Identifier
Created
Classification
Origin
03ABUDHABI2275
2003-05-10 13:09:00
CONFIDENTIAL
Embassy Abu Dhabi
Cable title:
UAEG ADMINISTERING RAFIDAIN BANK; NO PLANS TO
how-tonull Diana T Fritz 05/24/2007 04:19:03 PM From DB/Inbox: Search Results Cable Text: CONFIDENTIAL SIPDIS TELEGRAM May 10, 2003 To: No Action Addressee Action: Unknown From: AMEMBASSY ABU DHABI (ABU DHABI 2275 - UNKNOWN) TAGS: EFIN, PREL, PGOV Captions: None Subject: UAEG ADMINISTERING RAFIDAIN BANK; NO PLANS TO REMIT ASSETS TO THE U.S. Ref: None _________________________________________________________________ C O N F I D E N T I A L ABU DHABI 02275 SIPDIS CXABU: ACTION: ECON INFO: P/M AMB DCM POL Laser1: INFO: FCS DISSEMINATION: ECON CHARGE: PROG APPROVED: CDA: RALBRIGHT DRAFTED: ECON:CCRUMPLER CLEARED: ADCM: TWILLIAMS VZCZCADI485 OO RUEHC RUEATRS RUEHZM RUEHLB RUEHYN RUEHDE DE RUEHAD #2275 1301309 ZNY CCCCC ZZH O 101309Z MAY 03 FM AMEMBASSY ABU DHABI TO RUEHC/SECSTATE WASHDC IMMEDIATE 9883 RUEATRS/TREASURY DEPT WASHDC IMMEDIATE INFO RUEHZM/GCC COLLECTIVE RUEHLB/AMEMBASSY BEIRUT 0404 RUEHYN/AMEMBASSY SANAA 1172 RUEHDE/AMCONSUL DUBAI 3106
C O N F I D E N T I A L ABU DHABI 002275
SIPDIS
STATE FOR NEA/ARP, NEA/RA, EB/ESC/ESP
TREASURY FOR OGC FOR AUFHAUSER
TREASURY PASS OFAC FOR NEWCOMB
E.O. 12958: DECL: 05/10/08
TAGS: EFIN PREL PGOV TC
SUBJECT: UAEG ADMINISTERING RAFIDAIN BANK; NO PLANS TO
REMIT ASSETS TO THE U.S.
REFS: A) STATE 74249 B) ABU DHABI 562
C O N F I D E N T I A L ABU DHABI 002275
SIPDIS
STATE FOR NEA/ARP, NEA/RA, EB/ESC/ESP
TREASURY FOR OGC FOR AUFHAUSER
TREASURY PASS OFAC FOR NEWCOMB
E.O. 12958: DECL: 05/10/08
TAGS: EFIN PREL PGOV TC
SUBJECT: UAEG ADMINISTERING RAFIDAIN BANK; NO PLANS TO
REMIT ASSETS TO THE U.S.
REFS: A) STATE 74249 B) ABU DHABI 562
¶1. (U) Classified by Charge D'Affaires Richard Albright
for reasons 1.5 (b) and (d).
¶2. (C) The UAEG confirmed in a May 6 conference call of
the informal contact group on Iraq reconstruction that the
UAE Central Bank is now managing the day-to-day operations
of the single branch of Rafidain Bank in the UAE. Director
of Banking Supervision Saeed Al-Hamiz recently told
Econchief that the branch has been reduced to its statutory
capital as required by UAE banking laws, and conducts 3-4
transactions each day.
¶3. (C) In response to ref A, Central Bank officials say
that the UAEG will transfer the assets of the UAE branch of
Rafidain Bank to its Head Office in Baghdad as soon as the
UN sanctions on Iraq are lifted, and Rafidain Bank is
legally reconstituted in Iraq. UAE representatives noted
to the informal contact group that they expect Rafidain
Bank to play an important role in the reconstruction of
Iraq.
¶4. (C) Open source banking documents reveal that Rafidain
Bank in the UAE has operated on a limited basis since the
1990 Iraqi invasion of Kuwait. According to official UAE
statistics, the bank currently maintains total assets of
USD $18.8 million, USD $17.3 million of which are frozen in
the United States and Germany.
Albright