Securities Commission reveal the reasons for the central bank guardianship of the Warka Bank

Securities Commission reveal the reasons for the central bank guardianship of the Warka Bank

Date: Friday 10/05/2012 06:34 am

 Baghdad / term
revealed Securities Commission about the reasons for the central bank set up a committee and tutelage on the Warka Bank for Investment and Finance.
stated book issued by the Authority and addressed to the Board of Governors Iraqi market for securities that the commission had approached the central bank correspondence several to issue a statement the reasons set Committee, duties and duration and available for publication to inform shareholders and depositors and creditors.

The Commission noted in her book that the central bank issued a book on 24.9.2012 with the required information. Explains the book’s central bank said that the basis on which called for a decision to appoint a committee trusteeship Warka Bank is faltering bank in the payment of its obligations towards its customers and its inability to solve the liquidity crunch.
also identified the central bank for custody 18 months, indicating that the main duties of the Commission Commandments The bank identified material (61,62,64) of the Banking Act No. 64 of the Iraqi 2004.
The deputy governor of the Bank of Iraq the appearance of Mohammed Saleh has said in previous statements that the central bank imposing guardianship on the Warka Bank to help him overcome his problems, noting that the bank exposure to the problem and we look closely now assets, and work is continuing and has not closed.
Saleh pointed out that the Warka Bank of large banks and very good and has many branches and guardianship means the interim administration of the bank.
came at a time did not clarify the central bank the outgrowth of a Warka Bank after being placed under the auspices of the trusteeship, and did not take any subsequent decisions show how to deal with the bank, which is one the largest private banks in Iraq and has extensive dealings with citizens, traders and investors.
Source: almadapaper