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UAE Central Bank delays bank reserves target
- United Arab Emirates: Thursday, September 03 - 2009 at 14:29
The UAE Central Bank has delayed bank targets for increasing capital reserves as a buffer for surprise losses and changed the proportion of Tier 1 capital which banks are required to set aside. The rule, which will initially require banks to maintain a Tier 1 capital adequacy ratio of 7%, was added as a measure of "prudence and caution", the Central Bank said, as it strives to restore confidence among lenders and spur lending. A circular issued by the Central Bank said banks should work toward increasing their overall reserves to 11% by September 30 and that the Tier 1 component should be at least 7%. The previous deadline was on June 30. Under the latest guidelines, banks are also required to achieve an overall capital ratio of 12% of risk-weighted assets by June 30, 2010, of which at least 8% must be Tier 1, the circular said. (Mac Capital Advisors)
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StaffThursday, September 03 - 2009 at 14:29 UAE local time (GMT+4)
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