Finance for parliamentary "Awan": the bankrupt banks are unable to repay deposits of citizens and other loans to officials granted without collateral

Baghdad Awan


Revealed the Finance Committee representative, on Monday, the inability of banks civil "bankrupt" for repayment of deposits of citizens, accusing the Warka Bank to grant loans without collateral to officials gangs over the phone, as called for economic and investment commission Parliamentary need to modify some of the paragraphs of legal private banks and the central bank.

A member of the Finance Committee parliamentary Magda al-Tamimi told the "Awan" "The committee has received a lot of complaints by citizens unable to insolvent banks for repayment of their deposits", describing it as "dangerous", the point that he "loses the confidence of citizens in dealing with private banks Iraqi What a negative impact on the country’s economy " .

They pointed out that "there are banks, civil and the most prominent of the Warka Bank, granted loans by phone without collateral, particularly for officials gangs in the state," asserting that "the owners of these banks invest in another country, what Ajalam in front of a fraud case, due to weak supervision " .

Revealed Tamimi "The committee plans to host D j t j private banks and the central bank governor next week , to discuss the law of private banks , "adding that" the Commission has no intention to hold a conference or workshop for the purpose of issuing laws or amended " .

She pointed out that " the Finance Committee deliberated with the Governor of the Central Bank of the reality of the private banks that suffer from problems , "adding that" so practices and such a work environment that represent indicators bad and dangerous to the economic movement in the country , because the investor will lose confidence in dealing fiscal with our banks " .

In turn, called for economic and investment commission parliamentary agreement with the parliamentary Finance Committee, the need to modify some of the paragraphs of legal private banks and the central bank.

A member of the Committee MP Salman al-Musawi for "Awan", that "some legal clauses of private banks and the central bank , hampering the functioning of the economic process in the country " .

He noted that " banks in the Iraq ranged conveniently, and we urgently need to support institutions for the development of the economic process, and this in turn needs to large banks and insurance companies

http://awaniq.com/index.php/en/2013-06-20-22-37-32/1000-2013-07-22-09-21-26




good governance, to eliminate the need to control corruption in the implementation, but fail
22-07-2013 12:40 PM



Baghdad (news) ..

A member of the Economic Commission Kurdistan Alliance MP Jassem شنكالي, the need to combat corruption in state institutions with good governance. said شنكالي (of the Agency news):

The use of good governance and governance of governance in state institutions lead to the achievement of its goals the elimination of corruption through the introduction in the administrative apparatus of the staff and implemented properly.

added: that there are people who have expertise in the implementation of this system or any other system, adding that the planning collides always by force, even if the sound but needs to follow up and monitor the implementation will fail Whatever plans.

It is noted that it is necessary to emphasize the role of religious institutions and civil society organizations in various directions to create the atmosphere of awareness will contribute effectively to create a culture of good citizenship, which is the first foundation of the foundations of good governance.

