Response to reports (morning) .. Central: Warka Bank rebuilds itself
BAGHDAD – Al Sabah , Deputy Governor of the Central Bank of the appearance of Mohammed that Warka Bank is able to recover himself again to the attributes of the collateral real estate of up to (250) billion dinars, and multiple branches in the country, noting that the trusteeship was to keep the depositors’ money and financial stability in the country.
came confirm the central bank in response… to the report published by the morning last week on the claim the Association of Iraqi banks, which called for which Central to hold a joint meeting brings together all parties following the decision to impose custody of the Warka Bank.
said the appearance of Mohammed Saleh during a press statement : The Central Bank commissioned an observer of the accounts, prepare a special report Bank of Warka to demonstrate its ability to restore itself or that are helped by the Central Bank or he needs to appoint a new administration a temporary until the debt incurred by him.
and the likely benefit of enabling the Warka Bank to regain their financial capacity to of his great potential and guarantees of real estate amounting to (250) billion dinars, as well as having some (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 In order to maintain depositors ‘money that the majority of ordinary citizens and shareholders’ funds by asserting that the trusteeship would be for a period of (18) months, 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 Al Warka Bank from the market, in accordance with paragraph IX of Article V of the instruction number three amended for the year 2011, which provided to write off the company’s 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.
The association of private banks and the statement made by the (morning) earlier this week warned of intervention points is not concerned with the honored banking and economic, which has led to fabricate much fanfare unprecedented in the previous period, saying that it was the Lrabotth is concerned with private banks that groping and identifies all Alamuralta belong to private banks.
In the opinion of the Association that the need requires careful consideration and no more than unity of effect Alyalmassarv own, which began on the transactions, namely, referring to the bank’s decision Central to impose trusteeship on the Warka Bank, and which could lead to a decline in the level of confidence in these banks at a time when everyone is seeking, along with the Central to give the lead to private banks in the process of contributing effectively to the achievement of development through his involvement this requires the strengthening of confidence sinks Avkdanha.