Representatives of the Central Bank of the UAE and major national banks met yesterday to discuss the challenges faced by the UAE banking system in the wake of the global financial crisis and the action taken by the relevant authorities in this regard, including further measures needed to preserve confidence and proper financing environment for the national economy, reported the official news agency WAM.
The meeting was held on Tuesday under the Chairmanship of H.E. Khalil Mohamed Sherif Foulathi, Chairman of the Board of Directors, in the presence of H.E. Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank.
The banks’ representatives put forward their suggestions on ways and means to strengthen the banking sector and it was decided that Central Bank will summarize the bankers’ responses and circulate the same to the banking community, a bank press release said today.
The Chairman exchanged views with the banks’ representatives and assured them of all necessary assistance to encounter the global financial crisis. The meeting concluded that the action taken by Central Bank, the local and Federal Governments have been timely and effective in addressing the challenges stemming from the global crisis.
However, in order to preserve and build on the confidence measures, a decision was taken to form a joint taskforce comprising of representatives from Central Bank and National banks to meet on a regular basis for reviewing matters of mutual concern and suggest remedial action thereof.
