Business | Banking
Banking sector remains strong in UAE
Capital of banks and their reserves represent 11.02% of the assets which is considered high, official says
- By Ahmed A. Elewa, Senior Reporter
- Published: 23:29 October 11, 2008
-
Market mayhem will hit banks hard
Market mayhem will hit banks hard
-
Russia to invest $6.6b, Putin says
Russia to invest $6.6b, Putin says
-
Morgan Stanley shares plummet
Morgan Stanley shares plummet over deal
-
Libya to withdraw $7b from Geneva
Libya to withdraw $7b from Swiss banks
-
Central banks put $120b into markets
European central banks put $120b into markets
-
Mohammad reassures investors
Mohammad reassures investors
-
Meltdown: US will work 'with partners'
Bush: US will work with partners on credit crisis
-
Developing nations blast West
Developing nations blast West for failed aid promises
-
Panic causes Asian stocks to plunge
Asian stocks plunge as credit crisis panic sets in
Abu Dhabi: The UAE banking sector remains strong with solid fundamentals including 77.4 per cent of secure financing resources, Central Bank Governor Sultan Bin Nasser Al Suwaidi said in a statement on Saturday.
His statement comes at a time when global leaders are trying to devise a rescue plan for the crisis-ridden global financial institutions.
About 75 per cent of bank deposits are held by UAE nationals, while inter-bank deposits stand at 12.7 per cent of total assets.
"For the assets side, the majority of assets of national and foreign banks operating in the UAE are in the UAE and their parties are known and sound, contrary to what the situation is in other economies where most of the parties in those countries are unknown," he said before departing for Washington to attend the annual meetings of the board of governors of the IMF and World Bank.
"The capital of banks and their reserves represent 11.02 per cent of bank assets, which is considered high according to Basel II standards."
The governor explained that local governments hold substantial percentages in many banks, consequently the matter was solved in the UAE a long time ago.
However, some officials have cautioned that UAE banks are on the verge of a serious crisis due to a Dh500 billion shortage of funding, senior bankers revealed yesterday.
Share this article
Related Articles
More from Banking
More from Business
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
What to expect at the Dubai Airshow
We preview what types of aircraft to expect at the Dubai Airshow
-
Air Arabia revamps its website
Upgraded site offers new features, accessible in range of languages
-
Dubai looks ahead to 2010 with new projects
Global visitor numbers up 4% on year and occupancy rates remain strong
