Millionday News 11/9/13
[millionday] let me just say that this is as huge as you think and we have it in ink and i mean huge
[millionday] here we go -- Aims central bank's decision by increasing the capital of private banks , to commensurate with the transitional phase through which Iraq , and in two ways either increase the actual thereof, or a merger between weak capital to create large banks , in order to improve its reputation to prepare for the establishment of relations of Arab and international firm.
Comes at the time of calling Economists need to apply the principles of good governance and the separation of Directors for the capital in the private banks and the government , arguing that increasing the capital under the current circumstances has a negative impact on the capital market in Iraq. economist and banker Dr. Majid picture told ( morning) :
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[millionday] The « Arab and international banks did not gain international reputation and its ability and international relations through their capital and assets of the huge only large , but by the application of the principles of good governance and the requirements of international financial relations .
He considered that the central bank's decision theoretically correct and important trends , taking into consideration the economic and political situation and security in the country, while taking appropriate measures to restructure the public and private banks , according to the requirements of the global banking industry .
[millionday] note -- this is the announcement to the citizens that they are increasing the capital for the phase of moving to the global banking and economic reform we are looking for and all requirements that are imposed
[millionday] It is noteworthy that the central bank has issued instructions in February 2010 obliging banks approved the exercise of banking increase their capital to 250 billion dinars during the period of three years from the date of issuance of this resolution and to be (100) billion in one year and 150 billion dinars within two years, and ( 250 ) billion dinars during the three years of the date of the decision .
[millionday] And saw Suri that the increase in capital of banks has a negative impact on the capital market in Iraq, where the lead to pull the equivalent of 5 trillion Iraqi dinars from this market which may be employed in the areas of productivity , without the presence of ports to be used in the development process , indicating that led to low share prices of these banks in the Iraqi market for securities and inflict investors in this area unjustified losses .
[millionday] note -- this is talking about the compliance that enters them into the market (isx) currency market
[millionday] He called on all banks to use modern technology in the banking business , particularly with regard to the use of the banking system overall and its commitment to international standards , despite the issuance of the instructions of to facilitate the implementation of the Banking Act on January 3 of 2011 and that are consistent with international standards and recommendations of the Basel Committee, but he has so far have not been applied .
[millionday] note -- this is the order to comply and respect that they need to all be within Basel compliance
[millionday] He urged the application of the new law for banks government and Islamist approved by the Supervisory Committee of Supreme restructuring, which is still in the corridors of the State Council , referring to the need to take the necessary measures to complement the measures to increase capital, to encourage the merger, as it will ensure a good reputation among all banks internationally.
[millionday] note -- the order to move all issues in the business of banking to international banking
[millionday] He called the review of all procedures related to control and supervise the banking system , because the foreign banks to Aatalb them only deposit $ 7 million seed capital operating be withdrawn as soon as obtaining a license from the Central Bank , and it may do all banking operations , similar to banks local , including entry foreign currency auction , calling to reconsider the laws governing the work of the banking and all procedures related to banks, for the sake of the country and the banking system in particular and the overall financial system to activate its role in the economic development process
[millionday] so what we have here is a possibility to communicate smile whooop whoop oh honey this is great love it love it
lorijeanmarshall] millionday Hey, 2 out of 3 aint bad so far!!!
[cookie2] millionday -- I really appreciate it when you say -- Note >>> --- It helps me catch up when I am behind : )
[Papatom] this report gives the distinct impression that they are seriously CLOSE....
[millionday] part of the banking and monetary reform is the reality rate -- oh hun i agree
[lorijeanmarshall] millionday Well, what about the economic reform? Doesn't that have to be in place too?
[dinarmamma] Millionday like now???
[lorijeanmarshall] millionday But hey, I'll take it!!!!!
[faith1] isx = their stock market... right ???!!! international !! whoop whooooopp you say they are activating,,,, like now ??? whoop whoop !!!
[millionday] the economic reform is the big building and the monetary and banking and administrative etc is the offices in the big building
[Papatom] millionday great example!!!
[millionday] when the door is unlocked all doors are unlocked -- they are all part of the other whooop whoop this my friends is huge Papatom thanks hun
[faith1] Ohhh Lordy !!!!!!!!!!!!!
[millionday] brb with more
[onthewings] Whooooop Whoooooop
[millionday] great comments -- that is exactly what i thought you would say lol
[fxmanaz] so we are one step closer but as to when we still dont know
[txoilman] Whooooop whoooop
[millionday] no this is talking now to do it now i have just begun smile brb with more
[millionday] this is more check marks and obviously show how close we are
[millionday] and this is what i call a whopper
[millionday] The development of local expertise in the public sector has become a necessity to get to the stages of implementation of qualitative inter projects referred to by the public companies , according to the specialists , where it was hauling a lot of them according to their respective jurisdiction .
Engineer Hadi the pointed out that the development of expertise in the public sector is a step in support of the country 's economy , pointing to the need for the international effort competent and who can supply what has sophisticated techniques , through the gate of the training of local talent in the global training centers
[millionday] note -- public business means it is on the market and offered in shares -- the stock market -- publically owned meaning that they own shares --
millionday] it is a necessity to the next move which is the move of activating all economic reform -- this includes the market as well
[millionday] He said in an interview for «morning « that the experiences of the public sector can be combined with the local private sector in the implementation of projects jointly , as is happening now in some of the projects that were not , mostly , as it requires the efforts of the private sector in the implementation of several stages of the project ,
pointing out that this friction at work resulting in the exchange of ideas and experiences and to adopt the new reduces the time and effort and result in project quality world-class .
[millionday] Moreover confirmed director of oil projects and petrochemical company's general designs Karim al-Saadi achieve completion rates ahead of what is planned in the implementation of projects in the site refinery session in favor of Midland Refineries Company and efficiency efforts and expertise engineering and technical workforce.
He said, adding that the work continuously accelerated and by the completion of higher than planned for the execution of the project to prepare the cooling towers in Daura up to 60 percent and a cost of two billion and 621 million dinars in order to improve performance and increase efficiency .
[millionday] note -- as we know the oil business is going global and this means to the market -- so that is what they are referring to right now