CBUAE meeting reviews reports

The Board of Directors of the Central Bank of the UAE (CBUAE), held their fourth meeting for 2019. The meeting hosted at CBUAE Head Office, took place under the chairmanship of Hareb Masood Al Darmaki, the Chairman of the Board, and attended by Abdulrahman Saleh Al Saleh, Deputy Chairman of the Board, Mubarak Rashed Al Mansoori, the Governor, and other members.

The Board reviewed reports on some of the regulations related to Basel III and took appropriate decisions related to Leverage Ratio, Counterparty Credit Risk, Credit Risk, Credit Value Adjustment, Securitisation, Equity Investment in Funds, Market Risk, Operational Risk, Pillar 3, Credit Risk, Pillar 2 and solo capital requirements.

The Board also reviewed several memos received from Banking Supervision Department including processes related to Anti- Money Laundering and Combating of the Financing of Terrorism and Illicit Organisations, Registration of Licensed Financial Institutions and latest updates related to real estate financing.

Applications submitted by banks and other financial institutions operating in the UAE were reviewed and approvals were granted to applications that met their respective requirements. CBUAE’s 2018 Financial Stability Report was presented by the Financial Stability Department. The report covered macro-financial developments, financial and banking system assessment, regulatory developments as well as an assessment of payment systems, capital markets and the insurance sector.

The Board reviewed Central Bank’s Annual Report for the year 2018, presented by the Research & Statistics Department. The report covered domestic and international economic developments, financial stability indicators, banking liquidity, monetary reserves management, and payment systems developments, in addition to Central Bank’s policy priorities in 2018.

WAM