North Bank "in Good Position for Growth"

Even if those assumptions for any reason were to be correct in the near future, we are just providing services to our clients and it shows how much money is exchanging in Iraq today. One important thing to note is that the Iraqi private market is responsible for more than 80 percent of activities in Iraq.''

''If I’m not mistaken the government contributes four to five billion dollars a year from the Trade Ministry, the rest of the activity is done by the private sector. In this regard, this type of work will continue until we have access to international banking systems that would free us from the Central Bank that controls those revenues,'' Al Jaff added. '' The Central Bank watches these revenues carefully, looking at how, where and why these monies are transferred.

Because all of these transfers happened suddenly in 2012, people thought that by implementing tougher regulations they would shrink or stop or vanish....  I’m sure each year we will grow more and find more acceptable ways rather than just going to the Central Bank and asking them to transfer these monies for us. I think that the assumptions that were made by some of our critics are down to the fact that they don’t really understand how people live and work inside Iraq. ''

Regarding Sansar claims of significant amount of loan losses from overdraft facilities, Al Jaff said: ''We have had last year and in previous years some loans which were not paid back. Those never amounted to a huge number. They were single digits of millions of dollars at the most.

We still pursue those loans but it has no real effect because we lost a few million dollars because of bad drafts and loans but we had $28 billion dollars in terms of our provisions. Our provisions for those bad loans were much greater than what we paid for those loans.''

Al Jaff elaborated, saying: ''Each year we have contributed some percentage of our profits to make sure that we are on the right side. When people read the reports, they will see that last year in 2012 we had more than 28 billion dinars in provisions for bad loans.

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