The Central Bank announces a mechanism for compensating those affected by banks
Sweetened Today, 18:48
Baghdad - INA - Nassar Al-Hajj
The Iraqi Company for Deposit Insurance of the Central Bank of Iraq announced, today, Tuesday, a mechanism for compensating those affected by the banks, while setting the compensation ceiling.
And the authorized director of the Iraqi Deposit Insurance Company, Walid Eidi, told the Iraqi News Agency (INA), that "the mechanism for compensating those affected by the banks takes place after the Central Bank announced the bankruptcy of the concerned bank and its acquisition of the final degree and its ratification by the Financial Services Court," noting that
"the administration of The company, in coordination with the trustee of the bank, compensates the depositors.
He added, "The compensation process is carried out according to two levels, the first is if the deposit balance "current, saving or fixed" is 100 million Iraqi dinars, the compensation will be 51% of the last amount,
secondly, if the deposit exceeds the amount of 100 million dinars, the compensation will be 25% of the amount The total balance of this deposit," noting that
"the maximum compensation ceiling is 150 million dinars, which is considered the highest compensation rate in the Arab region."
He added, "The company does not charge depositors anything except the fee, which is one dinar for every 10,000 dinars of the deposit," explaining that
"this percentage is considered the lowest in the Arab region and even in the world."
Eidi confirmed that “the company does not receive any interest, neither from the bank nor from the depositors, but it is called the guarantee amounts for guaranteeing deposits,” noting that
“the company officially started work on October 17, 2020, and has not yet compensated any depositor in the banks, for not The Central Bank announced the bankruptcy of a bank affiliated with the company, as the company is responsible for the banks affiliated with it, and has nothing to do with the pre-accession banks.
And he indicated that "the compensation process, according to the company's system and policy approved by its board of directors, is done for one time and is not in the form of payments," explaining that
"the time limit set for compensating depositors is 30 days from the date of a decision issued by the Central Bank of Iraq with a final degree of declaring the bankruptcy of a bank, as This period is not extendable.
He stated that "the company, in light of this, compensates the depositors during the period specified by law."