Market Miscellaneous

Banks are in a good position, insulated from the current turmoil in financial markets, says UAE Central Bank

Abu Dhabi: The UAE’s Central Bank stressed that banking indicators in the state, are considered positive and that banks are in a good position, and are insulated from the current turmoil in financial markets.

In a statement issued yesterday after the meeting of the Bank’s Board of Directors here in Abu Dhabi, the Bank said that the Board reviewed report of the Assistant Governor for Monetary Policy and Financial Stability. The report showed the overall prudential ratios of the banking system, financial stability, Central Bank data and liquidity.

The Board of Directors held its 7th meeting for the year 2012 under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board, attended by Khalid Juma Al Majid, Deputy Chairman of the Board, Sultan Bin Nasser Al Suwaidi, the Governor.

The meeting was also attended by Board Members, Younis Haji Khoori, Khalid Salim Balama, Hamad Mubarak Bu Amim, Khalid Ahmed Altayer and the Deputy Governor Mohamed Ali Bin Zayed Al Falasi, Saeed Al Hamiz, Assistant Governor for Banking Supervision, Saif Hadif Al Shamsi, Assistant Governor for Monetary Policy and Financial Stability and a group of senior Central Bank staff.

The Board discussed some banking policies issues and reviewed draft of the Regulations re Real Estate Loans, and draft of the Regulations re Dormant Accounts, and instructed introduction of some amendments thereto.

It also reviewed a report submitted by the Banking Supervision Department showing the financial position of banks and other financial institutions. The report included a detailed statement of basic figures, along with an assessment of the financial and regulatory status of each of the banks operating in the UAE.

The Board of Directors discussed some banking policies issues and reviewed draft of the Regulations re Real Estate Loans, and draft of the Regulations re Dormant Accounts, and instructed introduction of some amendments thereto.

The Board also reviewed a number of administrative issues, including projects executed by the Administrative Affairs Division at the Central Bank and its future projects, along with some human resources issues, including human resources statistical data up to the 3rd quarter of 2012.

The Board reviewed the most notable of the issues submitted by the Internal Audit Department, which relate to the manner in which it conducts its tasks.

Furthermore, the Board reviewed applications submitted by banks ‘&’ other financial institutions operating in the UAE for extension of their activities and opening new branches. The Board approved the applications that fulfill the terms and conditions as per the law and regulations applicable to each business activity.

The Board then addressed the remaining items on its agenda and took decisions in respect thereof.

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