The United Arab Emirates central bank reviewed draft regulations for the classification of banks’ bad loans and allocation of provisions at its Nov. 4 board meeting.
The central bank “instructed further study and amendments to the regulations,” the Abu Dhabi-based regulator said in an e-mailed statement today. Governor Sultan Bin Nasser Al-Suwaidi also suggested new regulations for wholesale banks, mortgage loans and protection of consumers of financial services, it said.
The central bank has proposed reducing by half to 90 days the time it takes for a loan to be classified as non-performing, Sanjay Uppal, chief financial officer at Emirates NBD PJSC, the U.A.E.’s biggest bank, said Oct. 26. U.A.E. bank non-performing loans have risen as the economy has slowed and thousands of jobs were cut.
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