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Coronavirus relief: UAE names banks that availed over 50% of stimulus package funds

Dubai - 17 UAE banks avail over 50 per cent of allocated funds under stimulus package

The UAE Central Bank on Saturday named 17 banks who had availed more than 50 per cent of the allocated stimulus liquidity facility offered to them to extend support to their customers affected by the impact of coronavirus.
The apex bank said 77 per cent or Dh38.5 billion of the Dh50 billion funds were already withdrawn under the Targeted Economic Support Scheme (Tess) by the local banks. These Dh50 billion were allocated under the Dh256 billion stimulus programme to local banks at zero cost as funding facility to be used by impacted private corporate customers, SMEs and individuals.
Banks who availed more than 50 per cent of the facility include Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Emirates NBD, Dubai Islamic Bank, Emirates Islamic Bank, Noor Bank, National Bank of Fujairah, Commercial Bank International, Bank of Sharjah and Invest Bank. Other banks are Arab Bank for Investment & Foreign Trade, Arab Bank, Mashreq Bank, Sharjah Islamic Bank, National Bank of Ras Al Khaimah, National Bank of Umm Al Qaiwain, and United Arab Bank.
The first 10 banks availed full 100 per cent funds allocated to them under the Targeted Economic Support Scheme.

On April 5, the Central Bank doubled the size of its stimulus package from Dh126 billion to Dh256 billion and allowed banks and finance companies in the country to extend deferrals of principal and interest payments to their customers until December 31, 2020.
The new funds consisted of Dh50 billion capital buffer relief banks, Dh50 billion funds available at zero cost to extend finance, Dh95 billion to ensure that there is enough liquidity in the market and Dh61 billion reduction of cash reserve requirements.

-waheedabbas@khaleejtimes.com