The Ledger
What the Central Bank refused
From January 2013 to February 2015 the Central Bank's committee turned down $24.6 billion of the banks' requests for dollars, 27% of what they asked for in 2013. The committee wrote down the reason for each refusal in its daily minutes. This page shows those reasons as read from the scanned minutes.
Year by year
| Year | Banks asked for | Committee refused | Share |
|---|---|---|---|
| 2012 | $270.2 million | $0.2 million | 0% |
| 2013 | $64.58 billion | $17.70 billion | 27% |
| 2014 | $40.94 billion | $5.97 billion | 15% |
| 2015(January to February) | $2.19 billion | $889.6 million | 41% |
Source: The Central Bank committee's daily minutes; rows that pass the arithmetic checks onlyTier A
The reasons the committee wrote down
A single refusal can carry more than one reason, so the amounts here add up to more than the total refused. 9.9% of the reasons cannot be read in the surviving scans.
- Held back for audit$8.08 billion
- Other reasons$5.33 billion
- Missing or faulty documents$3.46 billion
- No reason given, or unreadable$2.83 billion
- Penalty on, or suspension of, the bank$2.58 billion
- Bank's funds did not cover the request$1.66 billion
- The same customer at more than one bank$1.55 billion
- Withdrawn at the bank's request$1.27 billion
- Customer in breach of anti-money-laundering rules$1.06 billion
- Problem with the import licence$880.4 million
- Names or details do not match$849.5 million
- Company's activity does not match the goods$345 million
- Bank below the capital requirement$335.2 million
- The bank's whole request excluded$328.7 million
- Old or invalid invoice$322.6 million
- Timing or procedure$312.9 million
- Duplicate or reused invoice$200.1 million
- Ministry of Trade letter$59.6 million
- Licence issued in the Kurdistan Region$28.9 million
Every refusal, as read from the scanned minutes
Largest first. Company names are given as read from the scanned minutes. They are not accusations.
49 rows
The reasons were read from scanned pages of the Central Bank's minutes, the reading may contain errors, and the scanned page is the authority.
| Date | Bank | Refused | Of a request for | Reason | As read from the scanned minutes |
|---|---|---|---|---|---|
| 23 October 2013 | Sumer Commercial Bank | $17.3 million | $17.3 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 في 2013/10/22 |
| 22 October 2013 | Economy Bank for Investment & Finance | $16.6 million | $16.6 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقما |
| 22 October 2013 | Sumer Commercial Bank | $16 million | $16 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 في 2013/10/22 |
| 22 June 2013 | Dijlah & Furat Bank for Development & Investment | $15.9 million | $19.9 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار |
| 23 June 2013 | Dijlah & Furat Bank for Development & Investment | $14.2 million | $14.2 million | The same customer at more than one bank; Bank below the capital requirement; Bank's funds did not cover the request; Missing or faulty documents | 1-لعدم استكمال راس مال المصرف الى 150 مليا 2-لعدم كفاية رصيد المصرف 3-لتكرار الاسماء |
| 26 June 2013 | Dijlah & Furat Bank for Development & Investment | $12.6 million | $12.6 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار دينار |
| 24 October 2013 | Economy Bank for Investment & Finance | $12.5 million | $12.5 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 في 2013/10/22 |
| 27 June 2013 | Dijlah & Furat Bank for Development & Investment | $11.3 million | $11.3 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار دينار |
| 23 October 2013 | Ashur International Bank for Investment | $11.2 million | $11.2 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | سبب الاستبعاد عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 في 2013/10/22 |
| 23 June 2013 | National Bank of Iraq (NBI) | $11 million | $11 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال راس مال المصرف الى 150 مليار |
| 30 June 2013 | Dijlah & Furat Bank for Development & Investment | $10.8 million | $14.8 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال راس مال المصرف الى 150 مليار دينار |
| 19 February 2013 | Mosul Bank for Development & Investment | $10.6 million | $11.4 million | Bank below the capital requirement; Missing or faulty documents | 2-لعدم زيادة راس المال لشركتين لاستلامه الحصة الاسبوعية بتاريخ |
| 24 June 2013 | Dijlah & Furat Bank for Development & Investment | $10.6 million | $10.6 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار دينار |
| 18 May 2013 | Mosul Bank for Development & Investment | $10.5 million | $10.5 million | Bank below the capital requirement; Missing or faulty documents | لعدم قيام المصرف بزيادة رأس ماله بموجب التعليمات |
| 22 October 2013 | Investment Bank of Iraq | $9.8 million | $9.8 million | Bank below the capital requirement; Missing or faulty documents; Penalty on, or suspension of, the bank | لعدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 في 2013/10/22 |
| 22 October 2013 | Iraqi Islamic Bank for Investment & Development | $9.1 million | $9.1 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 في 2013/10/22 |
| 23 October 2013 | Iraqi Islamic Bank for Investment & Development | $8.9 million | $8.9 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 في 2013/10/22 |
