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Central Bank of the UAE announced that it stands behind UAE banks and branches of foreign banks operating in the country.
Central Bank has issued a notice to the UAE banks and branches of foreign banks operating in the UAE, making available to them a special additional liquidity facility linked to their current accounts at the Central bank, at the rate of 50 basis points above the three months EIBOR.
The Central Bank stated that the UAE Banking System is more sound and liquid than a year ago, with foreign interbank deposits and MTNs/ESPs issued by UAE banks stand reduced by 25 per cent.
UAE Banking System is comprised of retail commercial banks only, with a strong base of stable deposits, the best banking model set that weathered the current Global Financial Crisis.
From the consolidated balance-sheet of banks, interbank deposits of the UAE Banking System constitute 10.3 per cent of the liabilities side, with foreign interbank deposits constituting 5 per cent only.
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