Call for legislation law to protect citizens’ deposits in private banks

Call for legislation law to protect citizens’ deposits in private banks

28/05/2013 (00:01 pm)

 Baghdad / Adel Saffar

Experts say bankers that the legislation of a special law to protect the deposits of citizens in local banks pay a lot of owners of capital locals and foreigners to deposit their money in private banks, increasing the proportion of financial liquidity that will be invested projects supporting the national economy.
welcomed the economic expert Majid picture idea legislation law to protect people’s money in the banks, noting that it is in the public interest.
said Suri in his speech to the extent that “the private banks do not pose any danger for the deposits of citizens in the event of legislation law to protect these deposits at banks,” explaining that “the private banks have liquidity large to enable them to invest funds of citizens and achieve huge profits, but unfortunately the law does not allow it to development funds, with allegations of incorrect skeptical Bslukih private banks as the private sector is trying to gain money quickly.
“We support the presence of controlled banking guarantee the rights of citizens, but the call to facilitate the work of private banks and do not put المعرقلات before leading the result to the negative aspects of many bear burdens citizens.
For his part, banking expert Abdul Aziz Hassoun that the idea of the enactment did not come against the backdrop of declaration of some private banks go bankrupt but it is the law applied in the countries of the world and the work is done by according certain mechanisms include the compensation of citizens according to the recipe depositor if low-income recovers his money in full, the investor are given a percentage of the money.
said in an interview to the extent: that lay the foundation for legal materials will protect the deposits of citizens and ensure their safety is not in private banks only, but includes Even government banks indicating that the legislation law and work on the application comes in an attempt to encourage citizens to deal with the banks, deposit and investment.
Moreover According to a member of the Finance Committee Haitham al-Jubouri on a series of measures adopted by the Finance Committee to improve the economic reality of the stability of the Iraqi currency and the corresponding other currencies center the private banks in particular.
said in a statement to news: that the Finance Committee has not only the stability of the banks, but is trying to develop those private banks and work on their participation in building the national economy by increasing their capital that comes from the Ministries of State and its various institutions, as well as deposits of citizens , noting: that these deposits were probably afraid of resorting to the banks, so there was a need for the enactment of the guarantees and protects these deposits.
added: that the central bank would be obliged to protect those deposits through a law that Sicherah Parliament under which it will be citizen or investor or the Iraqi government itself able to deposit their money in private banks without fear. He explained: the fear of private banks is still ongoing because of the bitter experiences obtained previously with the Bank of Basra and Warka, who announced إفلاسهما, so should the enactment can secure those deposits.
called a member of the Finance Committee MP / coalition of Kurdish blocs / Najiba Najib, the earlier government Federal and the central bank to the need to support the Warka Bank financially to be able to recover deposits of citizens.
said Najib said in press statements that the topic of the Warka Bank declared bankruptcy more than a year with the Central Bank of thorny and complex, as the central and placed under guardianship in implementation of the decisions of the Court jurisdiction of banks, But they could not recover deposits of citizens of Finance.
said: There are numerous complaints came from citizens and business depositors their money in Warka Bank claim from which to retrieve their financial, demanding the federal government to provide financial support to the Warka Bank to be able to recover deposits like some governments in the countries of the world .
This was announced Warka Bank in the past year for bankruptcy, which led to put it under the commandments by the central bank after the failure of talks with the Bank of English was intended to buy the bank.
noted that the Association of private banks confirmed that the proportion of deposits with banks, ranging from 65 to 68 trillion Iraqi dinars, of which 22 trillion dinars deposits of private banks.
consists of the banking system in Iraq from forty-three banks, as well as the Central Bank and distributed by ownership between (7) state banks and 30 banks waged, including (7) Islamic banks in addition to (6 ) foreign banks.
Previously, the International Monetary Fund called on the Iraqi Central Bank to take measures to gradually towards the liberalization of foreign exchange through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year.

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