Central Bank puts the Bank ‘across Iraq’ under his tutelage

Development of the Iraqi Central Bank Bank ‘across Iraq’ NCB under guardianship, which is the sixth action of its kind and the third within one year. Congress considered that step «frustrating for those looking to invest.

He attributed the central bank said in a statement, the decision to place one of the largest private banks under guardianship, owned by the brother of the leader of the Iraqi List, Iyad Allawi, to «committed many financial irregularities. He pointed out that «Pat trustee bank, who heads the board of directors morning Hashem Allawi, and has as its headquarters in Beirut and branches in the governorates of Iraq.

The central bank imposed its guardianship and financial management on the Bank «Warka» Special March last, because «the lack of liquidity. A source in the «Central» «life», that the decision of the Trusteeship new right bank «across Iraq, based on the decision of the Board of Directors« Central »Adopted last month, according to the provisions of Article 40 of the Law on the Central Bank of Iraq.

He pointed out that the reasons for this action «back to commit many irregularities bank, despite warnings against him to improve the course of action, but he did not comply, appropriate intervention to ensure the safety of the banking and financial system in Iraq.

And saw a member of the parliamentary economic committee Noura Al-Salem said in a statement to Al-Hayat, to «take more than three resolutions imposing custody in less than two years, is a very serious matter, and sends bad signals to companies and foreign investors.

She explained that one of the main policies of the Central Bank is to «impose censorship on the banks, to be considered the sponsor official in front of customers, so it was required to central mechanisms limit the deterioration of the situation in the work of banks, and not to wait until the exit status of control to impose trusteeship hindsight ».

Use of global expertise She announced that the Central Bank «hired expertise global company to decide the fate of some local banks, but company KPMG Global concluded a report of three points, regarding the fate of Bank« Warka », and recommend either supporting or merged bank last or finish his work». And revealed that the Economic Commission «will invite officials of the central bank to inquire about the reasons for the continuation of such decisions, and find other formulas that are more acceptable.

He questioned the economic expert Haider Hussain Dawood, in central bank’s decision last, when he said «Since the announcement of the issuance of an arrest warrant against the central bank governor Previous Shabibi, surfaced features doubts in many decisions to be issued by the bank, and would use his powers politically rather than a Foundation economic performs certain tasks and away from the direction of any party.

He considered that this decision «will raise objections and reactions, because the bank issued against him the decision is up to the brother of the leader« Iraqi List »and transforms topic to exchange interest between the political blocs, so it would be better for the central bank revealed documents that confirm his claims, which ended decision making».