http://www.ikhnews.com/index.php?page=article&id=93622

Announced that the Finance Committee parliamentary, on Sunday, closely put formulations final budget of Parliament for the next year 2014, and confirmed that amount will be reduced from 492 to between 410 and 420 billion dinars, after deleting some paragraphs unnecessary, while Ezzat ” to the construction of a building especially the Council and housing for members as well as the expected increase in the number of members to the next session.
A member of the Finance Committee Hassan al-Bayati said in an interview to (range Press), said that there is “an exaggeration in some fields of balancing the House of Representatives, among the claims of the Presidency to purchase 25 armored car of $ three billion and 500 million dinars, the Commission seeks to abolish it,” noting that ” investment budget to parliament for a very large this year as $ 186 out of allocations amounting to 412 billion dinars after it has been reduced by 20 percent. ”
For his part, predicted Committee member Haitham al-Jubouri, in an interview to (range Press), that “are reduced to offset the House of Representatives which amounts to 492 billion dinars a certain percentage after deleting some doors,” noting that “the armored vehicles that are to be purchased are for the Presidency of the Council next to the presence of the current law authorizes the Commission to keep its cars for several years. ”
He Jubouri, a deputy of the State of Law coalition led by Prime Minister Nuri al-Maliki, said that “the budget year 2013 current, which included building told the House of Representatives, requiring an increase in its budget, likely to” up the amount of the budget for between 410 to 420 billion dinars after cuts on some of its clauses. ”
He said a member of the Finance deep uttered, that “the gates of the budget developed the construction of the building of the House of Representatives, and allocations for new MPs, whose number will increase next session, which requires additional allocations. ”
For its part, Ezzat member of the Committee for the Kurdistan Alliance MP Najiba Najib, the magnitude of the budget to Parliament “large number of members of the next session as well as monitoring the construction of a private building council. ”
Said Najib, in an interview to (range Press), “The increase in the budget of the House of Representatives due to the high number of members from 325 currently to 340 session next legislative requiring salaries and allowances of additional,” indicating that “of other reasons to increase the budget to go for the construction of a new building of the Council as well as the role of its members. ”
Committee member revealed for the Kurdistan Alliance, that “the budget also included the building of the Council offices in the provinces,” pointing out that “what was allocated for the new parliament building about 131 billion dinars. ”
The head of the Iraqi Council of Representatives, Osama al-Nujaifi, has put the past in September 2012, the foundation stone for a new parliament building in the Muthanna airport in central Baghdad.
And will include a new building block for the accommodation of members of Parliament and their families, and the other for security, and a third to the headquarters of the parliamentary blocs, and a fourth for the media center of the parliament and a satellite channel and a newspaper, and a medical center and a bank, and building development center and training and the building of the Federal Council, and will widen hall of the new building of 1,500 seats, and a meeting room for 700 seats , and interviews Hall 150 seats, with an estimated cost of one billion dollars building.

7. 21. 13
Iraq’s banking sector is poised for significant earning and asset growth over the next decade, according to a new report released by Sansar Capital Management LLC.
The IMF forecasts Iraq’s GDP to grow by 9 per cent this year — driven by a strong macro environment, increasing credit penetration and the improving security situation in the country. The banking sector, in particular, is expected to maintain a steady growth over the next few years.
The Sansar Capital’s report points out that rising credit penetration is also expected to further stimulate the growth inthe banking sector. The report cites a World Bank study which shows that Iraqi domestic credit to GDP stood at a mere 9 per cent of GDP at the end of 2011 as compared to a 55 per cent of GDP average for the Middle East and North Africa (MENA) region.
Domestic credit to GDP grew at a clip of 89 per cent CAGR between 2009 and 2011. Moreover, according to Central Bank of Iraq data, cash credit, such as loans and overdraft facilities, have grown at an impressive CAGR of 50 per cent from 2006-11.
The detailed report analyses the Iraqi private banking sector through the perspective of five of the country’s largest private banks by deposit.
The report reveals that supported by the strong economic growth and rising credit penetration, these five banks saw their aggregate net income grow by 207 per cent between 2010-12. Dilution driven by increases in equity capital resulted in earnings-per-share growth to be lower but still impressive with an aggregate EPS growth of 111 per cent from 2010-12.
The report highlights how banks with the highest return-on-equity (ROE) and growth profiles trade at the lowest valuation — an odd idiosyncrasy in the Iraqi markets. Sansar believes that this is an example of market inefficiency, which provides opportunities for those paying attention.
The reportalso closely examines the financial statements of the Iraqi banks and demonstrates that adjusted underlying profitability and return-on-equity for these banks significantly exceeds the reported numbers with some banks approaching 60 per cent underlying ROEs.
The Iraqi Middle East Investment Bank, the third largest publicly traded bank in terms of deposits, performed well in the past few years, having been able to attract large sums of quality deposits at very low interest rates. In 2012, Iraqi Middle East Investment Bank had the highest return-on-equity and the highest operating profits growth among the large Iraqi banks. Since 2009, the bank profit before taxes have grown by 330 per cent, a CAGR of 63 per cent.
According to the report, the growth in Iraq’s banking sector earnings and GDP —which IEA forecasts will grow 151 per cent between 2011 and 2020, driven by the country’s increasing oil revenues, go hand-in-hand with the improving security situation in the country. As violence declined by over 80 per cent between 2006-12, Iraqis in many parts of the country enjoyed relative calm and stability.
However, despite the impressive growth, Iraqi private banks will have to overcome some important challenges if they are to continue their growth at the excellent pace witnessed over the last five years.
Accessibility is among the biggest challenges facing the country’s banking industry. Access to bank branches or ATM machines remains highly limited to the general Iraqi population. There are approximately 900 bank branches covering a population of 33 million Iraqis equating to just one branch serving 36,000 individuals.
The trust issueOther challenges include an uneven playing field enjoyed by the state-owned banks and a general mistrust of the banking system.
This problem is further exasperated by the lack of any deposit insurance institutions that would guarantee the return of customers’ deposits in the event of a bank failure.
The report also raises some concerns regarding corporate governance and transparency at some banks.   In the example of North Bank, it highlights how audit and financial concerns raised by the accountants in the Arabic reports were missing from the English translated reports provided by the bank.
“Iraq’s banking sector, though certainly on the growth path, is not without its share of challenges. However, what is important to note is that all the challenges and hurdles can be overcome, especially with the combined efforts of the government and private sector.
In particular, we believe that the private sector can help improve accessibility to branch networks and services while the government can help level the playing field between the state-owned and private sector banks. Of course, gaining the trust of the population would require efforts from both sides,” said Sanjay Motwani, president of Sansar Capital.
The report pointed out that Iraqi banks generate large sums of their revenue and profits from trade-financing related activities.
For the year 2011, commissions driven by trade-financing related activities (wire transfers, letters of credit, FX spreads) accounted for a range of 28 per cent to 83 per cent of net revenues for the four largest ‘traditional’ banks. Traditional lending activities, such as, net interest income on loans became the second largest contributor of revenue for the four largest banks, by deposits generating 13 per cent to 49 per cent of net revenues from these activities.
The Sansar Capital report concludes that while the mix of an improving macro environment and security situation offer attractive investment ingredients in Iraq, many challenges remain for those interested in participating through public markets. In such an environment, investors are cautioned to carry out extensive due-diligence, including having on the ground presence in the country.
ameinfo. com

