ADCB must be held accountable

A disturbing delay by Abu Dhabi Commercial Bank resulting in a number of government employees not being paid on time is a troubling and inexcusable development. Despite the fact that the government deposited salaries prior to the Eid Al Adha vacation, ADCB held on to the monies from November 25 until December 8. This inexcusable delay meant families had to go without salaries over the festive season.

Whether this delay is due to administrative error, incompetence, negligence or all by one or some ADCB officials, it is simply unacceptable and unforgivable.

Further, this error has inadvertently fuelled idle speculation that government agencies are running out of money, an assertion which is totally unfounded and illogical. Nevertheless, if you're waiting on a government salary for nearly two weeks, one can understand why this needless perception would propagate.

These are tough times and openness and transparency can only help to put rumour to rest. ADCB is guilty of fuelling the rumour mill.

Indeed, one must ask why the UAE Central Bank, in its role as overseer of financial institutions, did not intervene in this matter. It is unacceptable to see the federal government's reputation tarred with the same brush as fly-by-night employers.

ADCB must be held accountable.