UAE Central Bank Board reviews Q4 Report for 2016

The Board of Directors of the UAE Central Bank has reviewed the bank’s Q4 Report for 2016, which covered various banking related issues.

The 1st meeting in 2017, held under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board, reviewed a report from the Monetary and Reserve Management Department, which included systemic prudential ratios and liquidity indicators of the banking sector.

The meeting covered the Q4 Report for 2016, presented by the Research and Statistics Department. The report included international economic developments, domestic economic developments, financial stability indicators, banking liquidity, monetary reserves management, and payment systems developments.

The board also reviewed an update of the Transformation Programme, a presentation on the development of the Anti Money-Laundering and Suspicious Cases Unit, AMLSCU, and took appropriate decisions.

It also discussed applications submitted by banks and other financial institutions operating in the UAE. The board approved the applications that fulfilled the conditions as per applicable law and regulations for each individual activity.

The meeting also included a presentation by the Banking Supervision Department on Risk Management Regulations at banks, approved those Regulations, and instructed the issuance of them as soon as possible.

The board also reviewed a presentation by the Banking Supervision Department on classification of Domestic Systematically Important Banks as per Basel Requirements, and took appropriate decisions.

The board approved the new CBUAE Organisational Structure, agreeing to take appropriate decisions to implement the same, and completed discussions on the remaining topics listed on its agenda, making appropriate decisions.

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 Mohammad Salem Al Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim, Mohamad Ali Bin Zayed Al Falasi, Deputy Governor, Saif Hadef Al Shamsi, Assistant Governor, and a number of officials.