Dubai 1129

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Press Release

2009111/29 :

Date: 29/11/2009 Central Bank of the UAE announced today that it stands behind UAE banks and branches of foreign banks operating in the UAE . Central Bank has issued a Notice to UAE banks and branches of foreign banks operating in the UAE, making available to them a special additional liquidity facility linked to their current accounts at the Central bank, at the rate of 50 basis points above the 3 months EIBOR.

The Central Bank stated that the UAE Banking System is more sound and liquid than a year ago, with foreign interbank deposits and MTNs I ECPs issued by UAE banks stand reduced by 25 % .

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UAE Banking System is comprised of retail commercial banks only, with a strong base of stable deposits, the best banking model that weathered the current Global Financial Crisis.

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From the consolidated balance-sheet of banks, Interbank deposits of the UAE Banking System constitute 10.3 % of the liabilities side, with foreign interbank deposits constituting 5 % only.

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