Central bank: report foreign auditing firm will determine the fate of the Warka Bank

Central bank: report foreign auditing firm will determine the fate of the Warka Bank

09.25.2012

Iraqi Central Bank announced that foreign auditing firm “KPMG” continues to work by matching accounts Warka Bank Ahli. The deputy governor of the Central Bank of the appearance of Mohammed Saleh, said that the foreign company started since last July audited Warka Bank Ahli did not complete its report yet. added: “The company will send its report after the completion of the writing, to the guardian of the bank, which is seen a result which we hope to be positive for the benefit of the Iraqi economy, “he says. He continued: “In the event came as a result of the report negatively, the bank will be submitted for liquidation under which to be refunded customers Warka Bank Ahli and customers.” was the Iraqi Central Bank decided early last March put his tutelage on the Warka Bank due to the deteriorating fiscal policy, came the imposition of trusteeship to save him, According to the Central Bank. The central bank says that Article 59 of its law allowing him a trusteeship on banks which is about the appointment of an interim administration for any bank get the financial problems. while indicating Article 66 of the Law on the Bank were to be guardian after appointed central bank can be sought through the Central Bank request a decision from the Minister of Finance to save the bank in the case found that there is a possibility to save him.
Source: iraqdirectory