Parliament seeks to legislation to protect bank deposits and the central bank is required to support private banks

01.12.2014 (0:01 pm)

 Baghdad / Acer Jabbar

Confirmed the parliamentary Finance Committee, seeking to pass legislation that protects bank deposits to reassure depositors and stimulate the private banks, and when he called on bankers to set up a company involved in this matter to open the door to their banks to enter the domestic market more aggressively, welcomed the financial expert so, and stressed the need to make way for the sector Special to exercise "leadership role" in the national economy.

Said a member of the parliamentary finance committee, Magda al-Tamimi, in an interview to the (long-Presse), that there is "a series of measures adopted by the Commission to improve the economic reality through the stability of the Iraqi currency against other currencies," and suggests that "the central bank tries to maintain the stability of banks especially civil, through checks and instructions issued by every now and then. "

It adds Tamimi, "The Finance Committee has not only the stability of the banks, but also seeks to develop the civil ones and ensure their participation in building the Iraqi economy by about a real increase their capital, by deposits, which often come from the ministries of the state and its various institutions, as well as deposits of citizens", showing "The owners of these deposits were probably wary of resorting to banks in general and especially civil ones, so the Committee felt the need to enact a law that guarantees the deposits and protected."

And describes the member parliamentary Finance Committee, that "the central bank would be obligated to protect bank deposits through the law that Sicherah Parliament later, allows the citizen or the investor or the government itself, that the money is deposited in private banks without fear or suspicion,"

And change course "does not deny that many people, including government agencies, they look even now some kind of suspicion of domestic banks, especially that there is a bitter experiences with them, as happened previously with the bank Basra and Warka after it announced Avlasshma, from here there must be a law secures bank deposits."

He welcomed the owners of banks civil endeavor Parliament to enact a law that protects bank deposits, and called for the establishment of a company specializing in this regard to opening the door to private banks to enter the Iraqi market strongly.

He says the managing director of United Bank for Investment, Muhannad Qasim, in an interview to the (long-Presse), it was "necessary to the existence of a modern and sophisticated to guarantee bank deposits if this is through the development of a private company contribution of big capital," and shows that "the establishment of a company to guarantee deposits banking were the main demands of the majority of private banks to raise their betterment and reassure depositors.

"is denominator, that" setting up a company bank guarantees to contribute, based on the claim of many private banks to secure bank loans, contributed to the expansion of lending activity for the various segments of the society to strengthen the national economy, "he continues "The establishment of a company to protect bank deposits added step in the right direction for the development of the reality of private banks and encourage the various parties to the deposit."

It supported the proposal Financial experts set up a company to protect bank deposits, Adin, it gives momentum plus private banks and revive the Iraqi economy.

He says financial expert, Bassem Jamil Anton, in an interview to the (long-Presse), "The government is protecting the Iraqi economy around solo, without giving the private sector a chance to contribute in this regard," and asserts that "the advancement of the national economy requires the activation of the private sector and enable it of his leadership.

"and sees Anton, that" any legislation whether a new law to protect deposits or other, should be directed to the private sector, and that will be a factor at the same time to secure support in order to ensure that no cons in this area. "

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Bankers: the enactment of the deposits will develop private banks



01/12/2014
Bankers expect, and economists that the bill achieves bank deposits, a shift in the economic reality of the work of private banks in Iraq.

The project, to protect the deposits of citizens, in addition to a set of controls that are still working on the central bank, under this law, including the possibility of increasing the capital of private banks through deposits and government ministries.

She said a member of the Finance Committee in the House of Representatives Najeebeh Najib said in a statement made by Radio Free Iraq: The Commission is about to hold a workshop with experts and bankers, for taking their proposals on this law.

Among the controls set by the central bank earlier in the domestic banks that are not less than the bank's capital from 250 billion Iraqi dinars.

The total capital of private banks of the 30 banks in the whole of Iraq more than seven trillion dinars.

He said the Executive Director of the Association of private banks Abdul Aziz Hassoun, that these banks have a significant economic weight in the country, and that the enactment of the deposit protection, will increase the confidence of depositors out, what leads to the capital increase.

On the other hand, attributed the economic expert Majid picture, delayed a number of banking laws in the State Consultative Council of the weakness of professional economists in it, and that these laws in the event of approval, banks will lift capacity, and support the private economy.

The International Monetary Fund said in a report issued in 2013, that the banking system in Iraq is still in need of greater efforts by the central bank to revise the instruments of monetary policy and banking supervision to strengthen and accelerate the restructuring of the banking system.


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