Central: Development of the Warka Bank is settled

05/13/2012 0:00

BAGHDAD – The morning 
was 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 News): 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» It is then submitted to the bank Central to see if the bank can continue and «life» to help him, or needs to extend his custody until resolving 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 capital, and in the light is out put the bank, noting that the central bank will be required from the Ministry of Finance granted loans and long-term if there is 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 circulation for six months without taking action suitable for the 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) branches and (350) ATMs in all parts of Iraq. has developed a central bank plan three stages 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.