Millionday roundtable 10/17/14 Part 2
Welcome to dinarupdates.com for Roundtable with Millionday!
Millionday: I WANT TO SHOW YOU A FEW MORE THINGS AND PLEASE DO NOT THINK THIS IS NOT IMPORTANT BECAUSE THIS IS WHAT IRAQ HAS TO DO TO SHOW US A RATE –
THE CLUES IN THIS REPORT ARE OUR BEST PRESENT OF THE DAY OR EVEN THE YEAR MY FRIENDS SO BEAR WITH ME
Millionday: Carrying out the review has posed a number of unique challenges. A conventional project of this nature would normally be based upon at least ten days on the ground in the jurisdiction seeking the views and experiences
Millionday: THIS IS WHAT HAD TO BE DONE AND AS WE KNOW THIS HAS BEEN COMPLETED
Millionday: There are currently 46 banks operating in Iraq including 7 state banks. The state banks account for the bulk of assets and credits.
Two of these, Rafidain Bank and Rasheed Bank are undergoing protracted reform efforts, including attempts to clean up their balance sheet. There are 36 private banks, most of which are relatively small.
Seven of these have foreign participation and nine operate according to Islamic principles.
While banking practices are improving, many banks provide only limited services. Credit is mainly short term and trade related. Several banks have questionable financial strength
Millionday: NOTE -- THOSE BANKS HAVE BEEN REFORMED FOR THE PURPOSE OF THE BANKING REFORMS
Millionday: NOTE -- A CAPITAL MARKET IS MONEY
Millionday: The capital market is centered on the ISX, which was established under Act No. 74 of 2004 for the purpose of providing a private sector, regulated market place
Millionday: NOTE -- WHAT THAT MEANS IS THAT THE CURRENCY PAIRING WILL BE ON ISX -- FOR INSTANCE IQD/USD ECT
Millionday: for the issuance and subsequent sale and purchase of securities by investors.
The ISC has recently issued a license for a second independent exchange to be established in Erbil. Trading is fully electronic and integrated into the clearing settlement and custodian facilities.
Market intermediary companies carry out the sale and purchase of securities by investors and for their own account.
Currently 48 are licensed by the ISC and are regulated primarily by the ISX.
mrref1216: Excuse me but what is ECT?
Millionday: NOTE -- THE BANKS THAT ARE LISTED ON THE ISX ARE 48 WHEN THIS REPORT WAS MADE
Millionday: The size of the insurance market is very small, and cannot be properly assessed because of the lack of reliable data.
The total aggregate annual amount of gross written premium for all insurance companies are by some market participants believed to be about US$ 60–US$ 80 million for the non-state owned insurance companies and four or five times that amount for the state owned insurance companies.
Reinsurance is not much used and it is thought that the total amount of reinsurance premiums is equal to maybe 15–25 percent of the gross premium written.
In addition to the three state-owned insurance companies there are about 18 private sector companies. The market is dominated by the state owned companies.
Millionday: NOTE -- THIS IS TALKING ABOUT THE ISX WHICH IS BY THIS REPORT HUGE OF COURSE IN IRAQ`S ENTRY TO THE GLOBE
Millionday: ■ The Postal Saving Fund accepts public deposits and reinvests them in various fields. It has 640 branches, spreading over the various provinces.
■ Exchange Companies were established in the eighties and are supervised by the CBI. Their only activity is selling and purchasing of foreign currency inside Iraq and its minimum new capital is ID 150 million.
They amount to 308 companies, mostly in Baghdad, and a few at other provinces.
CBI approved to grant new licenses for companies that have been established by the Registrar of Companies from 2003 till now, and was based on the Board of Director’s decision adopted in its meeting which was held on Jan 10, 2010.
■ Financial Transfer Companies are non-banking financial institutions that work according to the instructions issued by the CBI No. 93 of 2008.
They are 32 companies and they perform the transfer and receipt process of funds from inside and outside Iraq, via opening an account in Iraqi banks.
Millionday: NOTE -- ALL OF THESE MONEY COMPANIES HAVE SWIFT CODES NOW IN INTERNATIONAL COMPLIANCE
Millionday: ■ Financial Investment Companies are companies, whose main activity is to direct savings into Iraqi financial securities, including shares, bonds, treasury bills and fixed deposits. They are organized by the Financial Investment Company System No. 5 of 1998. 9 such companies are listed on the ISX. Average market capitalization is only US$ 1.5 million.
