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[millionday] Experts and specialists in economic affairs that the central bank's decision excluding the 12 banks waged from the auction sale of the currency and deprive it of cash sales ,
transfers and appropriations would open the door to the parallel market to emerge and the decline of the real role of banks civil serious in the search for a partnership banking with major international banks.
While others wondered about the reason for increasing the capital of private banks and non - increase in the government counterparts despite the fact that the majority of government banks to exceed capital of 100 billion dinars.
[millionday] note -- that is the total -- not for just each bank
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[millionday] In this regard, said economic expert , Dr. Majid picture that there is a distinction in dealings between private banks and government through consolidation of lack of confidence in the banking industry to the private sector , and explained that there are state banks much capital is less than 250 billion Iraqi dinars.
He said the Rafidain Bank, capitalized at 70 billion dinars, with reserves while Rasheed Bank capital of 25 billion dinars , in addition to some other government banks not to exceed two billion dinars capital .
[millionday] note -- a very important part of the launch of their banking system is the actual use of it -- meaning confidence
[millionday] The size of the deposits of private banks is disproportionate to dependence and therefore increase its capital must be under realistic policy to support private banks in terms do not require all banks to be the capital of this size is constrained by laws preventing them from doing business and direct investment.
Noting that he to direct harsh blows to banks with high rating from the central bank through this procedure.
[millionday] note -- they are worried that the stock market portion of gain for these banks and also the dealings with international banks will be minimized by these unfair laws -- for lack of a better term
[millionday] He pointed out that any decision was politically or economically would cause market instability and volatility in exchange rates , indicating that the central bank 's recent decision to exclude 12 banks waged auction of shares of currency depreciation of the local currency against the dollar.
[millionday] note -- meaning when the rate changes -- it will effect their gain from the change launch of the banking -- in other words -- there is a lot of money to be made and they want theirs too
millionday] For his part, adviser to the Iraqi Institute for Economic Reform , Dr. Ahmed Al - Husseini said the central bank's decision not carefully thought out than a state of confusion was born in the fluctuation of the exchange rate.
Husseini called in a statement for the ( morning ) to give those banks another chance because each seeks to establish a banking partnership with foreign banks large and well - known in the world.
[millionday] He said Chancellor told the (morning) that long امهلها the central bank in recent decision to increase the capital of private banks which four months is sufficient to achieve the increase as well as the presence of articles 27 and 28 of the Banking Act , which Takidan the work of those banks and prevent them from doing business banking truth Kalancth various trade and investments , which contribute significantly to increase their capital .
[millionday] note -- the same with all business -- the first job is to do all that is best for shareholders --- they need to be able to gain all they can with the reform -- including the shareholders -- so this directly effects their success in this once in a lifetime effect --- anyone would take their money for shares where it would and will gain the most
[millionday] He noted that the current leadership of the central bank began moving to take sanctions against banks more direction in helping them to enter and participate in the process of economic development and take a real role in the economy .
[millionday] He noted that the shares of these banks and their reputation in the stock market will drop what is causing the low price of its shares if they learned that the banking sector is one of the largest economic sectors heavily traded stock , and therefore, the decision in this format at heart while the country needs great efforts in the development of the private banking sector and the establishment of offshore banking partnerships to attract foreign investment.
He pointed out that the parallel market , including banking companies and financial Alostat will appear in a stronger into existence exercised pursuant to tell him where in addition to it is not yet known to the public such as banks civil .
[millionday] For his part in the affairs adviser said Finance Mazen dear : that the process of raising capital of banks is not the solution best suited because raising capital burdening shareholders often difficult to take advantage of this method.
Pointing out that the profits banks will decrease headed increase capital due to limited banking products derived from the paragraphs of the Banking Act .
He believes that the issue of integration of banks with sheets weak financial is also an extensive line due to a variation in the ideas and boards of directors and private shareholders major proposed solution optimally to get to achieve the goals of the banking sector through the formation of companies with foreign banks as a result its holdings of experience banks can acquire a voluntary basis as well as the application of electronic systems the correct destination .
[millionday] so they are wanting to repeal the banking act 28
[millionday] The banking expert Muhannad Qassim al-Saadi said: Banking Act formulas quickly in the era of Bremer has been used terminology and labels curious about Iraqi law where you do not know its meaning in addition to that this law does not meet the aspirations of the Iraqi banks because it is in the hands of Iraqi banks.
Stressed Saadi that in order to to establish private commercial banking institution must have its own money any money contributors pointing to the need not state's contribution to any part of the capital , noting that the general principle of this banking institution is a partnership and
[millionday] the company know the law Iraqi agreement bodyguards or more to participate draft commercial and sharing Maintg him Profit permission aim to make a profit but he also said that the current banking law under Maitalq the required profits and specifically Article 28 of the banking Act , which preceded Article 27 , which identified a range of activities that is possible to exercise and did not remember all the activities , but part of it.
