Reveals the details of the restructuring plan of Rafidain and Rashid banks, 11 JAN

 Reveals the details of the restructuring plan of Rafidain and Rashid banks

An economist revealed the government’s plan to restructure its trigiful and rational banks.

Salah Nouri told {Euphrates News} that “the reasons for restructuring Al-Rafidain and Al-Rashid Bank for the existence of poor (financial assets), most of which are loans granted and impossible to collect before 2003, led to a low credit rating by international financial institutions and not dealing with them.”
He pointed out that “in order to restore international confidence in bankers, it is required to restructure the two banks by excluding the inferior financial assets from the financial position of the bankers, using modern technology and establishing two banks, one for Rafidain and the other for Al-Rashid, to transferring bad financial assets to them.”
He explained, “After the separation of Rafidain Bank into a bank that has sound financial assets and the last Rafidain Al-Radif Bank owns poor financial assets, as well as Al-Rasheed Bank to Al-Rasheed Bank has sound financial assets and Al-Rasheed Al-Rudif Bank has poor financial assets, Rafidain Bank and Al-Rashid, which own sound financial assets, are merged into one bank, as well as the integration of Rafidain Bank, which has poor financial assets, with Al-Rasheed Bank, which has poor financial assets, is integrated into one bank.”
Nouri said that “the new bank after the merger with sound financial assets will practice the activity of cash and undertaking credit and dealings with international financial institutions, but the new bank after the merger with sound financial assets needs to support capital with not a few amounts, and this should be determined by the entity that supports the capital, according to the government decision. ”
He pointed out that “the financial activities of the new bank include the use of artificial intelligence as well as the bank’s employees with high technical skills.”
He added that “the process of restructuring the financial and regulatory banks since 2011 as a member of the Federal Financial Supervisory Board, the Central Bank of Iraq, the International Auditing Company EY, the Ministry of Finance and the concerned banks, has stopped, and currently the financial and organizational restructuring process has been re-entrusted by the International Audit Company according to the methodology referred to above.”
On Thursday, Prime Minister Mohammed Shia Al-Sudani chaired a special meeting to discuss the development of the work of government banks, in the presence of representatives of Ernst and Young Audit and Financial Advisory Company.

The Prime Minister explained that “the completion rate of the project for the structuring of Rafidain Bank has reached its final stages, stressing its entry into force during the next few period, within the framework of a plan that has been studied and implemented according to the standards and parameters drawn down.”
While the financial adviser to Prime Minister Mazhar Mohammed Saleh revealed to {Al-Furat News}, the birth of a new banking entity in Iraq is about to the birth of a new banking entity.
Saleh said that “the study aims to establish a new banking entity specialized in government banking operations, to meet the needs of the government exclusively. This entity will contribute to achieving the objectives of the unified treasury account, which is a crucial tool for regulating the cash flows of public finances.”
He pointed out that “the study focuses on assessing the legal status of bankers, including property rights, assessing assets and liabilities, and studying the requirements of a strategic partner if necessary, focusing on developing the two entities to work according to advanced financial technology that meets the requirements of the national banking market.”
He stressed that “the structural reform also aims to promote the integration of the two banks in the national banking market and enable them to expand towards global financial markets, especially in the areas of trade and investment financing for the private sector,” noting that “the two potential entities will rely on modern systems in compliance, governance and risk management, with a focus on digital payments.”

Ragheed
 

https://alforatnews.iq/news/الفرات-نيوز-تكشف-عن-تفاصيل-خطة-إعادة-هيكلية-مصرفي%C2%A0الرافدين-والرشيد