UAE Central Bank discusses Annual Report 2014

The Board of Directors of the Central Bank of the UAE has discussed during its 5th meeting for 2015 at the Central Bank – Abu Dhabi, the Annual Report 2014, which included local and international economic developments, financial stability indicators, bank liquidity, monetary reserve management and payment systems developments and, made the necessary decisions in this regard.

Chaired by 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, as well as 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, 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 Central Bank staff.

The Board reviewed the draft of the revised Central Bank Law and made the necessary decision in this regard. It also reviewed a report on the results of the meeting of the Internal Steering Committee formed for the purpose of supervising Digital Payments Project and another report on the latest developments regarding ITD Strategy Development Project. The Board instructed the acceleration of the execution of the Project's phases.

The Board also reviewed a report on the Crowd Funding System and made the appropriate decision in this regard.

It examined the 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 applicable law and regulations concerning each individual activity.

The Board reviewed a report on the financial results of the Bank of International Settlements (BIS). It discussed a memorandum on real estate ownership by banks. The Board had enquiries concerning the issue of ownership and renting of real estate by banks and requested further studies in this regard.

The Board also reviewed a report presented by the Financial Control Division on the Central Bank Financial Statements for the period 01/01/2015 – 30/06/2015 (H1 of 2015) – Central Bank Financial Statements as at 30 June 2015.

In addition, the Board reviewed some issues presented by the Human Resources Division at the Central Bank and made appropriate decisions in this regard. It completed the discussion of the remaining topics listed on its agenda, as well as other emerging topics and made appropriate decisions in this regard.