Member of the Economic Commission: Decision custody of the Warka Bank is wrong and urgent

On: Sun 11/03/2012 11:06

Baghdad (news) .. Criticized by the Economic Commission deputy / coalition in Iraq / Nora Salem Albjara central bank’s decision to impose custody of the Warka Bank and described it as “wrong and urgent.” 
said Albjara (of the Agency news) said on Sunday: The imposition of the trusteeship by the Central Bank to Warka Bank executed confidence between him and the private banks for the time which must be supported by those banks and exploitation in the financing of investment projects of the country. 
She added that this decision came in a hurry and wrong by the Central Bank and not in his time, because it would limit the freedom of private banks, calling for support of private banks with all the they need for their contribution to the development of the country’s economy. 
indicated Albjara to: that the Finance Minister Rafie al-Issawi told from the Jordanian capital Amman that the ministry does not have a note of this decision, and the Central Bank rushed a lot by ordering. 
For his part, described the Finance Minister Rafie al-Issawi decision of the Iraqi Central Bank last to impose its guardianship and financial management at Warka Bank as “illegal.” 
The central bank had announced on the status of the Warka Bank under trusteeship after the failure of talks with Standard Chartered Bank, which began in April 2011 to buy a stake in it, stressing that it will set a new administration soon. 
It is noteworthy that Board of Governors in the Iraqi Stock Exchange canceled the listing of the Warka Bank from the market, in accordance with paragraph IX of Article V of the instruction number three amended for the year 2011, which provides for the write-off company from the listing if the stoppage of circulation for six months without taking appropriate action to resume . 
and Warka Bank for Investment and Finance, which was established in 1999.130, and one branch (350) ATMs in all parts of Iraq. / Finished / 8. d.