The Board of Directors of Central Bank of the UAE held its 1st meeting for 2015 yesterday in Abu Dhabi, under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board.
The meeting was attended by Khalid Juma Al Majid, Deputy Chairman, Mubarak Rashed Al Mansoori, the Governor, and Board members, Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmed Altayer, Hamad Mubarak Bu Amim, as well as Mohamed Ali bin Zayed Al Falasi, Deputy Governor, Saeed Abdullah Al Hamiz, Assistant Governor for Banking Supervision, Saif Hadef Al Shamsi, Assistant Governor for Monetary Policy and Financial Stability and a group of senior Banking Supervision Division staff.
The Board reviewed a report on the conclusions and output of meeting of the Work Team assigned to review the Moneychangers Regulation and the Non-banking Financial Institutions Regulations. The board instructed that the required reviews be finalised expeditiously, and a report on the subject be forwarded to the board at its upcoming meeting.
The board also reviewed a Monetary Policy and Financial Stability Department report on macro-prudential ratios for the banking system/ banking stability and liquidity indicators of the banking sector.
The board also reviewed the Banking Supervision Department’s report on the implementation of Basle III requirements by banks operating in the UAE. The board approved some of the recommendations set forth in the said report, and formed a committee consisting of members of the board, to follow-up the issue.
The board then reviewed applications submitted by banks and other financial institutions operating in the UAE for the expansion of their activities and opening new branches. The Board approved the applications that fulfilled the conditions as per the law and regulations applicable to each individual business activity.
The board reviewed another report regarding developments in the Central Bank’s IT Division’s Strategy Project and instructed speedy completion of the said project.
The board then proceeded to discuss the remaining topics listed on its agenda, as well as other emerging topics and took appropriate decisions in this regard.
Source : WAM News Agency for United Arab Emirates
