The Deputy Governor of the Central Bank: a bank central alorkaa undecided and pending financial watchdog report

kcs Sat May 12, 2012 7:45 am

Date: Saturday, 12-05-2012 12: 04 pm

Baghdad (newsletter) ... The Deputy Governor of the Central Bank sees the appearance of Mohamed Saleh, to submit a report on the status of bank financial Sergeant alorkaa to the Central Bank within the next few days to see a bank financial assets hand and its required external financial, legal actions in the light of the report.

He said Saleh (News Agency news) on Saturday: it is still undecided about alorkaa being a large Bank and its operations are complex and require financial assets assessment for a long time, and now awaits Central Bank submitted his fiscal watchdog in the next few days to the interim administration of the Bank "guardian" and then be submitted to the Central Bank to see if the Bank could continue to "life" to help him, or needs to extend his tutelage until financial solve its problems.

And between: the report property inventory includes financial watchdogs financial and external liabilities of the Bank and see is there any significant loss of capital, and in the light of the Bank is to know the status, noting that the Central Bank would ask the Finance Ministry to grant loans long futures in the event of a sharp decline in its financial position, or resort to participation by other banks, as stipulated in the Banking Act in article (66) number (64) of the year (2004).

The Board of Governors in Iraq Stock Exchange include bank company decided to write-off alorkaa from the market, in accordance with paragraph 9 of article v of the modified directive no. three for 2011, which provides cancellation of the insertion if the company stops trading for six months without taking appropriate action to resume, banner Bank alorkaa is shut down trading since February 8, 2010.

And alorkaa Bank for investment and finance, established in 1999, (130) 130 branches and 350 ATMs throughout Iraq and the Central Bank has developed a three-stage plan to raise capital of banks to 213 million dollars by June 2013 to spur lending while recovering the Iraq sanctions and the US-led invasion in 2003.

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