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Keywords: Bank of the first experience in Iraq to save banks and depositors

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Keywords: Bank of the first experience in Iraq to save banks and depositors

Release date: 2018/10/3 20:08 • 139 times read

Keywords: Bank of the first experience in Iraq to save banks and depositors


The governor of the Central Bank of Iraq, Ali Al-Alak opened the Hamorabi Al-Jasri Bank in a first step to protect the banking system, return it to work and provide products that support the national economy.

Al-Alak said in a speech during the opening of Hamorabi Commercial Bank today that "this step is one of the steps that are awaiting follow-up because it is the first experience in Iraq to establish a bridge bank within the conditions, requirements and objectives designed for this work."

"This work comes as a reflection of the role of the Iraqi-Kurdish Bank as the authority concerned with the stability of the banking sector. This is a goal we focus on in a large way through monitoring and monitoring banks and trying to find suitable solutions for the cases that are diagnosed.

He added that "the issue of stability of the banking sector takes different dimensions and aspects, and this dimension of the dimensions that we do today by preserving the rights of depositors in banks in order not to harm the shareholders or other parties."

And between the eyes that "many countries get cases of defaults and bankruptcies banks; but our policy in the Central Bank of Iraq are trying to go beyond the dimensions and bear the difficulties and follow-up to some of the conditions of banks to prevent their arrival to the stage of liquidation or bankruptcy and this awareness of the Central Bank of the importance of stability of the sector Banking and avoid any effects of an economic, material or service."

For his part, the financial adviser to the Prime Minister, the appearance of Mohammed Saleh, "The bank is the first financial model in Iraq, which resulted from the strict application of the law of Iraqi banks No. 94 of 2004 in dealing with the phenomenon of banking failure without recourse to liquidation, indicating that it represents a distinct success is the first of its kind Recorded by the monetary authority to save the bank and the faltering life and return to financial activities and transition from the stage of guardianship to the stage of the bank of the bridge, rather than forced liquidation as we mentioned before.

Saleh added: "Hamorabi Bank is a well-established and pioneering bank with a clean balance sheet, a strong network of depositors and strong shareholders through the establishment of an effective framework to restore confidence to one of the previously troubled private banks due to mismanagement." He said.

"The new administration seeks to implement the standards of compliance, control, internal control and international accounting standards, establish a network of correspondents with international banks and adopt the rules of risk management in all its forms, especially in the management of credit, liquidity and capital adequacy, as well as the implementation of good governance standards and regulatory regulations governing it and the list On the principle of separation of management from property rights to avoid conflict of banking interests and to participate in the risk between management and owners of property rights through meetings of the General Authority of the bank as well as to strengthen disclosure and the matter before the public body The Hamorabi Bank is the strong and legitimate newborn of the Iraqi banking system."

The head of the Baghdad Economic Forum, Fares al-Salman, also said that the bank is "a hub for restoring confidence between banks and the public, and provides customers deposits fully after the Central Bank participated 50 billion dinars in the capital of the bank," pointing out that

"the administration is shared between the Central Bank and owners of Capital".

Salman pointed out that "the administration is working to promote the bank until the value of its shares with the market value of the book after that the amount of the central bank, which was shared by the capital, and managed by a team of expertise and know-how."

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