"Emirates banks": The Central Bank’s support package reflects the proactive approach and vision of the wise leadership
Abu Dhabi, 18 March / WAM / The Emirates Banks Federation confirmed that the comprehensive proactive support package approved by the Board of Directors of the Bank of the United Arab Emirates, headed by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the State, Deputy Prime Minister, Head of the Presidential Court, and Chairman of the Board of Directors of the Central Bank, comes as a reflection of the proactive approach of the Central Bank with the aim of enhancing flexibility and consolidating the stability and strength of the banking sector in the country in light of the exceptional circumstances witnessed by the region and the global economy.
His Excellency Abdul Aziz Al Ghurair, Chairman of the Board of Directors of the UAE Banks Federation, said that this step confirms the vision of the wise leadership of the UAE and the proactive approach of the Central Bank of the United Arab Emirates, which is keen to build strategies, policies and frameworks to ensure the stability of the banking and financial sector, and that it carries out its assigned role in economic and social development and achieving the strategic priorities of the UAE.
His Excellency Al Ghurair added: “Based on the strong foundations of the UAE economy and advanced financial policies, the banking sector has been able to achieve growth while maintaining high rates of financial soundness indicators, facing challenges in the global economy, and enjoying high levels of capital adequacy and cash liquidity, exceeding the requirements of regulatory authorities and global standards. This proactive package from the Central Bank of the United Arab Emirates contributes to enhancing flexibility, adapting to changes, and continuing growth, as the five pillars of the support package provide additional flexibility to financial and banking institutions in using surplus liquidity.” Capital reserves and customer support in these exceptional circumstances, which contributes to strengthening the national economy.”
His Excellency said, “We renew the commitment of the banking and financial sector to support individual and institutional customers and provide safe and smooth banking services under the direct supervision of the Central Bank, stressing that the banking sector in the UAE has developed frameworks and policies for risk management, business continuity and cybersecurity to effectively confront potential challenges. We renew our commitment to work, in coordination with the Central Bank of the United Arab Emirates and the rest of the concerned authorities, to closely follow developments in order to ensure the stability of systems and full readiness to provide financial and banking services to various customer segments.”
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