■ Companies providing small and medium loans, these are one of the newest institutions operating in the market and their capital is specified to lie within ID1 billion for limited companies, and ID 2 billion for joint stock companies.
They are organized by instruction No. 3 of 2010, issued by the CBI and published in the Official Gazette of Iraq No. 4164 on 20/9/2010.
There is only one company, which is the Iraqi Company for Short-term Loans and there are other smaller institutions, including the Zakat Fund (Alms Fund) and Minors Care Fund.
Millionday: NOTE -- REMEMBER PUBLISHED IN THE GAZETTE IS PART OF THE ORDER OF LAW
Millionday: The Iraqi financial system is characterized by:
■ The large size of state ownership among banks and insurance companies and unclear strategy for moving forward.
■ Weak capital. The capital of operating companies in the Iraqi financial system are limited, except for banks where CBI has requested its capital to be increased to at least ID 250 billion by 2013, compared to ID 5 billion for money transfer companies, ID 150 million for exchange companies, between ID1–2 billion for the Short and Medium-term Loans Company ID 150 million for Financial Investment Companies and ID 250 million for market intermediaries. Economic capital levels are unlikely to be significantly higher.
Millionday: Inadequate legal framework. The Iraqi financial system operates with significant weaknesses in company law, corporate governance codes, bankruptcy law, which hinder the evolution of the Iraqi economy into a market based one. An adequate legal framework is crucial for the participation of Iraqi and foreign investors in this market.
There are also weaknesses in the transparency, completeness and accuracy of financial statements and other disclosures by companies which also need to be corrected.
Millionday: NOTE -- UNDERSTAND THAT THESE LAWS HAVE BEEN PLACED AND THIS THAT I AM SHOWING YOU IS WHAT WAS NEEDED FOR IRAQ TO GO GLOBAL
Millionday: NOTE -- ALSO REMEMBER THAT THE ISX WILL OPEN THE 26TH OF OCTOBER UNDER THE X-STREAM
Millionday: In discussions with Iraqi counterparts, there was general agreement, from the Governor of the CBI as well, that state-owned banks had to learn to operate on commercial principles.
The Governor believed that an important step in this process was to “corporatize” the structure of the state-owned banks, which would be a positive step moving forward.
Operating on commercial principles will also require a discontinuation of the quasi-fiscal activities performed by the state banks. Any services performed for the government should be clearly identified, and properly remunerated.
Government must also refrain from any influencing of lending decisions, which should all be subject to proper risk assessments.
Millionday: NOTE -- UNDERSTAND THAT PRIVATE BANKING IS WHAT MOST OF US KNOW AND RELATE TO BUT COMMERCIAL BANKING HAD TO BE SET UP AND IT IS --- SO THIS WAS OBVIOUSLY A VERY HUGE HUGE STEP OF PROGRESS
Millionday: HOLD ONE SEC - I AM GETTING TO THE DINAR PART -- SMILE
Millionday: OK I GIVE UP ON THAT IT WAS TOO MESSED UP WHEN IT WOULDNT SHOW
Millionday: LET ME LOOK AT A COUPLE OTHER THINGS AND I WILL POST THE REPORT
Crazy Doug the hive kicker: MD when was this report published plz?
Millionday: THIS REPORT WAS THE INITIAL BANKING REFORMS ORDERS AND I DONT SEE WHEN IT WAS IT WAS SENT TO CBI AND APPROVED AND I AM NOT SURE IF I SHOULD HAVE IT BUT I DO
Millionday: BRB WITH MORE NEWS
Millionday: Patriotic Union of Kurdistan (PUK) led by Jalal Talabani, and the KDP, led by the President of Kurdistan, Massoud Barzani, they decided to review the strategic agreement between the two,
indicating that the Kurds will go to the Minister of the capital Baghdad today.
The head of the Kurdistan Regional Government, Barzani in a joint news conference with the leader of the Patriotic Union of Kurdistan (PUK) Mullah Bakhtiar, after a meeting between my leaders both parties in Arbil, attended by the correspondent Agency / Source News / Today that
Millionday: NOTE -- THE KURDS WERE IN PARLIAMENT TODAY AND BEFORE THEM
Millionday: he "has been a lot of talk about the strategic agreement between the KDP and the Patriotic Union,;
If you have followed the events that have taken place since the signing of the agreement even now you can see it was a necessity at the time, and we want them to provide the necessary requirements for our people.