[millionday] note -- this is explaining the concept of the launch of the electronic and modern banking etc
[millionday] see this is the thing before we look at the last little bit -- it is best for the country to have banks that are just for certain parts of the need of the country --
[Sager] millionday has the electronic and modern banking been officially launched yet?
[millionday] commercial -- governmental -- private banking -- international -- and on and on -- but everyone wants to make as much money as they can and they all want to be the top dog
[millionday] in process
Sager] millionday excellent thank you
[millionday] He pointed out that Article 28 prevented banks from Mmarssh activities within the core of the banking business is investment as well as to prevent any activity that is not listed in Article 27 , but after taking the approval of the Central Bank of surprise from the central bank when addressing to take the approval of the activity that is not mentioned in the article 27 , which reads as follows " bring the banks to exercise any activity not mentioned in this article ,"
What made us tied up in the vortex of the exercise of a particular aspect of the banking business and lack of exercise second aspect of a proposed solution which modify the wording of Article 27 and the abolition of Article 28 whole by legal experts, bankers Iraqis and managers banks.
[millionday] they are wanting to even merge with other banks and of course cbi does not want all the private banks merged or whatever else they come up with to be on top -- you cant blame them to want to make as much money as they can -- but the plan has to be perfect for the economic reform as well --- all in balance -
[B][millionday] but the good news in this bore of a report to some is that they are laying it all out and telling it all --- in other words in the banking world -- the cat is out of the bag brb with more
[millionday] i want to make sure everyone sees this -- now the 27th of last month we saw a report from the UN about the completion of kuwait and iraq`s long-term issues and a new release that we didnt even realize we needed to watch for -- so then we were informed of the balloon payment to be done and the completion of all issues and the turn over to be just under agreement --
[millionday] so now we have this clarification -- The United Nations Compensation Commission said on Thursday that it made available USD 1.24 billion to the Government of the State of Kuwait towards the Commission's remaining claim with an outstanding award balance.
The United Nations Compensation Commission was established in 1991 in accordance with Security Council resolutions 687 (1991) and 692 (1991) to process claims and pay compensation for losses and damages incurred by individuals, corporations, Governments and international organizations as a direct result of Iraq's invasion and occupation of Kuwait (2 August 1990 to 2 March 1991).
[millionday] The Commission received approximately 2.7 million claims and concluded its review of all claims in 2005. Approximately 52.4 billion was awarded to over 100 Governments and international organizations for distribution to 1.5 million claims in all claim categories.
Successful claims are paid from the United Nations Compensation Fund which receives five per cent of the proceeds generated by the export sales of Iraqi petroleum and petroleum products in accordance with Security Council resolution 1483 (2003), and reaffirmed in a number of subsequent resolutions, most recently under Security Council resolution 1956 (2010).
[millionday] Pursuant to Governing Council decision 267 (2009), payments are made on a quarterly basis utilizing all available funds in the Compensation Fund. With today's payment, the Commission has paid out USD 43.5 billion, leaving approximately USD 8.9 billion remaining to be paid to the only outstanding claim.
This category E claim was submitted by the Government of the State of Kuwait on behalf of the Kuwait Petroleum Corporation and awarded USD 14.7 billion in 2000 for oil production and sales losses as a result of damages to Kuwait's oil field assets. It represents the largest award by the Commission.
[Sager] What's a balloon payment?
[millionday] its a lump sum that is due during a financial arrangement maybe i shouldnt have called it that smile
[Sager] lol it's ok
[jimplants] Ballon payment = final payment
[wmawhite] millionday millionday ...explain the remaining $8.9 Billion. Please
[Sager] so this is saying that the remaining 8.9 billion has been paid? Sorry I sorta asked this question this aft, but am still unsure
[millionday] so now they have the original agreement that we read about before they were released from chapter 7 --- the payments to be made up until 2015 i believe -- believe it or not -- i cant remember which year it is done but they are to make payments on the rest lol
[wmawhite] millionday /////originally, on 27 June the remain was $11 Billion........now it is $8.9 to be paid off thru 2015.
[millionday] they have 8.9 billion left that is all arranged in an agreement when all of the issues were being resolved back when they were trying to even get the borders agreed on -- now they are to that point and the whole amount that was to be paid out in a lump sum for damages etc is paid ---- now they have to pay the payments they agreed to as a normal debt arrangement
[millionday] yes it has been discussed to be paid in oil and trade in the last two meetings
[wmawhite] millionday .....that is the way I understand it too.
[millionday] hold on let me get that part again -- brb
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