Banks in the UAE have sufficient financial resources but are unable to properly utilize these funds in the absence of a domestic bond market, the central bank governor was quoted on Thursday as saying.
Sultan bin Nassir al Suwaidi also said there was a need to review laws in the financial sector following the 2008 global fiscal distress, adding that a new law on high-quality assets is being developed by the central bank.
Quoted by local newspapers, Suwaidi said banks had no problem enforcing Basel 3 regulations on capital adequacy on the grounds they enjoy a strong financial position and their adequacy is already good.
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