The legal system for guardianship of banks

The guardianship of banks is a tool in the hands of the Central Bank, given that it is the sectoral body specialized in monitoring the bank, as it can intervene in the life of the bank whenever it is convinced of the existence of a case that requires or may impose guardianship on it. Before the sectoral authority towards the banks in which a case of imposing guardianship stipulated in the law is achieved, so that it results in subjecting the bank to the supervision and control of the trustee in order to address the bank’s inability, the problem of this research lies in the lack of clarity of the legal texts in regulating the subject of guardianship, which is imposed by the sectoral authority on banks according to Order of the Coalition Provisional Authority in Iraq No. 94 of 2004, as these texts were translated from the foreign law, as they came far from the legal technical formulation and contained some terms alien to the Iraqi legal system. In this research, we adopted the analytical and descriptive approach for the purpose of understanding the subject from all aspects, by analyzing the texts of "Iraqi Banking Law 94 of 2004" and "Central Bank Law 56 of 2004".