.. Bankrupt private banks and the central bank depositors have a responsibility to protect their money

Monday 01 February 2016
| 07:13


Baghdad, Mohammed Hadi

Two years ago, it was Mahmoud dealings with the management of the bank, are "easily"; it is filed and pulls whenever he wants, but that since the beginning of last year began "Ictnz" part of his money in the house, but he began to fear theft, with further deterioration of the situation in Baghdad.

And owns Mahmoud Jassem, agency head of foodstuffs in a beautiful Alwa, and engaged in business dealings are continuing with dealers and importers outside the country, however, he began to lose confidence in the Iraqi bank, after the delayed launch of its deposits several times by the management of the bank, who did not want to be with him, but he could only by mentioning that he Ahli Bank.

She spoke about the central bank management "plan" intended to be applied, in order to attract money "chunky" in the home, for the purpose of investment and get the economy moving, after that money estimated at more than 77% of the domestic capital.

It is feared applicants and clients with community banks "to circumvent their deposits" by the departments of those institutions, at a time when the country is facing a financial crisis because of lower oil prices, pointing out that those banks always what can not be the launch of their deposits because they do not possess a "financial liquidity".

The Bankers attributed the lack of government and private banks commitment, return the deposit to the customer within a specified time, to "the reluctance of most borrowers in paying dues, and this follows from the government not to fulfill their financial obligations to contractors or investors."

But the jurists, made ​​clear that the banks "immerse herself commercial transactions larger than its available capital funds, after that benefited all deposits, and not to retain the mandatory reserves (liquidity), to cover the needs of customers."

He says that the legal depositors can file lawsuits to "fraud" against the banks that are reluctant to exchange their deposits.

Kazem Hussein, a customer at one of the private banks, said in an interview for "the world" that he has deposits in four community banks, worth 350 million dinars.

He adds that he went, recently, to one of those banks to withdraw part of deposited, however, that the bank disbursed quickly apologized for, because of the unavailability of financial liquidity, but the bank management asked the customer to wait for days until they cover the financial request.

In exchange, Kadhem says that those banks release some of the money to depositors with whom a relationship with board members.

Kazem did not disclose the names of those banks, fearing for their deposits, but he confirmed the existence of brokers in those banks, have expressed their willingness to convince the bank regardless large deposit, for an amount exceeding five million dinars.

Salman Jalil, another applicant, he began to worry about his money deposited, the bank can not yet for its launch, more than three times.

And it became Jalil prefers his money stored in the house, because of the loss of trust departments of banks, according to his speech for "the world".

The citizens and traders revealed, last Wednesday, for "Dar es Salaam Al Ahli Bank" failure to extradite Mbalghm deposited with him under the pretext of state austerity experienced by the country, and appealed with the Ministry of Finance to intervene in order to exchange their money, they warned of the disruption of their businesses.

According to local news agencies, citing a number of citizens, "The bank declined to extradite any amount of funds deposited with him under the pretext of state austerity experienced by the country," stressing that "the bank has the funds have not been invested."

They added that "the managing director of the bank Khudair Talal did not agree or sign any request of citizens to get part of their money deposited in the bank."

Traders, businessmen and the Ministry of Finance and called for the move in order to exchange their money by the bank, warning stopped their work in the absence of the disbursement of funds and that's what hurts the public interest, especially in the financial crisis that the country.

Legal expert, Tariq Harb said in connection with "the world", that the reason for the lack of liquidity of the private banks due to legal irregularities followed by private banks, noting that such violations are accepted lending transactions more of its capital, which is a written guarantees and loans outweigh What is available from its cash flow, which forced them to put their hands on public deposits.

According to the war, such cases fall within the framework of the "fraud", and therefore the right of depositors set up a lawsuit against those banks, the court of first instance.
He explains that "these cases take a long time," shows that legal punishment is not up to confinement.

The war exposed to the benefits of those banks, saying they were investigating a profit "does not exist in all the world's banks," explaining that the amount of one million dollars which the bank buys from the central bank, the profits, according to the dealings of those banks, more than 50 million dinars.

The pregnancy President of the Economic Media Centre lion Mohammed Ali, in an interview with "the world", the central bank management responsibility to ensure the safety of citizens' deposits in those banks.

It also stressed the need to maintain the specified ceiling for compulsory reserves, provides coverage of deposit accounts.

And calls for Mohammed Ali, the bank's management to investigate this phenomenon, and give convincing answers about why stop cover the deposits of citizens of liquidity, especially with the expansion in government domestic borrowing, while warning that those transactions "create a lack of confidence in the banking system." He added, "The lack of streamlined banking and credit granting excessive compared to the private citizen's deposit reserve lose confidence in a bank, and leads to keep the citizen Bodaiah in his home which would put him at risk of theft and robbery, so the rebuild confidence is to cover all deposits."

He revealed the central bank governor on the Keywords, earlier, that 77% of the Iraqi currency traded in the market are chunky in residential buildings, pointing out that "these funds are outside the banking sector."

Keywords and added that "if the banks have done to provide services to customers in order to attract this money saved, it will contribute to move the Iraqi economy," noting that "the central bank has a plan in order to attract these funds for the purpose of investment and moving the wheel of the Iraqi economy."

Former head of the private banks association, Abdul Aziz Hassoun, said in a statement "the world", that "the private banks face the problem of the scarcity of liquidity, as the borrowers of contractors, importers did not get their dues from the central government what made ​​them slow to return the loans to banks, as the Some branches of the Central Bank did not return to the private banks and their deposits ", adding that" it was born big problems at those banks. "

He said Hassoun, "should be on the central bank to take quick measures to solve that problem is to re-money private banks through cash reserves" in addition to "necessity that the government go regardless dues contractors and suppliers in order to raise the proportion of cash liquidity in the local market."

Regarding the size of benefits, Hassoun pointed out that "the Central Bank is granted at the present time interest worth 4 percent of domestic banks about the size of their deposits."
According to a document on the banking system indicators in Iraq got "the world" on them, the total assets of banks in Iraq amounted to 212 trillion dinars end of the year 2014, while the volume of public deposits in banks reached (24.3) trillion dinars in 2013, total credit extended by banks to various sectors (32.6) trillion.

In turn, he said the parliamentary Finance Committee member Jabbar Abdul Khaliq said that "banks are obliged to give deposits to its clients," noting that "some banks suffer both administrative problems, and we had to raise the complaint against her to the Ministry of Finance."

Abdul-Khaliq said that "the private banks monitored by the Iraqi Central, where banks provide monthly budget to the Central, and the latter use its powers to stop the work of the bank if the disposal of his money out of contexts, and when he finds that the liquidity has less of deposits will declare bankruptcy."

While the same committee member Massoud Rustam, said that "the Commission wanted to avoid future problems such as not to give the banks deposits, install a paragraph in the budget to enact a law on behalf of the (deposit guarantee)," adding that "with the neighboring countries and the world at large experiences in this topic , and it has advanced laws to protect the Customer deposits with banks. "

Rustam confirmed that "the Finance Committee formed a committee to discuss the mini inside what is being said by some private banks stumbled from the return of deposits to its clients."


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