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UAE finalises GRE exposure rules

The Emirates Banks Association has said the UAE central bank is expected to announce within one or two months rules restricting the amount of exposure, which banks can have to the debt of government-related entities (GREs), Reuters has reported. "It is already finalised by the central bank. Now the central bank just has to announce it - I think in the next month, two months max. It's already passed the board," said head of the association and chief executive of Mashreq Bank, Abdulaziz al-Ghurair. "We will have to wait and see what the final decision is. I'm sure some banks will seek time. There will be some slight changes but the good news is that other loans are growing so the overall proportion of GRE loans is shrinking."