Iraq Telecom Limited v. IBL Bank S.A.L.

Filing 182

ORDER: A conference in the above-captioned case has been scheduled for January 4, 2023 at 11:00 a.m. in Courtroom 18B, 500 Pearl Street. It is hereby ORDERED that the parties Iraq Telecom Ltd. (Iraq Telecom) and Intercontinental Bank of Lebanon S.A.L . ("IBL") shall be prepared to address the following topics: And as set forth herein., ( Status Conference set for 1/4/2023 at 11:00 AM in Courtroom 18B, 500 Pearl Street, New York, NY 10007 before Judge Denise L. Cote.) (Signed by Judge Denise L. Cote on 12/23/2022) (ama)

Case 1:21-cv-10940-DLC Document 182 Filed 12/23/22 Page 1 of 2

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
--------------------------------------- X
:
IRAQ TELECOM LIMITED,
:
:
Petitioner,
:
:
-v:
:
IBL BANK S.A.L.
:
:
Respondent.
:
:
--------------------------------------- X

21cv10940 (DLC)
ORDER

DENISE COTE, District Judge:
A conference in the above-captioned case has been scheduled
for January 4, 2023 at 11:00 a.m. in Courtroom 18B, 500 Pearl
Street.

It is hereby

ORDERED that the parties Iraq Telecom Ltd. (“Iraq Telecom”)
and Intercontinental Bank of Lebanon S.A.L. (“IBL”) shall be
prepared to address the following topics:
1.

The amount IBL needs to hold in the four New York
correspondent accounts at issue (the “Correspondent
Accounts”) to comply with BdL Basic Circular 154’s 3%
liquidity requirement.

2.

The date on which IBL expects to have sufficient funds
in the Correspondent Accounts to comply with the 3%
liquidity requirement under its current plans for
achieving compliance.

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Case 1:21-cv-10940-DLC Document 182 Filed 12/23/22 Page 2 of 2

3.

The amount of additional funds beyond the amount held
to satisfy the 3% liquidity requirement that IBL
requires to process its customers’ transactions
without needing to take emergency measures to maintain
sufficient liquidity.

4.

If different, the amount of funds that IBL must hold
in the Correspondent Accounts to give it a “plausible
margin” to operate as of January 1, 2023, without
needing to take emergency measures.

5.

The feasibility of adjusting the amount attached based
on a monthly reporting system whereby IBL would file
sealed reports of its total amount of global liquid
fresh funds, the total amount of liquid fresh funds
held in the Correspondent Accounts, the amount of
funds held pursuant to Bdl Circular 154 in the
Correspondent Accounts, and the additional amount that
IBL contends it needs to hold in the Correspondent
Accounts to provide a plausible margin of operations.

Dated:

New York, New York
December 23, 2022
____________________________
DENISE COTE
United States District Judge

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