Rated bonds and sukuk will be excluded from new rules capping banks' exposure to government-related entities, the Governor of the Central Bank said yesterday.
Sultan Al Suwaidi also confirmed that lenders would have a five-year grace period to comply with the regulations.
The caps are to be introduced within a month. They will limit the extent of loans to the Government and companies linked to the Government at 100 per cent of the lending bank’s capital base.
“We have a few banks that are over the large exposure limits and we are giving them a grace period or a period to adjust to the new limits at the rate of 20 per annum for five years,” said Mr Al Suwaidi. “We think it is a reasonable time frame and don’t think it’s a problem.”
He said rated bonds and sukuk would be excluded from the rules.
A portion of debt linked to the Government is rated by ratings agencies, including issues from the Abu Dhabi sovereign issues, the Dubai Electricity and Water Authority, and Abu Dhabi National Energy (Taqa). Dubai's sovereign debt is not rated.
“Rated ones will be excluded as they will stand on their own,” Mr Al Suwaidi said. “Also, GREs that are commercial and can stand alone from government will be excluded.”
Mr Al Suwaidi’s comments suggest the Central Bank has found a compromise with banks after initial protests about the regulations.
The bank scrapped initial proposals announced in April last year after lenders raised doubts about meeting a September 30 deadline for the rules.
Large companies with links to the Government make up a sizeable chunk of the banks’ lending books. The level of banking support to the government sector has been at its highest since the 1970s, estimates Bank of America Merrill Lynch.
Jean-Michel Saliba, the bank’s economist covering Eastern Europe, the Middle East and Africa, said the revised regulations would be easier for banks to meet than the earlier draft.
“How realistic these rules are will depend on how Dubai handles its turnover of debt going forward as a lot of refinancing has had to be done with the cooperation of banks, which have increased their exposure,” he said. “This may force Dubai to look at other ways to refinance its debt.”
The IMF estimated in July that there was about US$60 billion of debt linked to Dubai government-related companies falling due between this year and 2017.
The Central Bank is determined to avert a repeat of the debt-fuelled crisis that crippled banks after Dubai World restructured $25bn in debt in 2011. Since then, several other government-linked firms, in both Dubai and Abu Dhabi, have required similar refinancing with banks.
In another regulatory reform, the Central Bank announced last week that the value of properties that can be funded by financial institutions for first-home loans will be capped at 75 per cent for foreigners and 80 per cent for Emiratis.
Mr Al Suwaidi said the Central Bank was also working on improving macro-prudential conditions, which include the health, soundness and vulnerabilities of a financial system.
“We are looking at certain ratios, for example, the rate of growth of credit versus the rate of growth of GDP,” he said. “We have thought already about macro-prudential policies and most likely it will be linked to where we had weakness during the global financial crisis.”
tarnold@thenational.ae
mkassem@thenational.ae
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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EXPATS
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Lulu%20Wang%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Nicole%20Kidman%2C%20Sarayu%20Blue%2C%20Ji-young%20Yoo%2C%20Brian%20Tee%2C%20Jack%20Huston%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The view from The National
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Company%20profile
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
COMPANY%20PROFILE%20
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Company%20Profile
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Confirmed%20bouts%20(more%20to%20be%20added)
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday, February 8 v Kenya; Friday, February 9 v Canada; Sunday, February 11 v Nepal; Monday, February 12 v Oman; Wednesday, February 14 v Namibia; Thursday, February 15 final
Company%20Profile
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Company%20profile
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SPECS%3A%20Polestar%203
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Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
COMPANY%20PROFILE%20
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Company%C2%A0profile
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ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
BRIEF SCORES
England 228-7, 50 overs
N Sciver 51; J Goswami 3-23
India 219, 48.4 overs
P Raut 86, H Kaur 51; A Shrubsole 6-46
England won by nine runs
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