| 23 June 2013 | Gulf Commercial Bank | $8.3 million | $8.3 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار |
| 22 October 2013 | Ashur International Bank for Investment | $8 million | $8 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | سبب الاستبعاد عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 في 2013/10/22 |
| 24 June 2013 | National Bank of Iraq (NBI) | $7.7 million | $7.7 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار دينار |
| 23 October 2013 | Investment Bank of Iraq | $7.7 million | $7.7 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 فى 2013/10/22 |
| 26 June 2013 | National Bank of Iraq (NBI) | $7.2 million | $7.2 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال راس مال المصرف الى 150 مليار دينار |
| 24 October 2013 | Investment Bank of Iraq | $7 million | $7 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 في 2013/10/22 |
| 24 June 2013 | Gulf Commercial Bank | $6.2 million | $10.2 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار دينار |
| 25 June 2013 | Dijlah & Furat Bank for Development & Investment | $6.1 million | $6.1 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار دينار |
| 27 June 2013 | Gulf Commercial Bank | $5.9 million | $5.9 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار دينار |
| 25 June 2013 | Gulf Commercial Bank | $5.9 million | $5.9 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار دينار |
| 26 June 2013 | Gulf Commercial Bank | $5.3 million | $5.3 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار دينار |
| 30 June 2013 | Gulf Commercial Bank | $5.1 million | $5.1 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال راس مال المصرف الى 150 مليار دينار |
| 29 June 2013 | Gulf Commercial Bank | $5 million | $8.9 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار دينار |
| 22 June 2013 | National Bank of Iraq (NBI) | $4.6 million | $4.6 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار |
| 6 February 2013 | $4 million | $13.9 million | Bank below the capital requirement | الف دولار بسبب عدم زيادة راس المال احد لشركة المسلم والبرق | |
| 24 October 2013 | Ashur International Bank for Investment | $4 million | $4 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | سبب الاستبعاد عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة B2013/10/22 في 3333/3/9 |
| 1 July 2013 | Gulf Commercial Bank | $4 million | $4 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال راس مال المصرف الى 150 مليار دينار 1-شركة الجنوب المتحدة ,وجود خطا في تاريخ طلب الشراء)2-شركة |
| 22 October 2013 | Elaf Islamic Bank (formerly Barakaat Bank) | $4 million | $4 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 فى 2013/10/22 |
| 27 June 2013 | National Bank of Iraq (NBI) | $3.9 million | $3.9 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار دينار |
| 24 October 2013 | Commercial Bank of Iraq | $3.9 million | $3.9 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 في 2013/10/22 |
| 30 June 2013 | National Bank of Iraq (NBI) | $3.5 million | $3.5 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال راس مال المصرف الى 150 مليار دينار |
| 10 November 2013 | Commercial Bank of Iraq | $3 million | $3 million | Bank below the capital requirement | 3,045,000 أعدم زيادة رأس المال |
| 22 June 2013 | Gulf Commercial Bank | $2.6 million | $2.6 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار |
| 5 May 2013 | Rasheed Bank | $1.6 million | $47.1 million | Bank below the capital requirement; Missing or faulty documents | والصفوة والقلعة لكل منها ,!225) لعدم ارفاق زيادة راس المال |
| 25 June 2013 | National Bank of Iraq (NBI) | $1.2 million | $5.2 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار دينار |
| 20 May 2013 | National Islamic Bank | $0.5 million | $11.2 million | Bank below the capital requirement | رأس مال الشركة |
| 10 January 2013 | Rasheed Bank | $0.1 million | $2.3 million | Bank below the capital requirement; Missing or faulty documents | شركة النبلاء عدم وجود مايؤيد زيادة راس المال والنبلاء للتحويل المالي ممنوعة من دخول المزاد |
| 5 February 2013 | Union Bank of Iraq | $0.1 million | $9 million | Bank below the capital requirement; Missing or faulty documents | لعدم زيادة راس المال لشركتين |
| 15 January 2013 | Ashur International Bank for Investment | $0 million | $6.2 million | Bank below the capital requirement | سبب الاستبعاد لايوجد مايؤيد زيادة راس المال |
| 17 February 2013 | Union Bank of Iraq | $0 million | $2.5 million | Bank below the capital requirement | عدم وصول الشركة الى الراسمال المطلوب |
| 7 March 2013 | Rasheed Bank | $0 million | $0.8 million | Bank below the capital requirement; Missing or faulty documents; Penalty on, or suspension of, the bank | عدم ارفاق كتاب زيادة راس المال لشركة الطيف |
| 25 March 2013 | Elaf Islamic Bank (formerly Barakaat Bank) | $0 million | $0.1 million | Bank below the capital requirement; Missing or faulty documents; Penalty on, or suspension of, the bank | شركة الشاكر عدم ارفاق كتاب زيادة راس المال |
Download:refusals.csv.xlsx
Company names in the Central Bank's notes are shown as read from the scanned minutes. They are not accusations. If a bank appears on this page, it means only that the committee refused part of its request on that day.