Gov't vows to protect UAE banks from global crisis

The UAE government has guaranteed bank deposits and savings as the rout in global financial markets deepens.

The government has also pledged to guarantee all inter-bank lending, state news agency WAM reported on Sunday.

"We are determined to protect our financial and banking system out of keenness to preserve the interests of our country and people" Ruler of Dubai HH Sheikh Mohammed told a cabinet meeting.

 

The UAE federal government will ensure that no UAE national bank will be exposed to credit risks, guarantee deposits and savings in all national banks, guarantee all inter-bank lending operations between banks operating in the UAE and inject sufficient liquidity in the financial system if and when necessary, the news agency said.