Suwaidi: Strong Central Bank for banks

Abu Dhabi: Sultan Nasser Al Suwaidi, Governor of the UAE Central Bank, said the central bank would strongly stand behind the local banks as it had set up a facility to support liquidity in the banking system.

Al Suwaidi said the Emirati banks are better off than a year ago, because the available liquidity has increased and their capitals have increased too.

He said the UAE banks no longer depend on global banks to borrow money as it did earlier, and noted that bank deposits fell by 5 per cent only compared with assets.

Al Suwaidi said that commercial banks have proven their capability of facing the repercussions of the global financial crisis.

He called on local investors to verify and make sure of the feasibility of investment opportunities as well as to study them well before taking any step.

Al Suwaidi also advised foreign investors to conduct actual feasibility studies and scrutinise investment opportunities before saying yes.