Yasiri: Iraqi banks is not working in its name for fear of creditors to their money
On: Sat 16/07/2011 8:45
Baghdad (news) .. The member / coalition of state law / Abdul Hussein al-Yasiri to speed up the solution to the problem of Iraqi banks, which are still so far do not work in its name, but operate through international banks. Iraq had decided since 2006, the restructuring of the banking sector to allow direct investment in banks and get rid of the heavy debt burden on the major banks owned by the state after decades of war and economic isolation.
Yasiri said in a statement to the Agency (news), that "so far of Iraqi banks is not working on its behalf, but rather works through banks other world, for fear of litigation it against her and thus take over their money. "
He pointed to the importance of this subject, which is necessary for the government of urgency dissolved as soon as possible and before it is too late.
He was adviser to the CBI, had confirmed the existence of the plan is described as (high level) for a twinning between banks, Iraqi and international banks to develop a system of payments in the banks of the country.
The bank adviser appearance of Mohammed Saleh said that the central bank operates according to high-level plan for the provision of legal requirements and technical conduct of twinning and the wide range between government and private banks, and between the international banks on the other hand in order to develop a system payments banking and regulation of financial trading and cash it.
while the World Bank had announced that it had completed the plans and technical procedures, financial and legal development of the performance of a bank of good and Mesopotamia state-owned and restructuring.
Saleh added that the process involves three phases, the first involving management contracts, and second decades of partnership, and third decades of ownership required by the private banks.
He pointed out that "the twinning of property by more than 10% with international banks that will be a true partner with private banks in support of its bank for the development of the payments system and the development of ownership and capital.
and decided to Iraq in 2006, the restructuring of the banking sector to allow for direct investment in banks and get rid of the heavy debt burden on the major banks owned by the state after decades of war and economic isolation.
The main objectives of the program is to restructure the two largest Iraqi owned by the state and are the Rasheed Bank and Bank of Iraq and the restructuring of the Audit Department at the Central Bank and the development of the private banking sector.
According to the Central Bank Iraqi, the external debt and internal Bank of Iraq reached $ 28 billion while the debt of the Rasheed Bank, one billion dollars, and borrowed the government most of the foreign debt owed by the banks.
will be concentrated under the plan, in 2011 to implement training programs for departments such as the Audit Department at the Central Bank and the unity of Branches in each of the Rafidain Bank and Rasheed Bank.
The main goal of restructuring is to reach a sound banking system and sophisticated because the five banks owned by the state controls about 90 percent of the activities of the banking sector as a whole.
The aim of the restructuring plan is also to transform the Iraqi banks other specialized financial companies, such as development banks and Islamic banks to encourage investment and development of the real economy. / end / 5 /
http://www.ikhnews.com/news.php?action=view&id=16560
On: Sat 16/07/2011 8:45
Baghdad (news) .. The member / coalition of state law / Abdul Hussein al-Yasiri to speed up the solution to the problem of Iraqi banks, which are still so far do not work in its name, but operate through international banks. Iraq had decided since 2006, the restructuring of the banking sector to allow direct investment in banks and get rid of the heavy debt burden on the major banks owned by the state after decades of war and economic isolation.
Yasiri said in a statement to the Agency (news), that "so far of Iraqi banks is not working on its behalf, but rather works through banks other world, for fear of litigation it against her and thus take over their money. "
He pointed to the importance of this subject, which is necessary for the government of urgency dissolved as soon as possible and before it is too late.
He was adviser to the CBI, had confirmed the existence of the plan is described as (high level) for a twinning between banks, Iraqi and international banks to develop a system of payments in the banks of the country.
The bank adviser appearance of Mohammed Saleh said that the central bank operates according to high-level plan for the provision of legal requirements and technical conduct of twinning and the wide range between government and private banks, and between the international banks on the other hand in order to develop a system payments banking and regulation of financial trading and cash it.
while the World Bank had announced that it had completed the plans and technical procedures, financial and legal development of the performance of a bank of good and Mesopotamia state-owned and restructuring.
Saleh added that the process involves three phases, the first involving management contracts, and second decades of partnership, and third decades of ownership required by the private banks.
He pointed out that "the twinning of property by more than 10% with international banks that will be a true partner with private banks in support of its bank for the development of the payments system and the development of ownership and capital.
and decided to Iraq in 2006, the restructuring of the banking sector to allow for direct investment in banks and get rid of the heavy debt burden on the major banks owned by the state after decades of war and economic isolation.
The main objectives of the program is to restructure the two largest Iraqi owned by the state and are the Rasheed Bank and Bank of Iraq and the restructuring of the Audit Department at the Central Bank and the development of the private banking sector.
According to the Central Bank Iraqi, the external debt and internal Bank of Iraq reached $ 28 billion while the debt of the Rasheed Bank, one billion dollars, and borrowed the government most of the foreign debt owed by the banks.
will be concentrated under the plan, in 2011 to implement training programs for departments such as the Audit Department at the Central Bank and the unity of Branches in each of the Rafidain Bank and Rasheed Bank.
The main goal of restructuring is to reach a sound banking system and sophisticated because the five banks owned by the state controls about 90 percent of the activities of the banking sector as a whole.
The aim of the restructuring plan is also to transform the Iraqi banks other specialized financial companies, such as development banks and Islamic banks to encourage investment and development of the real economy. / end / 5 /
http://www.ikhnews.com/news.php?action=view&id=16560