The UAE government is considering extending a three-year decision to guarantee bank deposits introduced just after the eruption of the 2008 global fiscal crisis to protect its financial system, an official has said.
The UAE, the second largest Arab economy with the biggest regional banking system, enforced the bank deposit guarantee system in October 2008, just a month after the global crisis jolted the economies and banks of most nations.
In a report on Sunday, a Dubai-based Arabic language daily said it asked finance ministry undersecretary Younus Khoury if there is any plan to extend that system once it is expired next month.
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