7. 21. 13
Took the Association of Iraqi private banks, the central bank note of the fact that some private banks to reduce the cash dollar exchange rate to 1180 dinars.
An informed source said on Friday, said, “This reduction in the exchange rate will be effective from the next day on Sunday 21 July 2013. ”
The Central Bank hold daily sessions for the sale and purchase of foreign currencies with the participation of Iraqi banks, with the exception of public holidays in which the Bank stops for these auctions, and sales can be either in cash, or in the form of remittances sold abroad for a certain commission.
iraqdirectory. com

Are there currency dinar really?   21 July 2013

The Association of private banks had succeeded in Iraq pulling the rug out from under those who tried to damage the reputation of the Iraqi private banks with the intention of taking advantage of an opportunity without or with view to the bank crisis and its repercussions and that dependence on the new administration,

led to the creation of a gap between them and the banks what befuddled new reforms and make them wallow in resolutions and swift action not benefiting. and the economic crisis have dealt with morning open-ended

Working GroupDone calmly and carefully to clear the air and make the reform process and processors going in full swing after the Central Bank Governor Abdel Basset Turki on time that much of the criticism sounds for monetary policy coming from non-professionals,

Read More Link On Right

  insult and hear proposals from experienced and competent economists, economic invested a this morning and entered the initiative which called for the Central sView banks in action before they are imposed or approved

and find out whether or not can be implemented and that the deal with banks on the basis that a sponsor has been the Central response to this laudable proposal led to closing the gap return correct relationship led to successes register for central processing throttling Iraqi exchange market and its further ups the dollar fails to include it,

but our new theme From my perspective as an observer that these developments had League invested sit at a table working breakfast with the participation of all Government and private banks,

the meeting turned into a broad assessment and Chief of the monetary and financial policies reached by the meeting to the convictions of the importance of joint action and create meaningful partnerships between Government and private banks and issued a platform meeting proposals lead to a real contribution to development and economic reform must be requested.

