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FINANCIAL NEWS
UAE banks to increase provisions
28 Dec 2010
(MENAFN) Nasser al Suwaidi, governor of the Emeriti Central Bank, said the bank informed lenders across the UAE to raise provisioning by US$272.2 million as a defense mechanism against expected exposure to the Saad and Al Gosaibi groups of Saudi Arabia that is amongst multibillion-dollar fraud allegations, reported The National.
Suwaidi said the central bank asked local banks to raise provisions before the end of 2010 from fifty to eighty percent for all outstanding loans related to Saad Group and Ahmad Hamad Al Gosaibi and Brothers. The banks were required to make the provisions by the end of the year. Suwaidi added that the central bank would not approve annual audits for local banks without allocation of those provisions.
The governor explained that UAE lenders have exposure of $2.9bn. He said that in 2009, banks were asked to increase their provisions by at least fifty percent of their exposure to the conglomerates. He also added that some banks had already raised provisions by more than half.
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