Central Bank to address banks on adequacy rules

The Central Bank said yesterday it would consult with the country's 52 banks on its plans to introduce stiffer capital adequacy rules to ensure they have sufficient funds to deal with any financial problem.

After a board meeting, the Central Bank said it would also contact banks to seek their opinion about a proposed law governing dormant accounts, which are usually savings account that show no activity for a specific period of time.

A statement said the board also heard a report by Central Bank Governor Sultan bin Nasser Al Suwaidi on "some prudential ratios which are necessary for banks to avoid major risks during financial crisis".