Part 4 of 4 - Comments may be made at the end of this post Thank You
wilson6060] Question please MD are all the articles telling us the Iraq banks are now basel compliant
[millionday] As well as the achievement of all matters relating to the principles of good governance, .. and the issuance of appropriate regulations by the central bank, to organize the work of the government and private banks, and re-examine laws related ..
Accompanied by the activation of the role of the central bank in monitoring and supervising the work of banks, without distinction between public and private ..
This requires the establishment of the Supreme Supervisory Committee to oversee the project to achieve the restructuring of banks, consisting of the Governor of the Central Bank and the Finance Minister and Chairman of the Audit Court. rationalize banking management confirmed .
Suri said the aim of the restructuring is to strengthen the internal construction of the banks, and work on the foundations of good governance, and upgraded to the level of the international banking industry, and the activation of the role of banks in economic activity and the process of economic development .
Read More Link On Right
[millionday] wilson6060 we have had an announcement when they were stated to be basel compliant
[millionday] yw all the time hun
[millionday] note -- this is showing us the map as it was planned for the banking and economic reform
[millionday] . In addition to the development and consolidation of international relations of the Iraqi banks .. And the development of banking culture, and changing the methodology of thinking of employees in the banking industry in Iraq. ,
and pointed out that all the studies submitted by the consultants stressed that it can not achieve the principles of good governance and the control and supervision of the immediate and precautionary,
by the banks and the supervisory authority, but using the banking system overall. ..
He pointed to the absence of the real will and seriousness of change and restructuring, by all relevant authorities, the Central Bank, Ministry of Finance, Office of Financial Supervision, and senior management in the banks themselves ..
[millionday] note -- change and a huge leap as this brings fear but this is his opinion -- mine is that the date is set --
[millionday] i want to bring the rest of this and see if we see anything we might be interested in concerning the banking act - i find it interesting and hope you do
[millionday] Because of a holistic view and control the individual, bureaucracy and the majority of factional officials mentioned institutions and significant changes that took place in the leadership of the Central Bank, Ministry of Finance and the Office of Financial Supervision ..
He pointed out that the achievement of the restructuring of the banking system in general, both governmental and private, requires procedures and continuous follow-up,
by that, and despite the fact that the central bank and the banks some actions necessary authorities and highlighted the picture light on the importance of legal reform of the banking sector, adding that this would lead to improving the performance of Iraqi banks and improve its reputation local and global,
[Richard Incrocci] Local and global. Very nice
[millionday] i agree
[millionday] , but it will not work on activating its economic role, what did not make the necessary amendments in the Banking Act that are consistent with the requirements of the Iraqi economy is growing, and called for a distinction between the activity of banks on the basis of the goals established for it,
and to identify areas of work in accordance with the requirements of stage the basis of commercial banks are actively banker and investment banks: determined work in the field of investment ..
And Islamic banks: the investment banks operate according to Islamic law, and development banks which banks operate within the limits of the objectives of the economic policy of the state in the areas of productivity, in particular, especially the "industry and agriculture.
[millionday] note -- meaning they had to also have the banking act to go with the reform - which is the legal part of all of this monetary and economic reform
[millionday] Pointed out that the Banking Act did not specify the share of foreign capital invested in the Iraqi banking industry in total capital invested in the banks, did not give this right to the CBI or any other agency.
volume of imports 250 billion dollars in 2013 and the picture that the banking system could not work out the implications of economic activities prevailing, and the laws that govern the operation of banks
millionday] note -- cbi has given the banks until jan 31st to get their reserves to 250 billion
[tbob] whooop whooopow!!!!* *
[ROBINREDHED] millionday eeeek
[ROBINREDHED] they better hurry
[cpk] Gotta be a reason for those kind of reserves!
[millionday] oh yes they better hurry -- smile
[millionday] . indicating that the size of the imports rose from nearly 9.6 billion dollars in 2003 to over 58 billion dollars in 2010, and to more than 64 billion dollars in 2011, and to 75.2 in 2012, and include the import of government and private services,
which are on the rise, and at the same time The funds invested by the government in 2003, and until the end of 2013 in infrastructure projects of government, about 250 billion dollars.
increased central bank sales of dollar through the auction of 6,108 billion dollars in 2004 to 33,992 billion dollars in 2009, and to 39 789 billion a year 2011 to 48.519 billion U.S. dollars in 2012 to 53.1 billion dollars in 2013.