Noted that the Association’s recent successes were the result of the role played by the bitter melon and arm Member sherwan in picking up the role of the Association in coordination with the Chairman and CEO of Chalabi goldfinch Falt results corrected on target.

these national efforts have managed to restore power to the Iraqi dinar currency predominated and we hope the new management policy for the Central Bank in cooperation with banks returning to the Plan drawn by the old management in the delivery of the dollar exchange rate to 100 dinars,

offset by $ 100 as a progressive but the crisis provoked in time and circumstances have prevented the regional goal, lost aldolarbtzebzabat continuous distance goal,

and now I clearly awaken to revive this goal through such constructive cooperation to become the value of the Iraqi dinar equivalent of us $ and this goal is not far if we let special Jurisdiction would work together without their confusion is not a competence of the statements by the other.

these dreams may seem difficult but achievable if our actions were accompanied by selflessness is not difficult and the hope of the Government and private banks to follow procedures and implementation across the Central Bank discussed together and to other successes to achieve the goal of the Iraqi economy robust and reliable to be Tiger VII to great potential in Iraq and requiring sound management and efficient and this is not difficult aubaid elusive.  © Al Sabaah 2013   LINK

Kaperoni;  It seems to me he is saying he hopes the new CBI management (Turki) floats the dinar according to the old CBI (Shabibi’s) plan to equal 1 to $1.

Terry:  Yep, thats what I was thinking also.

Tripphood:         I thought Shabibi’s plan was a intro rate of 1:1.?

Timsters:             im totally confused now .. kap where did it say float to you in that art.?  or is your thinking that shabbs last plan was to float it . i always thought his plan was to remove the zeros and get it close to 1 to 1 then float it.   tim

KellySue:  Nice :) Thank you Kap!!  Blessings to you everyday!!

Tripphood;         Timsters, I believe that Kap is getting float from the word progressive but I’m with you, Shabibi’s plan was a 1:1.

mok45:                I also like this line, “and now I clearly awaken to revive this goal through such constructive cooperation to become the value of the Iraqi dinar equivalent of us $ and this goal is not far if we let special Jurisdiction would work together ”    Dinar equal to the Dollar!

Timsters:             man i bet these guys have to have a conversation and a meeting about going to the bath room .then they have to vote on it 3 times before they finnally go … oh and almost forgot post it in the gazzett.   ATTENTION MALIKI HAS TO TAKE A LEEKIE  :P    tim

Boomer911:  Mok45, That’s the line that jumped out at me too. Pretty clear to me that he’s saying 1:1…..but how they get there, a float or RV is unclear.We’re winners either way!

Tomceejay:        Sure sounds to me like they are saying 1-1 out of the shoot then progressive, or float from there.

Tlar:       This is an interesting article. The Association of independent banks having just decided to sell the dinar at 1180. Their costs at auction are 1166 for the program rate and 13 dinars for the CBI commission, meaning their costs are 1179 dinars per US dollar.

 This means that the member banks will only make a profit of 1 dinar on each dollar they sell. They have made this commitment so as to assist the CBI in bringing these two rates (program and street) back to the international standard.

Turki met with these banks in the last week probably selling his program to delete the zeros as he has done with both the Economic and Finance Committee.

To these independent banks there is a lot at stake. If the CBI deletes the zeros money will begin to flow and people should start to use the banks again. So it is to their advantage that these banks temporarily help to bring these rates together so the bank can possibly raise the value if that is their plan.

These independent banks are for profit banks and would not unanimously suspend their profits for patriotism unless they saw a benefit to themselves.

 Kap, this paragraph says something entirely different to me than your interpretation. I would like to break it down sentence by sentence giving you my thoughts.

Here is the entire paragraph,

“we hope the new management policy for the Central Bank in cooperation with banks returning to the Plan drawn by the old management in the delivery of the dollar exchange rate to 100 dinars, offset by $ 100 as a progressive but the crisis provoked in time and circumstances have prevented the regional goal, lost aldolarbtzebzabat continuous distance goal, and now I clearly awaken to revive this goal through such constructive cooperation to become the value of the Iraqi dinar equivalent of us $ and this goal is not far if we let special Jurisdiction would work together without their confusion is not a competence of the statements by the other. these dreams may seem difficult but achievable if our actions were accompanied by selflessness is not difficult and the hope of the Government and private banks to follow”

First part: — my comment is in parenthesis following the sentence.

