Central Bank confirms that the guardianship and the Warka Bank

On: Sun 11/03/2012 9:21

 Baghdad / follow-up long 
said the Finance Committee in the House of Representatives that they will summon Iraqi Central Bank Governor Sinan Shabibi to discuss the issue of Warka Bank, said the CBI that the imposition of guardianship on the Warka Bank of Iraq Investment and Finance came to save him from some of the problems that plague them.
 Revealed the Parliamentary Committee itself of the existence of unconfirmed reports suggest the smuggling capital of the Warka Bank out of the country following the flight of the founders of the bank. 
and decided Central Bank of Iraq last week to develop and guardianship to the Warka Bank, one of the largest Iraqi banks because of marking some of the problems the financial dealings. 
 bank said CBI that the imposition of guardianship on the Warka Bank of Iraq Investment and Finance came to save him from some of the problems that plague them. 
A member of the Committee Secretary Hadi, told the Kurdish news agency (Rn) that the Finance Committee will summon Iraqi Central Bank Governor to discuss the issue of Warka Bank, noting that there is a problem in a bank Warka more than two years and there were instruments back because of the lack of balance of Mali.  
A member of the Finance Committee of the existence of unconfirmed reports indicate that the capital of the bank have been smuggled abroad, and that the founders of the bank also may have left Iraq, “noting that” there are a lot of claims submitted by citizens to the judiciary against the bank, “and there is controversy in the ministries on the letters of guarantee provided by the bank.” 
and sought the Warka Bank, according to economic reports to emerge from its financial crisis by entering Bembagesat with Standard Chartered Bank British to sell a share of the shares, But the talks reached an impasse. The decision to place custody of the Warka Bank at a time enter the Central Bank of a new mechanism requiring the withdrawal of foreign currency on the basis of the importance of development projects in the country, after the news spread the breadth of the phenomenon of smuggling hard currency, especially to Iran, facing international sanctions . 
In the meantime, the CBI that the imposition of guardianship on the Warka Bank of Iraq Investment and Finance came to save him from some of the problems experienced by noting that the interim administration’s current bank going work, while the Commission held House of Representatives Finance a Central Bank is an important step to improve and reality. 
and the bank decided to Iraqi Central this week to develop and guardianship to the Warka Bank a greater Iraqi banks because of the marking some of the problems the financial dealings. 
The main tasks of the Central Bank in managing monetary policy in the country and raise the level of the values ​​of the Iraqi dinar and tackle inflation. 
Deputy Governor of Bank of Iraq the appearance of Mohammed Saleh told the Kurdish news agency (Rn), “the central bank to impose guardianship on the Warka Bank to help him overcome his problems,” noting that “the bank had a problem and we now look closely its assets, and work is continuing which has not closed.” The Deputy Governor of the Bank that “Warka Bank of the large banks and very good and has many branches, and the custody means the temporary administration of the bank,” and expressed the hope that “the return Warka Bank to normal after the conclusion of the investigation.” 
He said, “guardianship, according to the law is 18 months renewable for 18 more, “revealing that” the bank faltered in dealing daily because of a section of his dealings outside his control, including the withdrawal of the Iraqi government to deposit him three years ago. ” 
In response to the puzzlement expressed by Iraqi Finance Minister Rafie al-Issawi’s decision to custody of the Warka Bank without being informed personally, the Deputy Governor of the Central Bank that “there is confusion in the law of the Central Bank is the event in articles 59 and 66″, pointing out that he “gave an explanation of the Minister of Finance and the latter expressed his conviction.” He said. 
He and Finance Minister Rafie al-Issawi yesterday in a press statement surprise at the decision of the Iraqi Central Bank put Warka Bank under guardianship without the coordination and the approval of the Ministry of Finance. 
, says Central Bank of Iraq that Article 59 of its law permits him put custody of the banks which is a set an interim administration for any bank get the financial problems, while indicating Article 66 of the Act that the guardian after that is appointed by the central bank can seek through the Central Bank of the request by the Minister of Finance to save the bank in case found that there is a possibility to save him. 
sought Warka Bank, according to reports economic to get out of its financial crisis by entering Bembagesat with Standard Chartered Bank British to sell a share of the shares, but the talks reached a dead end. 
expressed the Economic Commission of parliamentary support for the decision to place custody of Egypt P Warka on the grounds that the political, adopted by his administration were not effective. 
experts point the economy that all banks in Iraq, whether government and private need to tighten control by the central bank in order to prevent financial problems call placed under guardianship. 
The economist said Falah Hassan’s (Rn), that “there are a lot of problems that have occurred in banks in the case of deposits, the control of all banks, whether private or government on the grounds that some of the banks to now has not led active role in the Iraqi economy. ” 
Hassan said that “the control of the central bank to all banks will be capable of evaluating their work and improve the efficiency of performance and thus employment expertise to improve the Iraqi economy, “adding that” everyone rejects the principle of trusteeship on any bank, but there is confirmation to activate the control of the bank. ” 
He said, “control of the Iraqi Central Bank will be important in terms of evaluating the work of Iraqi banks in addition to preventing access to the development phase of the Trusteeship on some of them. ” 
The decision to place custody of the Warka Bank in the Central time enter a new mechanism requiring the withdrawal of foreign currency on the basis of the importance of development projects in the country, after news spread that the breadth of the phenomenon of smuggling hard currency, especially to Iran, facing international sanctions.
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