Emirates NBD repays remaining Dh4 billion 2008 crisis support from UAE government

The Ministry of Finance injected Dh70 billion into the country's banks to shore up balance sheets after the 2008 crisis in the world's financial system.

Powered by automated translation

Emirates NBD, Dubai’s largest lender, has repaid the remaining Dh4 billion of support which it received from the UAE government in 2008, the country’s finance ministry said.

The Ministry of Finance injected Dh70bn into the country’s banks to shore up balance sheets after the collapse of Lehman Brothers in September 2008 triggered a crisis in the world’s financial system.

"Emirates NBD informed the Ministry this week that it had repaid Dh4bn to the Finance Ministry which is the final payment of the government subsidies that the bank had received," the ministry's website quoted undersecretary Younis Haji Al Khoori as saying in a statement dated last week but seen on Sunday.

ENBD had repaid the rest of its total 12.6bn of support in 2013.

Follow The National's Business section on Twitter