19 Dec 2011
(MENAFN) UAE’s central bank’s chairman, Khalil Foulathi, said that the International Monetary Fund conducted stress tests on the country’s 51 financial institutions with results showing that they were highly capitalized and able to withstand any new financial crisis, reported Emirates 24/7.
Foulathi added that following 2008 global financial crisis, the country’s 23 national banks and 28 foreign units increased their reserves and raised their capital base.
He also said that banks’ Tier 1 capital adequacy stood at 12 percent, surpassing the global requirement of 8 percent; moreover, some banks were even capitalized at 20 percent, adding that the UAE’s financial institutions were in a solid position.
It is worth noting that UAE’s Central Bank is convincing banks to extend credit and end their lending tightness, especially to small and medium-sized enterprises (SMEs), since they represent a cornerstone to economic growth and employment opportunities.
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