 “we hope the new management policy for the Central Bank in cooperation with banks returning to the Plan drawn by the old management in the delivery of the dollar exchange rate to 100 dinars, offset by $ 100 as a progressive

 Tlar:  (Although it is not entirely clear I see this sentence saying return to the old Shabibi plan of 1 to 1. The sentence goes on to add that 100 dinars will be offset by $100.00 dollars. Kap maybe you can have you interpreter look at this sentence and give us some incite.)

 Second part

 “but the crisis provoked in time and circumstances have prevented the regional goal, lost aldolarbtzebzabat continuous distance goal, and now I clearly awaken to revive this goal through such constructive cooperation to become the value of the Iraqi dinar equivalent of us $ and this goal is not far if we let special Jurisdiction would work together without their confusion is not a competence of the statements by the other.”

 Tlar:  (This part is easier to understand. I see this as saying if we all work together toward this common goal without dissension and confusion, we can achieve the goal of 1 to 1. More importantly, the Association of independent Iraqi banks is implying that they are on board and is assisting in this endeavor by a selfless act of selling dollars at 1180 dinars and that both the government banks and bank not in the association showed follow suit)

  I see this as a notch for RV not float. These independent banks will do this for only a little while. If they don’t see others fall in line and cooperate shortly, and they see no movement on the dinar as an end result, they will have to revert back to making money.

These banks struggle as it is. By giving up the profits on foreign currency sales, they effectively have shot themselves in the foot. They will rush back to selling the dollar higher than the program rate if they don’t see quick cooperation from all involved and something done with the exchange rate. These banks have to make money. That’s the bottom line.

2 articles
07/21/2013 12:00 AM
announced the Association of private banks in Iraq for the determination of private banks to reduce the dollar exchange rate to 1180 instead of 1183.
said President of the Association Adnan Al-Chalabi (morning): The move comes as part of the pursuit of private banks to support the policy of the Central Bank of Iraq in achieving exchange rate stability.
adding that the bank Baghdad and Assyria, the first initiative to lower selling prices and will start Sunday sales depending on price new hope from other banks follow suit.
pointing out that the reduction process first adopted by most of the private banks have contributed to reduce the price of commercial sale and returned to natural prices. Chalabi pointed out that the stability of the exchange rate will lead to problems of all problems related to distressed debt and also make it easier for borrowers to pay premiums according to preliminary calculations. said at the conclusion of his statement that private banks working to strengthen the government steps in achieving sustainable economic Association of the Central Bank of the fact that some banks to reduce the dollar exchange rate
July 20, 2013
Took the Association of Iraqi private banks, the central bank note of the fact that some private banks to reduce the cash dollar exchange rate to 1180 dinars.
An informed source said on Friday, said, “This reduction in the exchange rate will be effective from the next day on Sunday 21 July 2013. ”
The Central Bank hold daily sessions for the sale and purchase of foreign currencies with the participation of Iraqi banks, with the exception of public holidays in which the Bank stops for these auctions, and sales can be either in cash, or in the form of remittances sold abroad for a certain commission.
Updated on July 20,

Finance parliamentary: Parliament’s budget would cut about 420 billion dinars and تضخمها caused by new buildings and increase members

The new building of the Iraqi parliament led to the inflation of its budget
Author: MK
Editor: BK, HH 7.21.2013 18:02

Range Press / Baghdad
Announced that the Finance Committee parliamentary, on Sunday, closely put formulations final budget of Parliament for the next year 2014, and confirmed that amount will be reduced from 492 to between 410 and 420 billion dinars, after deleting some paragraphs unnecessary, while Ezzat "تضخمها" to the construction of a building especially the Council and housing for members as well as the expected increase in the number of members to the next session.

A member of the Finance Committee Hassan al-Bayati said in an interview to (range Press), said that there is "an exaggeration in some fields of balancing the House of Representatives, among the claims of the Presidency to purchase 25 armored car of $ three billion and 500 million dinars,

the Commission seeks to abolish it," noting that " investment budget to parliament for a very large this year as $ 186 out of allocations amounting to 412 billion dinars after it has been reduced by 20 percent. "

For his part, predicted Committee member Haitham al-Jubouri, in an interview to (range Press), that "are reduced to offset the House of Representatives which amounts to 492 billion dinars a certain percentage after deleting some doors,"

noting that "the armored vehicles that are to be purchased are for the Presidency of the Council next to the presence of the current law authorizes the Commission to keep its cars for several years. "

He Jubouri, a deputy of the State of Law coalition led by Prime Minister Nuri al-Maliki, said that "the budget year 2013 current, which included building told the House of Representatives, requiring an increase in its budget, likely to" up the amount of the budget for between 410 to 420 billion dinars after cuts on some of its clauses. "

He said a member of the Finance deep uttered, that "the gates of the budget developed the construction of the building of the House of Representatives, and allocations for new MPs, whose number will increase next session, which requires additional allocations."

