Deputy Governor of Central Bank: Warka Bank will repeat itself and the imposition of guardianship to ensure that depositors’ money
On: Saturday 03/17/2012 12:04
Baghdad (news) .. Deputy Governor of the Central Bank of the appearance of Mohammed that Warka Bank is able to recover himself again that he has guarantees of real estate of up to (250) billion dinars, and multiple branches in the country, noting that the trusteeship was to keep the funds of depositors and financial stability in the country.
Saleh said (of the Agency news) said on Saturday: The Central Bank commissioned an observer of the accounts, prepare a special report Bank of Warka to show whether it is able to restore itself ….to be help by the Central Bank or need to hire a new management temporary until payment of the debt owed on it.
and the likely benefit: Enables the Warka Bank to regain their financial capacity to have the great potential and guarantees of real estate amounting to (250) billion dinars in addition to that it has approximately (120) branches in all provinces can be through reduced that provides cash flow significantly.
He explained: that the central bank’s decision to impose custody of the Warka Bank was to maintain financial stability in the country and to preserve the depositors ‘money because most of them ordinary citizens and shareholders’ funds by asserting that the trusteeship would be (18) months and is renewable if the bank is unable to recover the same again.
The central bank 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 the Board of Governors in the Iraqi Stock Exchange decided to write off a company Warka Bank from the market, in accordance with paragraph IX of Article V of Instructions No. 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 appeal, pointing out that the Warka Bank is turned off from trading since the eighth of February 2010 and the Warka Bank for Investment and Finance, which was established in 1999, (130) branches and (350) ATMs in all parts of Iraq. / Finished / 8. d.