UAE’s banking sector has recovered to be robust, says UAE Bank Federation chief | GulfNews.com

UAE’s banking sector has recovered to be robust, says UAE Bank Federation chief | GulfNews.com:

"The UAE’s banking sector, which suffered in the aftermath of the global financial crisis with some of the major banks reporting high non-performing loans between 2009 and 2011, have “recovered quickly” to become robust, according to Abdul Aziz Al Ghurair, Chairman of Dubai International Financial Centre Authority and Chairman of Emirates Banks Association.
He credited the UAE Central Bank and the Federal Government’s Ministry of Finance proactive steps for the fast recovery of the banking sector during his address to the assembled global delegates at SIBOS 2013 yesterday.
The Ministry of Finance had disbursed $19 billion as subordinated deposit to the UAE banks which provided the liquidity to the capital and boosted capital adequacy ratio by 5 per cent, which has now gone up to 20 per cent. The UAE Central Bank’s additional facility of $14 billion was made available to banks, which they sparingly used."

'via Blog this'