Friday, 10 December 2010

UAE banks directed to book Dubai World provisions - Banking & Finance - ArabianBusiness.com

The UAE's central bank has directed local banks with exposure to indebted conglomerate Dubai World to book "appropriate" provisions in consultation with their auditors, bankers said on Friday.

Banks in the UAE with exposure to the state-linked firm had made provisions over the last year without any specific guidelines.

The central bank released guidelines early last month directing banks to take provisions for bad loans on a quarterly basis, in an effort to bring the banking system in line with international standards.

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