The president said this at a televised meeting with security officials on updating the country's nuclear deterrence doctrine
Under the present system, the banks and financial institutions provide the banking regulator, with the financial information on their business operations on quarterly basis.
This may not give true picture of the economy, in current situation, where many bankers fear key financial ratios busting.
“But, now all the information will have to be submitted on monthly basis,’ says a circular no 530/2009 dated January 28, issued by Saeed Abdulla Al-Hamiz senior executive director Banking Supervision & Examination Department.
The latest move is part of an action plan adopted by the Central Bank of the UAE, to brace itself for the new situation arising out of the worsening financial turmoil and its likely impact on the UAE.
The latest circular is a move to closely monitor the operations of banks in the country, so that any remedial policy step could be taken based on high quality information obtained from banks on real time basis.
Much to the expectations of the Central Bank of the UAE expectations, the cut in policy interest rates by 50 basis points (bps) earlier this month and a string of liquidity enhancing mechanisms in the Q4 of 2008, did not produce anything encouraging as risk averse banks are not responding to the loan applications, positively.
“The trend is worrying as already under-pressure economy may slip into more trouble if lending does not resume to a required level,” says a banker.
The new reporting regime will cause changes to the frequency of the major loans & advances, Special Banking Return Form Risk Assets Ratio, Special Banking Return for large exposures.
These quarterly reports are now to be submitted on a monthly basis, starting from the 31st of January 2009.
According to the instructions, from the 31st of January 2009 onward and until all the reports are available on line, the BRF reporting on a hard copy will only continue for the following reports: Major Loans & Advances (monthly reporting).
Other key information required on shortfrequency includes Special Banking Return Form, RAR (monthly reporting); Special Banking Return Form for Large Exposure, SBRF-LE (monthly reporting); Ministry of Finance templates (fortnightly reporting).
The circular stated that Selected Balance sheet and Income Statement Statistics would be submitted weekly.
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