Identifier
Created
Classification
Origin
03ABUDHABI3682
2003-08-10 13:52:00
CONFIDENTIAL
Embassy Abu Dhabi
Cable title:  

UAEG REQUESTS GUIDANCE ON RAFIDAIN BANK

Tags:  EFIN PREL PGOV TC 
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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