Millionday News 6/18/13
[millionday] ok this report is in sections and very clear so lets read it together -- big smile here we go
[millionday] Someone Mokhtassan in the banking sector challenges facing the development of local banks that represent the backbone of economic development, where the regulated flow of capital trends drawn investors and employers, but it requires more advanced systems that draw paths banking business in the country, the center of a new proposal for the integration of private sector banks .
[millionday] note -- this is very important in the progress
[millionday] Rapid changes Academic specialist Dr. banking affairs. Sadeq Al Shammari said: there are challenges facing banks and financial institutions in Iraq as a result rapid changes in technology, information and financial crises,
pointing out that, despite the considerable efforts made by the Monetary Authority and the Ministry of Finance to support the banking sector in Iraq are still these banks face significant challenges because of the circumstances experienced by the country
as well as the need for staff to have qualified banking and development of the banking business and the use of modern technology as a network communications and information systems and the Internet.
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[millionday] note -- as we know it is set up and they have ample help in training
[millionday] Overcome difficulties He pointed to the importance of the adoption of methods of control and disclosure of financial and accounting financial statements and that these factors can be considered as challenges in front of Iraqi banks, which is working hard in collaboration with the Central Bank to overcome.
[millionday] note -- we have seen a recent audit so this is on going reporting they need to be aware of
millionday] Guideway regulations Shammari urged the importance of adhering to the regulations and rules, which represent the work of banks and the basis of its activity, should also be commitment to governance and controls and mechanisms of good governance as evidence of the work of reform, institutional and financial spared from corruption operations.
[millionday] note -- so obviously the regulations are in place
[millionday] Corrective action He pointed to limit some of the problems and constraints faced by financial and banking institutions in Iraq after studying the reality in which they operate in the weak and limited interest in the mechanisms of internal governance and external by the supervisory authorities and regulators for the purpose of forcing banks and financial institutions to take corrective action and limited or absence of special units of the stress tests,
which are part of the culture of governance, as well as the lack of specialized units in the financial and banking institutions Iraqi take on the responsibility to follow-up and implementation of legal rules and regulations within the organizational structures through lack of assessments of internal audit procedures and external.
[millionday] note -- this is saying that they need to make sure the monitoring is done accurately and also changes are done on a daily bases ect -- so they need compliance
[millionday] Culture of governance And between the presence of weak and limited interest in studying the culture of governance and mechanisms of internal and external analysis of types and forms, and examine the impact on the performance of the banking and address the risks of any lack of focus on governance in the resolution credit as well as lack of awareness of governance and mechanisms of the financial and banking institutions and its importance,
and pointed to the absence of dimension strategic administrations banking the role of these mechanisms in the banking performance and mitigate risks and to avoid crises and collapses deficiencies of financial and administrative incentives to senior management in order to achieve work properly and effectively.
[millionday] note -- the management has to be exact and prompt and also the financial governance has to be right on top of things at all times -- the rules have to be followed so they dont have something mess this up [millionday] because this is the integration of the private banks as we see --
[millionday] this means that the private banks are being applied to the economic culture as ours is and under federal compliance millionday] the importance of trust in this huge change>>>>>
[millionday] Moral values He said that the existence of methods of financial compensation and administrative consistent with the moral values of the bank and its goals and and banking environment to work towards the benefit of the bank rather than to achieve the benefits of real-time,
in addition to lack of controls and mechanisms to control the structure and installation of boards of directors and their responsibilities and their powers in addition to weak controls and mechanisms that govern the issues of disclosure and transparency and the rights of minority shareholders in addition to the internal control to ensure that the functions of internal and external audit and an independent risk management. [millionday] note -- again -- management controls and transparency for the board
[millionday] obviously about stock market
[millionday] Relationship with shareholders He said we can identify some indicators through some of the special mechanisms of governance, whether internal or external, which contribute to the proper application and precise rules and regulations that govern the relationship between shareholders and managers,
creditors and other stakeholders from the perspective of the fields and responsibilities and that the proper application of the mechanics of governance necessarily believe in administration sound and stable for banks and avoid the negative effects of mismanagement, moral and technical divided into internal governance mechanisms and external governance mechanisms.
[millionday] note -- the goal of any business is to protect and do everything possible to support and gain for the share holders
[millionday] New System Smiralnasiri banking expert pointed out the need to prepare a new system to ensure control over the companies and financial institutions outside banks dealing with remittances to protect the interests of foreign citizens and anti-money laundering operations.
[millionday] note -- regulations followed with foreign investors so that this is successful and compliant
[millionday] courage loans He stressed the importance of encouraging banks to make loans in order to invest their money and reduce risks faced and overcome the limits of the purposes specified a certain percentage to the bank's capital and reserves set out in the Law of the Central Bank of Iraq.
[millionday] note -- the law of the central bank --- means banking integration into the backbone of the new economic system [millionday] and compliance completely
[millionday] Bank branches He called for encouraging banks to open more branches and offices banking in various provinces to increase density banking accordance with the conditions specified by the CBI with the provisions of censorship on the performance of banks during the follow-up field and office of its activity by the monetary authority and note the abuses taking place in the instructions banking and processed first Powell. [millionday] last part of report >>>>>>>>>>>
[millionday] Large units He pointed to the importance of developing a plan to achieve future mergers between private banks to set up and large-sized banking units can occupy an important space of the local banking business. As the importance of obliging all banks apply capital adequacy ratio according to Basel Committee
(3) According to the announcement issued by the Commission at the end of the year 2010. As well as the establishment of the Institute (training, consulting and banking research) contribute to government banks in the membership of its board of directors that plays a role in the development of human resources and banking building a sound base for the development and modernization and deployment of banking culture.
[millionday] so this is progress in its finest and is the move to say that the banking is ready and the regulations are set huge huge progress and a whopper of an announcement this is great news and a great report -- the banking reform -- huge check mark smile brb with more
millionday] Highlighted an economist light on the positive side in the oil sector, adding that Iraq is moving in the right direction towards achieving the goal of productive, which ranges from (9-10) million barrels per day by 2020, as well as the Oil Ministry has entered into negotiations with the companies to lower ceilings productivity of the fields in line with this goal.
[millionday] The economist said Bassem Jamil "morning" to give an important role for the private sector in promoting the development of the country should be involved with some projects the oil sector, stressing the need for the contribution of the private sector companies of Iraq in the implementation of some projects high in the oil sector, to give an active role to him in promoting the country's economic growth noting that the extraction of oil today, however, the public sector without the participation or contribution of the private sector, pointing to the need to make way for him to contribute to the production and development of oil fields.
[millionday] this is the development of the country`s economy they are saying here that the oil industry needs to keep up and move along with the advancements due to the percentage of their reliance on the sector
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