The Central Bank relies on companies “guarantee” to compensate depositors of banks “losers”


 

Baghdad/economy news.

The CBI said the possibility of compensation to depositors of citizens in banks ‘ “If losers worked deposit guarantee corporation”, while bankers attributed the reluctance of private banks to “lean” liquidity as a result of the inability of contractors and importers to pay what they owed.
Bank Board Member said, Ahmed barihy, deposit guarantee corporation or intended deposit guarantee unit, need time to work after collecting the necessary capital, “adding that” the task of this unit is to compensate depositors in banks “.
Added barihy, to the company in case of work will compensate depositors at banks after losing several financial operations to do so “, stating that” deposit guarantee Corporation will care very much to small depositors so that all deposits will be paid, most are paid medium deposits, but the subject of other procedures require senior depositors compensation. “
The Director said the Union Bank Commissioner, Akil a trouble maker, that generally private banks face liquidity scarcity, because borrowers from contractors, importers did not receive benefits from the Government what made them late in returning money from their disposal of banks, adding that some branches of the Central Bank did not return to private banks deposits.
A trouble maker, said that it “born great problems for private banks with the applicants in their work,” returned to “the Government should support private banks through dues contractors and suppliers to increase liquidity in the domestic market and enabling them to pay off their debts and consistent banking.”
In turn the parliamentary Finance Committee decision, said Ahmed parenchyma Rashid, banks are obliged to give deposits to clients “, indicating that” some administrative problems banks forcing the Commission to file a complaint to the Ministry of finance.
Rashid stressed that “private banks control by the Iraqi Central, where his monthly budget, pointing out that the Central Bank might use his powers to stop working any bank acting his money outside contexts, liquidity has less than deposits, and declare bankruptcy.”
The parliamentary Finance Committee’s decision, predicted that “crisis in failed banks when a deposit guarantee corporation”, stressing that “many such experiences in other countries.”
On a related level, the Iraqi National Business Council Member, Uli Habib, the problem facing temporary banks, because they suffer from the crisis of deposits and cash flow, not for being a loser “, calling on the Central Bank to tighten its supervision and follow it to banks in particular eligibility and ensure liquidity continued to avoid problems.”
He saw Habib, the “deposit guarantee Corporation Act will force the Banking Act in terms of control and keep the depositor and rapid response to any problem and restore confidence quickly by officially sanctioned, especially if management”.
The National Business Council Member said that banks work to recover its money, especially high amounts of loans to provide liquidity and kinks and grant amounts that depositors seek it at anytime, “indicating that” the Central Bank some banks put under custody until the correct work and guarantee the rights of citizens. “
Habib stressed that “some banks Disclaimer of the full amounts requested by the applicant on the pretext of lack of liquidity in violation of laws and calls the Iraqi Central Bank intervention, returned to” circle of banking supervision and the Central Bank responsible for monitoring the safety and flow of financial banks liquidity and consider complaints and to accelerate verification measures by not pushing banks and amounts requested by the owner of the funds in the custody of those banks at any time. “
The Central Bank announced, in (7th of June 2016), about the Cabinet’s approval to establish a company to insure deposits in State banks for a capital of 100 billion dinars, while the company aims to stimulate citizens to deposit their money in banks rather than her firmness, assured money stashed away for citizens outside the banks of more than 30 trillion dinars.
The Association of Iraqi banks, announced (October 2015) the ratio of deposits banks ranging from 65 to 68 trillion dinars, including 22 trillion private bank deposits.
Iraq’s banking system consists of (54) a Bank as well as the Central Bank and distributed by seven governmental ownership and 23 private commercial, including nine in addition to Muslim (15) branches of foreign banks.
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