Director General of the Central Bank of Iran, Valiallah Saif, on Monday (November 13th / December 4th), in his telegram channel, cites the “central achievements of the Central Bank” with regard to the disciplinary policies of the government in recent years, as well as the drying up of financial and credit institutes “It’s safe to say that there are no unlawful active organizations in the country,” he wrote.
According to a report from the Central Bank’s Public Relations Department, Valiallah Saif last Saturday announced that several Iranian companies had been paying a surplus in Saman-Al-Hajj Finance and Credit Institute. According to Seif, a person from 2013 to 1394 has deposited $ 23bn in this institution and received 89 percent of the monthly income. Another person has received a profit of 11 billion dollars.
According to the head of the Central Bank of Iran, 40 to 43 percent of the profits were paid to unauthorized institutions. He also received 15 billion and 800 million dollars with a profit of 40 percent, which according to Saif, if the central bank were to act later, could have these figures even more.
“Everything Under the Central Bank umbrella”
Despite having said that “during the discovery period of 25% of banking activity in unauthorized institutions,” Valiallah Saif presented a clear vision and argued that “now, fortunately, after four years, There is no other unlawful institution in the country, and everything is under the umbrella of the central bank. ”
Officials of the Central Bank earlier this year (1396) declared the last year of the activities of unauthorized financial and credit institutions.
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The issuance of activity licenses for credit cooperatives, cash holders and unauthorized financial institutions by the Ministry of Cooperatives, Labor and Social Affairs, as well as law enforcement, especially during the presidency of Mahmoud Ahmadinejad, is the “most prominent problem” of the past two decades in the banking system of Iran.
The head of the central bank wrote on his telegram channel about the role of unauthorized institutions: “The malicious presence of such institutions has led banks to pursue an unconventional competition over bank interest rates. This has become a new dimension with the introduction of government debt instruments and their outsourcing. ”
According to some experts, the presence of powerful institutions behind the unauthorized institutions has tarnished the central bank to deal with them. Ahmad Hatamiizad, an economic expert, said in an interview with Ilna News Agency on January 16, that some illegal financial institutions “are politically supported by some military organs such as the Revolutionary Guards, Imams Friday, Islamic lawyers’ parliaments,” and Heavy losses to the banking system, but the central bank can not exercise control over them.
The May 1395 parliamentary research center called the “critical” status of the Iranian banking system and warned banks of the “bankruptcy risk”. According to the same center, there were 7,333 financial institutions in Iran at that time, of which only 1,000 licensed institutions were located.
Despite the emphasis of the parliamentary research center on the “crisis” of the banking system, Iranian President Hassan Rouhani, including during the presidential campaign, said he did not accept the word “crisis in any way” regarding the Iranian banking system.
Beyond “crisis”
In a conversation with Deutsche Welle, economist and professor Fereydoun Khavand, Rene Descartes University, emphasizes that the state of the Iranian banking system has “even gone from crisis”. According to the economic expert, many bankers are talking about “bankruptcy” at the Center for Parliamentary Research. Many banks in Iran are only collecting deposits to repay their previous deposits, even with a yield of more than 15 percent.
Dr. Khavand identifies several factors as the roots of the banking crisis or the imposition of the banking system of Iran on the bankruptcy frontier: The first factor is the issue of “deferred claims” or “poisoned assets” that are registered in the banks’ balance sheets but are not at all external because they have never been opened They will not be returned. According to the economist, one of the first steps to set up the banking system of Iran is to pull out these “poisonous assets” from the banks’ balance sheets.
The second factor was the banks’ investment in land and housing during the flourishing period. Currently, during the downturn in the housing market, banks are not in a position to cash out their resources.
The third factor is the owners of industries and enterprises that are not abusive and have not been close to the power centers, and have finally borrowed from the banks on the way to production, but in the face of the recession they are bankrupt and unable to reimburse the facilities they receive.
The fourth factor is the government itself, which uses its banking resources to fill its budget deficit and is unable to comply with its obligations to the banks under “poor conditions.”
In Fereidoun Khavand’s view, the sum of these factors should also increase the lack of access of Iranian banks to international financial markets. According to the image of the current situation, the economic expert considers the word “crisis” as “weak” to show the present situation of the Iranian banking system. According to him, some Iranian banks are in full bankruptcy, and if Iran wants to own a stable banking system, it has no choice but to keep banks and healthy resources out of many bankrupt banks and take “measures Decisive “to interconnect them.
“High Penetration” by the CEO of the Illegal Institution
Samen Al-Hajj, a financial and credit unbundled financial institution, has been one of the largest non-cooperative Iranian financial institutions. After a large number of these institutions did not fulfill their obligations to depositors due to bankruptcy or embezzlement and financial misconduct, they encountered large-scale mass protests in the various districts of Iran. Samen al-Hajj’s institute, as one of these institutions, established in 1380 without the permission of the Central Bank, was bankrupt and dissolved in 1395, and the repayment of its depositors was delegated to Parsian Bank. Some domestic media outlets have announced the bank’s investment in the housing market and the downturn in the market.
Ahmad Tavakoli, a former parliamentary representative, announced on Tuesday (December 7th) that he had “a lot of influence,” Abolfazl Mir Ali, the managing director of the Samen Al-Hajj Institute, and said that he had even arrested Mahmoud Bahmani, the head of the central bank in the Ahmadinejad administration.