[millionday] i am going to finish this report -- didnt realize it was as large
[millionday] tendency towards central and subjecting the economy to political influence and warned the picture of the political conflict in Iraq, and try to touch the independence of the central bank,
will lead to action is thought right and applied illegally, nor constitutional , in addition to the actions illogical right of banks, especially the private ones, has led to a great disservice to the reputation of the central bank, banks, internationally and locally ..
He pointed out that the incubator's core banking activity, activity is effective for the private sector, and in all spheres of economic activity, industry , agriculture, tourism, trade and services.
weakness niche banking institution Iraqi internationally and concluded expert Majid picture lecture by referring to it as a result of the political situation and security,
and the weakness of the trend towards economic development, and the spread of financial and administrative corruption, and failure to implement structural reform of state institutions, including
[millionday] note this is telling us now something we did not know
[millionday] look at this >>> the reform of the banking, was unable to Iraq from obtaining any international classification, by relevant international institutions and, therefore, not able to any of the banks, not the government or private, to get any international classification,
and this is what weakens its role in the international banking relationships. d. appearance Mohammed Saleh: failed to restructure the banks and in his intervention stressed economic expert, Dr. appearance of Mohammed Saleh, said that the project structuring banks failed for unknown reasons ..
millionday] he may have said they failed to move forward already by unknown reasons but as we see here -- they failed to get international classification
[millionday] that is huge huge -- and a huge problem in the past
[millionday] Saleh called on to form a company to guarantee deposits of Iraq and the abolition of restrictions on the instruments issued by private banks and the establishment of an institute to prepare monitors banking specialists and subdue the banks of the Kurdistan region to control,
just like the rest of the banks Iraq with the need thinking about the creation of a supreme body for banking supervision.
[millionday] now as we see here -- there has to be inclusion of the kurdistan banks to go global -- so it has to be also included in the nation and the banking laws regulations etc
[millionday] this is why i do not believe the excuse that kurdistan stated for their banking problems we have seen so much about no cash?
[millionday] so i hope that made sense in how i was explaining it -- what do you think robin?
[ROBINREDHED] MADE SENSE TO ME IF NOT I WOULD SURE TELL YA
[millionday] it appears they have the same time frame smile
[DBJJ] millionday So international classification equals a reality rate and maybe their credit rating?
[millionday] i hear ya my friend
[allanlantrip1975] millionday,with all the great news youve brought us tonight,what if something big happens tomorrow you dont do round table or news on thursday how will we know without you?your the greatest
[rbkeyz] Feb 1
[millionday] no maybe they will receive their credit rating as well -- exactly
[Richard Incrocci] <~~~~~agrees with Allan
[ROBINREDHED] L O L
[DBJJ] millionday no? what?
[millionday] allanlantrip1975 thank you hun -- i am part of a great team -- but if something big is coming I will be here --
[millionday] that is out the window if something big happens --- thursday or no thursday
[allanlantrip1975] thank you so much
[Richard Incrocci] They RV be no problem giving all the credit for my new found financial comfort*
[millionday] l o l my friend
[millionday] swan --- good to see you
[swan2013] CHECK OUT THE OBSERVER FOR UP TO DATE INFO FROM BGG: http://dinarupdates.com/ ··· bserver/ AND THE BLOG: http://www.dinarupdates. ··· om/blog/
[millionday] we are closing up news time -- any questions
katkat] How are you feeling about the news millionday
[millionday] katkat well i can tell you this -- the banking regulations are very exciting right now and with the entry to the globe plans with their stock market -- it is time to be excited and encouraged so dont miss any news at all hun
[efriscone] millionday Is what you're reporting above that the Kurts banks are out of money and now have to conform with the rest of banks in Iraq?
[millionday] efriscone sort of -- they have been telling the people that have come to the banks to get out money from their accounts that the bank didnt have money and it didnt make sense -- now we see that they have compliance they have to meet in regulations given by cbi -- makes more sense