However, to say, "but we need to review the current stage and in accordance with the current conditions," adding, "we will find a framework for joint action in accordance with the current circumstances, and in the future we will decide how we will work together, it is important that we today we are convinced of the importance to continue to work together.
Dovi: we're giving up on the Dinar part? Really?
Millionday: NO WE ARE STILL WAITING
Millionday: He said, "We both agreed on the need for joint action and an end to the differences between us in the framework of a joint agreement, and we are working through it with the other parties.
And on the issue of Minister Kurds declared president of the provincial government that "the Minister of the Kurds will go to Baghdad today, and our ministers are ready and when the meeting was held in Parliament will go to the parliament for the constitutional oath,
and the policy of the Kurdistan Regional Government is that it wants to resolve differences with Baghdad, and we agreed with the National Union today on the need to make serious efforts to solve them, according to the interests of both sides.
Millionday: NOTE -- THEY ARE THERE FOR THE CONSTITUTIONAL OATH -- WHOOOPOW
feebslayer: any word on defense minister?
Millionday: "The Minister of the Kurds after the proceeding in the Federal Government work, we will decide a date we went to a delegation from the provincial government to Baghdad, and we are heading there to solve problems."
He pointed out that "the region in previous governments, was not given the opportunity to work together with Baghdad, but was imposed all, we want to solve problems and active participation.
The head of the Kurdistan Regional Government, Barzani had announced (October 12, 2014) that he would soon travel to Baghdad to meet with Prime Minister Haider al-Abadi, and to discuss all outstanding issues with Baghdad and find a proper solution to it,
indicating that the policy of the provincial government at the present stage is to give the opportunity to cooperate with the government.
Millionday: FEEBS -- THAT IS TO BE DONE TOMORROW -- (SATURDAY) ALONG WITH MANY OTHER LAWS ECT
Millionday: WHOOPOW MAJOR NEWS>>>>>>>>>>>>>
Millionday: Center Brief for the Iraqi Media Network (IMN) - revealed an MP for the Kurdistan Alliance, Susan Baker, that the major governments of the center and the region,
will sign an agreement to document the results of the negotiations between Baghdad and Erbil.
Millionday: She said Baker's (IMN) that "major government center Haider Abadi, and Nechirvan Barzani of the Kurdistan region, would agree on the final results reached by the delegations bargaining, on the salaries of the Kurdistan region and the export of oil and the final accounts and other outstanding issues."
It is expected the arrival of the Kurdish delegation will be headed by the President of the Government of the Territory Barzani, in the next few days, in order to develop effective solutions between Baghdad and Erbil.
Millionday: SO AS WE SEE -- BARZANI AND ABADI ARE SIGNING THE RESOLUTIONS UNDER A DOCUMENT TO RESOLVE ALL ISSUES OF CONTENTION
Millionday: THEY HAVE MORE THAN JUST THEMSELVES COMING - THIS IS A MAJOR MEETING BEFORE PARLIAMENT NOT JUST A MEETING BETWEEN TWO OR SO
DinarGroupie: Millionday, with all the times they have postponed the meetings and swearing's in, how do we know they will actually meet tomorrow and do it?
Millionday: THE ODDS IT WILL HAPPEN ARE LARGE
Millionday: HERE WE GO THIS IS MORE CONFIRMATION
Millionday: media adviser to the President of Kurdistan, Mahmoud struggle, on Friday, the Prime Minister of the province, Barzani, will visit Baghdad after performing the Kurds minister in the federal government sworn in the federal House of Representatives.
Millionday: "The visit of Prime provincial government Nechirvan will not drag on too much, especially after the agreement within the region between the Kurdish parties to join the federal government in Baghdad and that the visit would be after swearing constitutional minister Kurds one week to resolve the outstanding issues between Baghdad and Erbil."
He continued by saying that "the Kurds have put a ceiling specific timetable for the head of the federal government, Haider al-Abadi, to resolve differences between the two sides," pointing out that "Barzani's visit comes to create the impression of good about the relationship between the two parties as well as moving the joint committees of technical and security and agree on developments in the budget 2014 and the export of oil region ,
"pointing out that" Barzani will carry with him special accounts for the Kurds to export oil since last March and even before the visit by the claims and also the development of arming the Peshmerga and discuss the conditions of the displaced Kurds and the share of the budget in 201
Millionday: I HAVE MASSIVE NEWS TONIGHT AND IT IS ALL SO POSITIVE I BET SOME WILL BE CALLING IT BEFORE THE DAY IS OUT LOL