Deputy Governor of Central Bank: Development Bank of Warka is undecided and waiting for the report of the Central Financial Sgt.
On: Saturday 05/12/2012 12:04
Baghdad (news) .. Most likely the deputy governor of the Central Bank of the appearance of Mohammed Saleh, a report by Sgt financial on the status of the Warka Bank to the Central Bank during the next few days to know the status of the bank financial terms of its assets and financial liabilities of Foreign Affairs, to take legal action in the light of the report.
Saleh said (of the Agency news) today Saturday: The matter is still undecided about the Warka Bank as a major bank and its operations are complex and evaluation of assets of financial need and a long time, and the central bank is now waiting for Sgt. financial will submit his report within the next few days to temporary administration of the bank “guardian” and then is submitted to the Central Bank To find out if the bank can continue and “life” to help him, or need to extend his custody until the solution its financial problems.and between: that the report of Sergeant Financial includes an inventory of financial assets and liabilities of foreign bank and see if there are significant losses in the head money, and in the light not know the status of the bank, noting that the central bank will be required from the Ministry of Finance granted financial loans long futures in the event of a sharp decline in its financial position, or resorting to participation by other banks as stipulated by the Banking Law of Iraq in Article (66) No. (64) for the year (2004). It is noteworthy that the Board of Governors in the Iraqi Stock Exchange canceled the listing of the Warka Bank from the market, in accordance with paragraph IX of Article V of the instruction number three amended for the year 2011, which provides for the write-off company from the listing if the stoppage of trading for a period of six months from the without taking appropriate action to appeal, pointing out that the Warka Bank is turned off from trading since the eighth of February 2010. and Warka Bank for Investment and Finance, which was established in 1999, (130) 130 branches and (350) ATMs in all parts of Iraq. has development of the Central Bank of three-phase plan to raise banks’ capital to 213 million by June 2013 to stimulate lending at a time when Iraq is recovering from the sanctions and the U.S. invasion in 2003. / Finished / 8. d. Q /