Financial Advisor: Proposed conversion of private banks to large financial institutions will support the financial

23-06-2012 | (Voice of Iraq) - Add a comment -
Baghdad (news)

Supported the financial advisor to the North Bank for Finance and Investment wholesome Elias Abou, a proposal to transfer the central bank of private banks to large financial institutions with capital is high, because it will support the financial sector and gain the trust of the public.
Abbou said (of the Agency news) on Saturday: The most developed countries where there are financial institutions, large and small controls and operates its own laws to regulate the Financial Action Task Force through the integration of small banks in order to become a financial institution with a high capital.

He explained: there are difficulties facing Iraqi banks when combined due to the presence of dominance or control of the banking family "means any of the royal administration of the bank," This is difficult to melt and create new entities when combined into a single institution and with a single label.

He added that the proposal of the Central Bank of the creation of large financial institutions from the private banks is good, but needs to be controls require those institutions to provide services and facilities to the citizens first, and then investors.

The central bank announced its intention to transfer the Iraqi banks to financial institutions, civil large operate independently according to the regulations and laws prescribed to them.

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