Mohammed Saleh, said Thursday that the decision to impose the trusteeship was the result of the growing liquidity problems in Egypt, Warka and the difficulties encountered in meeting the requests for withdrawal of deposits and failure to reach an agreement with Standard Chartered Bank on buying a majority stake in Bank of Iraq.
Saleh said "the granting of bank loans has grown - and it seemed that the guarantees for these loans was weak. What worries us more than anything else is to stabilize the financial sector and human rights of depositors and shareholders third. "
But Mr. Salih said by saying "This is not a bad bank, but he was one of the best private bank by assets, technical, such as the number of branches, which more than a quarter of bank branches" in the country.
But he completely denied that the authorities targeted the bank and said, "weakened the capacity of the Bank's investment, and if capital went up by only five percent of the Central Bank is entitled to put the bank under guardianship. We have given several opportunities to bank restructuring, but this does not work. "
The Deputy Governor of the Central Bank of the external auditor is an Iraqi company is expected to submit a report within two weeks may include a recommendation for restructuring by establishing a "bank temporarily" take the good assets of the Bank of Warka.
He said, "I personally believe that this bank is able to recover again and I hope to be in the interests of the Iraqi banking sector." And "We want this bank to resume its activity, and distance himself from the high-risk activities."
[You must be registered and logged in to see this link.]
