Central Bank: a report from global auditing firm will determine the fate of the Warka Bank

Central Bank: a report from global auditing firm will determine the fate of the Warka Bank Ahli

Sunday July 15, 2012

BAGHDAD – and babysit – Central Bank of Iraq announced that there are audit and accounting firm based global audit the accounts of the Warka Bank Al Ahli as has branches outside of Iraq and is issuing its report, which will determine the fate of the bank.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh, said that the accounting firm in connection with the completion of its report, which will determine the possibility of whether or not to help the bank by the Ministry of Finance.

He added that the report will reveal the assets and financial liabilities of the bank in terms of solvency and liquidity, if there is a problem in solvency, it is difficult to be done to help the bank to overcome its crisis, while it would be easy to help him if the report shows a problem with liquidity.

The Iraqi central bank decided early last March and put on the Warka Bank guardianship because of the deterioration of fiscal policy, the bank said that the imposition of trusteeship came to save him.

The bank says that the article 59 of its law permits him put on the Guardianship of banks which is about the appointment of an interim administration for any bank they get financial problems.

According to Article 66 of the Bank Act to be appointed guardian after the central bank could seek through the Central Bank’s decision at the request of the Minister of Finance to save the bank in case found that there is a possibility to save him … p / i
Source: alrayy