IMF staff reports U.A.E. – Basel 111 article 1V consultation

August 12th, 2014 by Stephen Jones Leave a reply »

The IMF published a staff report and a selected issues report last month for the 2014 Article IV Consultation with the United Arab Emirates. The IMF reveals that the authorities have stepped up the implementation of Basel III. They :

» Plan to phase in Basel III capital and liquidity standards over 2015–19

» To consult with banks about technical issues such as the definition of high-quality liquid assets, and a simple liquidity rule for smaller banks

Directors took note of the ample liquidity and capital buffers in the banking sector. They:

» Welcomed the recently introduced loan concentration limits

» Encouraged the development of domestic debt markets, which would support banks’ liquidity management in preparation for the introduction of the Basel III liquidity framework

Also see this IMF document: http://www.imf.org/external/pubs/ft/scr/2014/cr14187.pdf
This Staff Report was completed on June 11, 2014 and contains

- An Informational Annex prepared by the IMF.
- A Press Release summarizing the views of the Executive Board as expressed during its
June 26, 2014 discussion of the staff report that concluded the Article IV consultation.
– A Statement by the Executive Director for the United Arab Emirates.

Last month the Central Bank of the U.A.E. announced that the ratio of Emirati employees working at the Bank reached 64% at the end of the first half of 2014. The ratio of Emiratisation by job categories reached 100% within the leadership and Supervisory category, 71 % within the executive category and 44% within the specialised/technical category.

The Central Bank’s management has developed specialised training programmes to improve performance of staff, particularly national employees, in collaboration with leading international training institutions.

Meanwhile, the ratio of Emiratisation at national banks reached 34%, and 21% at non-national banks, with a total Emiratisation ratio of 32%. The Central Bank emphasises on all occasions the need for raising the ratio of Emiratisation in banking and other financial institutions in the U.A.E. and supports the call through its regulations issued in this regard.

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