Deposit guarantees: UAE clarifies and expands
WAM (October 13)
Cabinet's decision on banking deposits guarantee lasts for three years (urgent)WAM is the federal government news agency.
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
posted by John B. Chilton at 10/14/2008 12:02:00 AM
2 Comments:
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.
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.
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