For its part, Ezzat member of the Committee for the Kurdistan Alliance MP Najiba Najib, the magnitude of the budget to Parliament "large number of members of the next session as well as monitoring the construction of a private building council."

Said Najib, in an interview to (range Press), "The increase in the budget of the House of Representatives due to the high number of members from 325 currently to 340 session next legislative requiring salaries and allowances of additional," indicating that "of other reasons to increase the budget to go for the construction of a new building of the Council as well as the role of its members. "

Committee member revealed for the Kurdistan Alliance, that "the budget also included the building of the Council offices in the provinces," pointing out that "what was allocated for the new parliament building about 131 billion dinars."

The head of the Iraqi Council of Representatives, Osama al-Nujaifi, has put the past in September 2012, the foundation stone for a new parliament building in the Muthanna airport in central Baghdad.

And will include a new building block for the accommodation of members of Parliament and their families, and the other for security, and a third to the headquarters of the parliamentary blocs, and a fourth for the media center of the parliament and a satellite channel and a newspaper,

and a medical center and a bank, and building development center and training نيابيين, and the building of the Federal Council, and will widen hall of the new building of 1,500 seats, and a meeting room for 700 seats , and interviews Hall 150 seats, with an estimated cost of one billion dollars building.

http://www.almadapress.com/ar/news/15430/المالية-النيابية-موازنة-البرلمان-ست

(AIN) -The Director General of the National Company for Gas, Jawed Aoji announced that “Iraq and Iran will conclude on Sunday an agreement for exporting Iranian gas to Iraq to provide Baghdad and Mansouriya electricity stations with gas.”

The Iraqi Council of Ministers had commissioned on 19th of past February, the Oil Minister to sign the contract of extending gas carrier pipeline through Iran, Iraq, Syria and Europe.

The Iranian IRNA News Agency quoted AOJi as saying “This agreement will be concluded in the capital, Baghdad in presence of the Iranian Minister of Oil and his Iraqi counterpart.”

The talks over exporting Iranian gas to Iraq to supply the Baghdad and Mansouriya electricity stations had started two years and a half ago where the two countries started, during this period, the implementation of extending the gas exporting pipeline.

The agreement stipulates exporting 25 million sq meters of gas per day to Mansouriya and Baghdad electricity stations in Iraq. /End/

LINK

 

07/21/2013 16:27
A significant decrease in sales of the Iraqi Central Bank in a meeting Sunday


Central record sale of more than $ 83 million in sales of foreign currency in the second week sessions

Bank building interface

Baghdad / Mesalla: the central bank auction record for the sale of Iraqi currency, Sunday, a remarkable decline to 83.717 million million compared to $ 348.87 million million recorded in the session on Saturday, a stable exchange rate at 1166 dinars per dollar. 1166 dinars per dollar.

The bulletin of the auction that the Bank of aggregate demand on the dollar distributed by 20.45 million million in cash and $ 63.267 million million in the form of the form of remittances fully covered by the bank foreign exchange rate was 1179 dinars per dollar, including the central bank’s commission of 13 dinars per dollar, while the the cash purchase price of U.S. $ 1171 dinars.

The bulletin indicated that the demand for the dollar dropped significantly due to lack of contributing banks at the central bank auction where he participated in today’s session, only 21 banks.

The Iraqi central bank held six sessions a week for auction sale and purchase of foreign currencies, starting from Saturday to Thursday.

http://www.almasalah.com/ar/news/14572/%D8%A7%D9%86%D8%AE%D9%81%D8%A7%D8%B6-%D9%85%D9%84%D8%AD%D9%88%D8%B8-%D9%81%D9%8A-%D9%85%D8%A8%D9%8A%D8%B9%D8%A7%D8%AA-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2