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Central bank: Bank of repeating the mistakes of the economy despite warnings behind and placed under the Commandments
06/07/2014 21:45
BAGHDAD / obelisk: The Central Bank of Iraq, on Saturday, to repeat the mistakes by the Department of Economy Bank for Investment on letters of guarantee behind the imposition of guardianship.
The general director of surveillance and banking at the Central Bank Abdul Abbas Khalaf Sultan in an interview for "obelisk", he was "in relation to Bank of the economy, we spotted from the outset he issuing letters of guarantee in excess of the limit established under the Central Bank of Iraq," noting, "We send out several warnings to the bank mentioned on the track and a decision of the Iraqi Central Bank to deprive the bank of the issuance of letters of guarantee. "
He added that "during the period of deprivation show that the bank has issued letters of guarantee and the irregularities committed by the core."
He continued, "of other notes and Rhode instruments drawn on the Bank of the economy through the electronic clearing in the Central Bank of Iraq, but that the balance of the bank located in the Central Bank of Iraq was not enough to pay these obligations, and this indicates that the bank has the inability to provide the necessary liquidity to pay obligations."
He noted that "the opinion of the Central Bank came, according to the Banking Act to impose custody of the bank because the administration is not efficient enough to provide liquidity," noting that "the goal of imposing guardianship on the bank is rehabilitated and enable it back again, as well as to protect and preserve the money of depositors and shareholders at one time. "
The CBI has recently announced the imposition of trusteeship Economy Bank for Finance and Investment, adding that he would set up committees and trusteeship composed of three people for a period of 18 months, extendable mission to prepare a report on the financial situation and the future and the future prospects for the bank.
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06/07/2014 21:45
BAGHDAD / obelisk: The Central Bank of Iraq, on Saturday, to repeat the mistakes by the Department of Economy Bank for Investment on letters of guarantee behind the imposition of guardianship.
The general director of surveillance and banking at the Central Bank Abdul Abbas Khalaf Sultan in an interview for "obelisk", he was "in relation to Bank of the economy, we spotted from the outset he issuing letters of guarantee in excess of the limit established under the Central Bank of Iraq," noting, "We send out several warnings to the bank mentioned on the track and a decision of the Iraqi Central Bank to deprive the bank of the issuance of letters of guarantee. "
He added that "during the period of deprivation show that the bank has issued letters of guarantee and the irregularities committed by the core."
He continued, "of other notes and Rhode instruments drawn on the Bank of the economy through the electronic clearing in the Central Bank of Iraq, but that the balance of the bank located in the Central Bank of Iraq was not enough to pay these obligations, and this indicates that the bank has the inability to provide the necessary liquidity to pay obligations."
He noted that "the opinion of the Central Bank came, according to the Banking Act to impose custody of the bank because the administration is not efficient enough to provide liquidity," noting that "the goal of imposing guardianship on the bank is rehabilitated and enable it back again, as well as to protect and preserve the money of depositors and shareholders at one time. "
The CBI has recently announced the imposition of trusteeship Economy Bank for Finance and Investment, adding that he would set up committees and trusteeship composed of three people for a period of 18 months, extendable mission to prepare a report on the financial situation and the future and the future prospects for the bank.
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