Tuesday, October 14, 2008

Deposit guarantees: UAE clarifies and expands

WAM (October 13)
Cabinet's decision on banking deposits guarantee lasts for three years (urgent)

Oct 13, 2008 - 09:37 -

WAM Abu Dhabi, Oct, 13th, 2008 (WAM) -- The decision taken by the Federal Cabinet today to guarantee banking deposits will last for three years, a source at the Ministry of Finance announced today.

In a statement to Emirates News Agency (WAM), the source added that the guarantee of deposits in the national banks would also include foreign banks which have significant operations in the UAE.

WAM/TF
WAM is the federal government news agency.

2 Comments:

Blogger nzm said...

Australia also guarantees for 3 years and New Zealand for two, although I'm not sure whether this extends to foreign banks in those countries. I would doubt it.

5:06 PM  
Blogger John B. Chilton said...

Right, NZM. I noted earlier that Australia and NZ made deposit guarantees on the same day,

http://emirateseconomist.blogspot.com/2008/10/uae-guarantees-bank-deposits-interbank.html

The news here from WAM is a clarification on what I think the market might have read as a guarantee with no time limit.

6:03 PM  

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