محتوى المقالة الرئيسية
الملخص
Institutions of Guaranteeing bank deposits (hereinafter the I.G.B.D) have been arisen as a result of financial crisis and the collapse of large commercial banks. The main purpose of establishing the I.G.B.D is to reinforce the confidence in banking business and protecting the property of depositors. The U.S.A was one of the first countries in the realm of adopting this system, and thus, the federalist insurance fund has been established to maintain this consideration. While Lebanon became the first Arabic country in the adoption of this system as a result of the cease of payment by one of its banks. The I.G.B.D in all countries, which enacted legislation for covering this activity, achieves prophylactic and remedial function by securing the repayment of the deposits in the case of the failure of bank concerned in fulfilling his obligation, and, thus, this activity takes the shape similar somehow to insurance.
This matter has attracted the attention of Iraqi legislator as a result of the existence of trillions of Iraqi Dinars outside the scope of Banking cycle, which are traded in the parallel market and might be, in some circumstances, extremely difficult for administrative bodies to exercise their control on these payments, with a view to create confidence in the banks’ business. Accordingly, the Iraqi Regulation of Guaranteeing banking deposits No. (3) of 2006 has been enacted in order to develop the banking sector. Unfortunately, several legislative loopholes have been noted on this legislation, as a result of comparing it with other legislation such as the law of Lebanon and Jordan. For example, the aforementioned Regulation has not dealt with the matters concerning how to manage these institutions. Moreover, the Regulation has not tackled other matters and contained a reference only that the resort must be made to the Private Banks Act No.94 of 2004 in settling these matters. For all of the above reasons, the current legislation requires undertaking a reform by the lawmaker concerning several issues, and inserting new provisions. The aforesaid issues have been highlighted in this article.