Identifier
Created
Classification
Origin
03ABUDHABI3682
2003-08-10 13:52:00
CONFIDENTIAL
Embassy Abu Dhabi
Cable title:
UAEG REQUESTS GUIDANCE ON RAFIDAIN BANK
null Diana T Fritz 03/21/2007 11:35:26 AM From DB/Inbox: Search Results Cable Text: CONFIDENTIAL SIPDIS TELEGRAM August 10, 2003 To: No Action Addressee Action: Unknown From: AMEMBASSY ABU DHABI (ABU DHABI 3682 - UNKNOWN) TAGS: EFIN, PREL, PGOV Captions: None Subject: UAEG REQUESTS GUIDANCE ON RAFIDAIN BANK Ref: None _________________________________________________________________ C O N F I D E N T I A L ABU DHABI 03682 SIPDIS CXABU: ACTION: ECON INFO: P/M AMB DCM POL Laser1: INFO: FCS DISSEMINATION: ECON CHARGE: PROG APPROVED: CDA: RALBRIGHT DRAFTED: ECON: CCRUMPLER CLEARED: ECON: GRANA VZCZCADI167 OO RUEHC RUEATRS RUEHZM RUEHDE DE RUEHAD #3682 2221352 ZNY CCCCC ZZH O 101352Z AUG 03 FM AMEMBASSY ABU DHABI TO RUEHC/SECSTATE WASHDC IMMEDIATE 1224 RUEATRS/TREASURY DEPT WASHDC IMMEDIATE INFO RUEHZM/GCC COLLECTIVE RUEHDE/AMCONSUL DUBAI 3332
C O N F I D E N T I A L ABU DHABI 003682
SIPDIS
STATE FOR NEA/ARP, NEA/RA, EB/ESC/ESP
TREASURY FOR OGC FOR AUFHAUSER
TREASURY PASS OFAC FOR NEWCOMB
E.O. 12958: DECL: 08/10/08
TAGS: EFIN PREL PGOV TC
SUBJECT: UAEG REQUESTS GUIDANCE ON RAFIDAIN BANK
REFS: A) ABU DHABI 3476 B) ABU DHABI 2275
C O N F I D E N T I A L ABU DHABI 003682
SIPDIS
STATE FOR NEA/ARP, NEA/RA, EB/ESC/ESP
TREASURY FOR OGC FOR AUFHAUSER
TREASURY PASS OFAC FOR NEWCOMB
E.O. 12958: DECL: 08/10/08
TAGS: EFIN PREL PGOV TC
SUBJECT: UAEG REQUESTS GUIDANCE ON RAFIDAIN BANK
REFS: A) ABU DHABI 3476 B) ABU DHABI 2275
1. (U) Classified by Charge D'Affaires Richard A. Albright
for reasons 1.5 (b) and (d).
2. (U) This is an action request; please see paragraph 4.
3. (C) The UAE Central Bank forwarded a copy to Post of a
July 26 letter to Treasury Secretary Snow seeking guidance
on the liquidation of Rafidain Bank in the UAE (ref A).
The letter states that, as a result of USG confiscation of
Rafidain Bank's assets in New York, the bank is now in
"gross violation" of the UAE's own capital adequacy
requirements. (Note: Per ref B, Rafidain Bank currently
maintains total assets of USD $18.8 million, USD $17.3
million of which are frozen in the United States and
Germany. The UAE Central Bank has managed the limited
operations of the single branch of Rafidain Bank in the UAE
since the 1990 Iraqi invasion of Kuwait. End note.)
4. (C) Action request: The letter from the Central Bank
further states that its Board of Directors already has
removed Rafidain Bank from the Register of Banks in the UAE
and seeks to liquidate the branch -- pending USG approval.
Post appreciates any guidance from Washington that we can
pass to the Central Bank regarding the
modalities/legalities of closing Rafidain Bank in the UAE,
and provision for the remaining USD $1.5 million. End
action request.
Albright
SIPDIS
STATE FOR NEA/ARP, NEA/RA, EB/ESC/ESP
TREASURY FOR OGC FOR AUFHAUSER
TREASURY PASS OFAC FOR NEWCOMB
E.O. 12958: DECL: 08/10/08
TAGS: EFIN PREL PGOV TC
SUBJECT: UAEG REQUESTS GUIDANCE ON RAFIDAIN BANK
REFS: A) ABU DHABI 3476 B) ABU DHABI 2275
1. (U) Classified by Charge D'Affaires Richard A. Albright
for reasons 1.5 (b) and (d).
2. (U) This is an action request; please see paragraph 4.
3. (C) The UAE Central Bank forwarded a copy to Post of a
July 26 letter to Treasury Secretary Snow seeking guidance
on the liquidation of Rafidain Bank in the UAE (ref A).
The letter states that, as a result of USG confiscation of
Rafidain Bank's assets in New York, the bank is now in
"gross violation" of the UAE's own capital adequacy
requirements. (Note: Per ref B, Rafidain Bank currently
maintains total assets of USD $18.8 million, USD $17.3
million of which are frozen in the United States and
Germany. The UAE Central Bank has managed the limited
operations of the single branch of Rafidain Bank in the UAE
since the 1990 Iraqi invasion of Kuwait. End note.)
4. (C) Action request: The letter from the Central Bank
further states that its Board of Directors already has
removed Rafidain Bank from the Register of Banks in the UAE
and seeks to liquidate the branch -- pending USG approval.
Post appreciates any guidance from Washington that we can
pass to the Central Bank regarding the
modalities/legalities of closing Rafidain Bank in the UAE,
and provision for the remaining USD $1.5 million. End
action request.
Albright