The Central Bank’s request that banks delay their quarterly reports until they have fully reviewed their loan and investment books is prompting analysts to question the financial sector’s transparency. For others, however, it is further proof that the authorities want to ensure reporting is up to international standards.
“There are 50-odd banks here in the UAE and the likelihood of inconsistencies remains high. With this step the Central Bank wants to assure a certain level of consistency of how the [accounting] rules are applied,” said Sanjay Uppal, the chief financial officer at Emirates NBD, the country’s largest bank by assets.
Other bankers echoed his sentiments, adding that the financial body was merely trying to ensure that banks did not use accounting loopholes or off-balance-sheet vehicles to hide losses.
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