According to Tavakoli, Samen Al-Hajjj received the “head of government” from the head of the central bank in Ahmadinejad’s government, despite having “most offenses” from the time of its establishment to bankruptcy.
Following the bankruptcy of Samen al-Hajj Financial and Credit Institute, Tehran’s Public Prosecutor’s Office announced the arrest of its CEO in July. Ahmad Tavakoli said, “Saman al-Hajj’s CEO was confined to his home and under the guard, while if I was going to jail and solitary, I would promise to deliver my property.”
According to this leading figure, though, with the change of government and the arrival of the first government of Hassan Rouhani, “the central bank became more serious than the issue, but it was still delaying.”
According to other records of Abu al-Fazl Mir Ali, CEO of Samen Al-Hajj Institute, the members of the board of directors of the oil, gas and petrochemical company “Lisar Moon” can be noted that former Minister of Foreign Affairs Manouchehr Mottaki and Mohammad Hassan Khamenei, brother of Ali Khamenei, the Supreme Leader of the Islamic Republic, It has been the director.
While many depositors in Samen Al-Hajj Bankruptcy Institute have not yet been able to receive their deposits from the Parsian Bank, large-scale borrowers stop paying their debt to Samen Al-Hajj. Ahmad Tavakoli was in the same vein that on Tuesday, “most” borrowers received loans “from the sons of ulama, judges with backgrounds and political figures.” The former MP also warned the borrowers “for the last time” that their names will be released if they do not pay their loans.
Ahmed Tavakkoli, a member of the ninth parliament and a member of the Expediency Council, is the chairman of the NIS Board of Directors, who is also the chairman of Transparency and Justice, which was established in November 1394 by a number of principled figures. The government instituted a protest against the directors of the Samen Al-Hajj Institute, the Central Bank and the Ministry of Cooperatives, and Takkoli said that the investigator “implicitly” accepted the jurisdiction of the offense.
Debtors of authorized banks
Non-payment of bank debt is not exclusive to borrowers from financial institutions “unauthorized”. Mahmoud Sadeghi, the representative of Tehran in the Islamic Consultative Assembly, during the past two days issued debt and the names of 20 of the “Capital Bank” debtors amounting to 6,900 billion USD. At least one of these debtors is said to have left Iran and another has been detained.
Iran Mahmoud Sadeghi Parliament Iran (Tasnim)
Mahmoud Sadeghi, a Tehran representative in the Iranian parliament, said he will act as a “spontaneous fire” in exposing bank debtors.
The largest shareholder of the Capital Bank is the Cultural Fund, with more than 40% of its shares. Failure to pay large debts to the bank and “widespread violations” at the Economic and Public Institution of the “Save the Cultural Fund”, the most important source of which is the percentage of the salaries and benefits of teachers and educators, has sparked mass protests.
A large part of the bank’s debtors are those who, using rents and direct or indirect relationships with influential government and government figures, have used bank loans for non-productive business purposes and not industrial and manufacturing projects, and now or farther Or refuse to repay their debts.
“The bear and the bullshit” of the debtors
Mahmoud Sadeghi, who had been criticized by the press service of the “Judiciary” newspaper for revealing a list of bank debtors, met on Monday (December 13th) in an interview with the House of the Nation’s Parliamentary Assembly to defend himself and his source ” Capital Bank “. Sadeghi has said that “monitoring in various fields” is the duties of parliamentarians and he also “when it is seen that officials fail to handle their duties and there is a disruption to the command”, according to the recommendation of the leader of the Islamic Republic, “open fire” will do.
“Unfortunately, there is a distortion and corruption in the banking system of the country, which officials are delaying in dealing with these corruption, the authorities have violated the bank’s lending procedures, delayed the collection of their claims, and the persecution of the judiciary in pursuit of these,” Sadeghi added. If it does not act as a representative of the people, many of the capital’s assets are looted and will not be returned to Bethalam. ”
Mahmoud Sadeghi, also emphasizing that he may publish “subsequent layers of these names”, said that “no references to issues and violations have been taken seriously, and that this phenomenon should be analyzed, why such things happen in the banking system of existence has it”.
Finally, he added: “It should be determined economic rents are based on what processes are formed and why offenders should be so reliant on their feelings that when their names are released instead of trying to compensate for the issue by proving Denying it, and so on, have been bullied in this field and are running their predecessors. ”
Unsolicited claims
“When many small or ordinary companies are deprived of the simplest facilities because of their inability to provide the necessary guarantees, the lack of access to banking facilities is one of the main obstacles to business in Iran,” said economic analyst Fereydoun Khavvand. A small number of people have been able to receive very heavy credits due to access to power centers and refuse to pay them back. ”
According to the economic expert, part of these large credits has been transferred abroad and has been invested in European, North American or Asian countries. These assets are called “poisonous bank assets”, because although these loans have been withdrawn from banks, they are still recorded in the balance sheet of banks as “assets” and are considered as assets of banks. But these “deferred claims” are not available for a variety of reasons. According to Khavvnd: “Some of the recipients of this facility have left Iran, while others are immune from any kind of intruder in the midst of the power centers; there are those who are willing to pay part of the facility as a bank loan, but pay the principal they do not”.
Regarding the set of these factors, Fereydoun Qa’oub doubts that the Iranian judiciary will take a decisive step to force these debtors to pay “deferred claims” and “poisoned assets.”
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