Sunday 6 December 2009

Oman sees no need for bank provisions over Dubai

Oman's central bank governor said on Sunday there was no need to require local banks to book provisions for exposure to Dubai World debt as their exposure was not related to loans under restructuring.

The $77 million exposure announced by the country's three top banks earlier on Sunday represents "about the total" exposure of the sultanate's banking system, Hamood Sangour al-Zadjali told Al Arabiya television.

"There will be no surprises..." he said.

The debt was not part of the $26 billion debt the Dubai state-controlled group was restructuring, he added.

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