The UAE's biggest lenders yesterday urged the Central Bank to ease new rules designed to limit borrowing by companies, and delay a looming deadline to comply with them.
In April, the Central Bank announced measures to limit the amount banks could lend to companies in an effort to mitigate risk and to protect them in the event of a cataclysmic default.
The new rules are set to come into force on Sunday.
But banks, including National Bank of Abu Dhabi and Emirates NBD, said they would be in breach of the limits when the deadline arrives as they have not been able to sufficiently rearrange their loan books.
NBAD has also raised "some major issues on the substance of the circular" announcing the reforms, a spokesman for the bank said yesterday.
"Given the 30 September date is imminent we have asked the Central Bank for an extension to give time for detailed and technical discussions to take place," a spokesman for the bank said. "We agree with the general direction of travel of the circular. Our discussions with the Central Bank have been constructive and positive."
Rick Pudner, Emirates NBD's chief executive, said his bank was in breach of the limits and was seeking to clarify the new rules with the Central Bank.
Under the rules, lending to governments and their non-commercial entities will be limited to 100 per cent of a bank's capital and 25 per cent for lending to individual borrowers.
The Emirates Banks Association is leading negotiations with the Central Bank over how the regulations are to be applied.
Banks fear that selling off large chunks of their loan books in a short period in order to comply with the regulations would lose them money.
It is also unclear to whom they would sell such loans and how.
"Are they going to sell to the other local banks?" said one banker, who asked not to be identified.
One possible workaround would be to prohibit new business with government companies for those banks in breach of the limits, but allow banks' existing exposures to remain, said Stuart Anderson, the regional managing director at Standard & Poor's, the credit rating agency, at a roundtable on Monday.
Other bankers have complained that the Central Bank has not communicated clearly or frequently enough about the rule changes.
The Central Bank confirmed that it held a meeting with chief executives yesterday, in which it discussed interest rates paid on personal loans to retail customers.
It did not mention the impending deadline for borrowing limits.
Nobody from the Central Bank was available to answer questions about the meeting yesterday.
The Central Bank has aimed to beef up the resilience of the financial system to fresh shocks since the global financial crisis in 2009.
This month it said it was creating a discount window to help stimulate interbank lending.
Rules planned by the Central Bank have proven contentious in the past. Banks were last year forced to scramble to comply with limits capping the amount they could lend for personal and car loans and on service fees.
Lenders were given a little over two months to meet those rules, but a sustained lobbying effort delayed their implementation by a month.
ghunter@thenational.ae
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
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Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
if you go
The flights
Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com
Seeing the games
Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com
Staying there
Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com
MATCH INFO
Inter Milan 2 (Vecino 65', Barella 83')
Verona 1 (Verre 19' pen)
OTHER IPL BOWLING RECORDS
Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
Best average: 16.36 – Andrew Tye
Best economy rate: 6.53 – Sunil Narine
Best strike-rate: 12.83 – Andrew Tye
Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)
Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)
Most hat-tricks: 3 – Amit Mishra
Most dot-balls: 1,128 – Harbhajan Singh
Most maiden overs bowled: 14 – Praveen Kumar
Most four-wicket hauls: 6 – Sunil Narine
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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