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Compensation of private banks

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1 Compensation of private banks on Wed Sep 05, 2018 10:38 pm

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Compensation of private banks

06/9/2018 12:00 am
Dr. Basem Ibrahimi


The Iraqi banking system is trying to return to the liberated areas and to work there again.

The Central Bank and the banks have suffered large losses, some official reports amounting to approximately one trillion Iraqi dinars between physical property and currency.

The terrorist organization has destroyed a total of 121 bank branches, 87 branches In addition to the branch of the Central Bank of Mosul.

During these days, the branch of the Central Bank of Mosul was reopened in an alternative location on the left side. The old building is badly damaged and it needs more time to rehabilitate it due to the great damage it has incurred, not to mention the costs it requires.

A number of banks reopened some of its branches in a number of liberated provinces, but if the government banks will rehabilitate their branches through investment allocations in the public budget, the case in private banks are absolutely different and did not receive those banks any compensation, although some of them lost a large number of Branches such as Mosul Bank It has nine branches.

The question here is: Can private banks be compensated according to the Law for the Compensation of Persons Affected by Military Operations, Military Mistakes and Terrorist Operations No. 20 of 2009, as amended by Law No. 57 of 2015 as individuals?

The answer is yes. It is possible, since this law included persons, whether natural or legal, and private banks are companies established under the law and therefore can claim compensation or what is legally called Harm).

The process of re-establishing stability in the liberated areas needs to be re-established by all government and private entities, especially banking institutions that play an important role in financing and banking services.

Therefore, the process of covering banks with compensation will have a great effect in enhancing the work of these banks and encouraging them to return and work quickly.

To serve the economy in those areas, especially as we are approaching an important stage of political and economic change and the internal and regional challenges that require concerted all public and private efforts to achieve progress and prosperity for this country Future.

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