Rehabilitation of troubled banks and revive the banking market

The CBI has issued over the past two years, several resolutions to establish custody of some banks and Anmarmassarv a further period of three months Bcespb not adhering to the requirements of the Central Bank and the requirements of shareholders and customers in accordance with the Banking Act.

The aim of these decisions is to rehabilitate these banks and bring it back to the work of sound banking, and restore public confidence in its customers can diagnose the causes of stalled:

1-affected security conditions and the economic crisis and unsustainable damage beyond its control because of the closure of its branches in the hot governorates, which got terrorist operations and stop banking activities in terms of total number of branches of private banks that had been stolen and destroyed Daesh up to 126 branches were stealing up to nine trillion dinars.

2-incurred owed debts of customers ranging from (50-100) billion dinars two years ago did the banks unable to retrieve what has become of debt that can not be obtained in accordance with the list of indicative Add to that the banks faced major difficulties in the implementation of judicial decisions because of the threats to the debtors.

3-Iqbal customers to withdraw their deposits from banks at higher rates than normal rates, and not the filing of any new funds, which led to a decline in liquidity in these banks to the minimal requirements of the Central Bank and became cash in coffers section of the banks is zero.

4. deposits in these banks declined by 30-70 percent, halting Hatha credit and investment

5-halted some Arab and foreign banks messaging dealing with most of the private banks, particularly with faltering banks.

6. due to the economic recession in the country's financial crisis stifling share prices in the secondary market declined in the Iraq Stock Exchange and the arrival of the shares of these banks to less than the nominal share price by 85 percent.
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Since the responsibility for supervision and control and the development of the banking business and the application of monetary policy is the responsibility of the central bank so it re-evaluated.

In view of the follow-up to the central bank and control the continuing evolution of the situation of these banks defaulted during periods of guardianship and alarm and certain that most of these banks have been able to re-qualify under the supervision of the Central Bank of the legal, banking and financial, administrative, and is able to perform its obligations to the central bank and to the customers, making it issued its decisions lifting the guardianship for the Warka bank and the economy and allowing the banks that Andhirha to return to work and to provide banking services to customers and did not remain under the guardianship of only two banks only.

And banks, which lifted the guardianship, including the Warka Bank goes to great lengths to meet the withdrawals customers for their deposits and continues to repay customers according to specific timetables.

The important thing that must be clarified here that the duties of the central bank to allow the accession Hoadm collapses Malle banks defaulted and not also be allowed to declare bankruptcy and use all the means and the legal and financial measures according to the law and what protects shareholders and customers' rights.

We call on the occasion the media and those authorized in the media to be accurate in the dissemination of news and make sure before sources of news and official direct a central bank and the banks concerned.

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