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UAE Statement About Financial Crisis

UAE Statement About Financial Crisis

Old Oct 12th 2008, 9:18 am
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Default UAE Statement About Financial Crisis

From a reputable source............

The United Arab Emirates government agreed on Sunday to take measures to protect the economy, promising to protect banks from credit risks and guarantee bank deposits, the official WAM news agency said.

The government also agreed it would pump sufficient liquidity into the system if needed and facilitate interbank lending, WAM said.

It quoted UAE President Sheikh Khalifa bin Zayed al-Nahayan as saying the national economy and financial sector remained strong.

Last edited by The Dean; Oct 12th 2008 at 9:19 am. Reason: para
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Old Oct 12th 2008, 11:06 am
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Default Re: UAE Statement About Financial Crisis

what was the source?
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Old Oct 12th 2008, 11:24 am
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Default Re: UAE Statement About Financial Crisis

Ther has just been an announcement saying that bank deposits in the UAE are now protected. I just heard on BBC Radio, but this is the only link I could find a few minutes ago.

http://ca.news.yahoo.com/s/afp/08101..._uae_guarantee

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Old Oct 12th 2008, 11:31 am
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Default Re: UAE Statement About Financial Crisis

Do you buy into this news report?


http://www.gulfnews.com/business/Markets/10251477.html
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Old Oct 12th 2008, 11:39 am
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Default Re: UAE Statement About Financial Crisis

....the banking system is solid and efficient...

Not likely!

Seriously, no I don't, but I do think that the government will bail out any banks that have cocked up as reputation is everything. I just hope that compliance and regulation will be taken more seriously in the future.

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Old Oct 12th 2008, 11:53 am
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Default Re: UAE Statement About Financial Crisis

Originally Posted by Meow
....the banking system is solid and efficient...

Not likely!

Seriously, no I don't, but I do think that the government will bail out any banks that have cocked up as reputation is everything. I just hope that compliance and regulation will be taken more seriously in the future.

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lol - exactly.....

Also, I remembered newspaper articles in 2001 (or 2000) and advertisments all touting the fact that property investors in Dubai would be given "permanent residence" and that more details would follow after discussions between ..... and ....et...etc....We all know today where property investors stand in this respect.

I don't trust news articles (what if there is an error in transalation)
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Old Oct 12th 2008, 11:55 am
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Default Re: UAE Statement About Financial Crisis

Originally Posted by Robbies
what was the source?
Er.......... it's quoted in the post.............

WAM.............. it's an..... er.......... official press release........... from the UAE Government..............

Apologies if my subtle reference didn't register...........
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Old Oct 12th 2008, 12:00 pm
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Default Re: UAE Statement About Financial Crisis

Originally Posted by The Dean
Er.......... it's quoted in the post.............

WAM.............. it's an..... er.......... official press release........... from the UAE Government..............

Apologies if my subtle reference didn't register...........
Don't they need to pass a decree/issue a Central Bank circular to make this guarantee "official"?

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Old Oct 12th 2008, 12:03 pm
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Default Re: UAE Statement About Financial Crisis

Originally Posted by IndieG
Don't they need to pass a decree or something to make this guarantee "official"?
Dunno............... if it's an official press release, I assume all the paperwork's done and dusted..........
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Old Oct 12th 2008, 12:10 pm
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Default Re: UAE Statement About Financial Crisis

Originally Posted by The Dean
Dunno............... if it's an official press release, I assume all the paperwork's done and dusted..........
I thought that if it is by means of a decree then it has to be published in the official gazette (or at least a CB circular); not sure how such things work out here....

Last edited by IndieG; Oct 12th 2008 at 1:54 pm.
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Old Oct 12th 2008, 12:18 pm
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Default Re: UAE Statement About Financial Crisis

Originally Posted by Meow
....the banking system is solid and efficient...

Not likely!

Seriously, no I don't, but I do think that the government will bail out any banks that have cocked up as reputation is everything. I just hope that compliance and regulation will be taken more seriously in the future.

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It's not really got that much to do with compliance and regulation has it?

I'm a big cynic and think there is a fall coming (which will see AD take a much bigger stake in Dubai than Dubai wants) but this is more bad due diligence, needless exposure to risk, lack of transparency.

But is the UAE worse than the US, Iceland, the UK. At least (to date - although there are rumours of one) no UAE banks have gone belly up.

The statement here is good news. It shows the Central Bank being pro-active and stopping runs being made on banks (which was starting to happen)

In the long term I don't think it will have that much effect on the exchanges, as construction is the issue, not banking. Although it may allow UAE banks to lend for projects.

What they can do to prop up the property market is another matter entirely....
 
Old Oct 12th 2008, 2:05 pm
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Default Re: UAE Statement About Financial Crisis

Originally Posted by W10
It's not really got that much to do with compliance and regulation has it?

I'm a big cynic and think there is a fall coming (which will see AD take a much bigger stake in Dubai than Dubai wants) but this is more bad due diligence, needless exposure to risk, lack of transparency.

But is the UAE worse than the US, Iceland, the UK. At least (to date - although there are rumours of one) no UAE banks have gone belly up.

The statement here is good news. It shows the Central Bank being pro-active and stopping runs being made on banks (which was starting to happen)

In the long term I don't think it will have that much effect on the exchanges, as construction is the issue, not banking. Although it may allow UAE banks to lend for projects.

What they can do to prop up the property market is another matter entirely....
When the UAE real estate market crashed in the mid-1990s, several private banks failed and required massive government bailouts. Emirates Bank was formed by merging Dubai Bank, Union Bank of Middle East and Middle East Bank – banks once founded and controlled by the A.R. Galadari, A.W. Galadari and Al Futtaim business groups.
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Old Oct 12th 2008, 2:06 pm
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Default Re: UAE Statement About Financial Crisis

Originally Posted by W10
It's not really got that much to do with compliance and regulation has it?

I'm a big cynic and think there is a fall coming (which will see AD take a much bigger stake in Dubai than Dubai wants) but this is more bad due diligence, needless exposure to risk, lack of transparency.

But is the UAE worse than the US, Iceland, the UK. At least (to date - although there are rumours of one) no UAE banks have gone belly up.

The statement here is good news. It shows the Central Bank being pro-active and stopping runs being made on banks (which was starting to happen)

In the long term I don't think it will have that much effect on the exchanges, as construction is the issue, not banking. Although it may allow UAE banks to lend for projects.

What they can do to prop up the property market is another matter entirely....

Actually, compliance and regulation is very relevant. As is accountability.

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Old Oct 12th 2008, 2:09 pm
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Default Re: UAE Statement About Financial Crisis

Originally Posted by Meow
Actually, compliance and regulation is very relevant. As is accountability.

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And if they are serious about providing blanket guarantees then regulation becomes extremely important - otherwise what is stopping banks from taking on even more risk, becoming more reckless and then seeking govt. bail out? Lot of potential for fraud........
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Old Oct 12th 2008, 2:51 pm
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Default Re: UAE Statement About Financial Crisis

Originally Posted by Meow
Actually, compliance and regulation is very relevant. As is accountability.

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It's always relevant, but in this particular scenario. It is hardly

a, the biggest contributory factor
b, something unique to the UAE. Most places are far, far, far, far worse off
 

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