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Moody's: UAE banks must set aside more provisions
- United Arab Emirates: Sunday, October 04 - 2009 at 09:45
Moody's Investor Service has said that UAE banks have not set aside enough money to cover for potential losses in the property sector, The National has reported. "We are still seeing low numbers here, basically around 2.5% loan loss provisions to total loans," Mardig Haladjian, head of Moody's GCC banking team said. "Given the deterioration that we have seen, and expect to see, particularly in exposures to property, one would expect provisions to have increased more aggressively."
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StaffSunday, October 04 - 2009 at 09:45 UAE local time (GMT+4)
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