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Palestinian health officials say at least 13 people, including women and children, were killed in two Israeli strikes on two houses in Nuseirat
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UAE Central Bank to Set up 11-member EIBOR Panel
ABU DHABI — The United Arab Emirates central bank will set up a new 11-bank panel for the interbank offered rate with four extra local banks and two fewer international lenders, an official said on Wednesday.
The central bank expressed dismay earlier this month at persistently high interbank rates, saying they did not reflect the market. It announced a new mechanism to determine the rates, prompting speculation it may overhaul the panel of providers.
The four local banks to be added are First Gulf Bank, Union National Bank, Mashreq Bank and RAKBank, the official in the central bank’s treasury department told Reuters.
Those to be dropped from the previous group of contributors are Lloyds Banking Group and the ABN Amro arm of the Royal Bank of Scotland group, said the official, requesting anonymity.
Emirates NBD will have one only slot on the panel, the official said, having previously held two, one for National Bank of Dubai and Emirates Bank, which merged to form ENBD in 2007.
“There will be 11 banks to provide EIBOR and we want to start from mid-September,” the official said. More banks may be added to the panel in the future. The other banks are National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, Commercial Bank of Dubai, Standard Chartered Bank, HSBC and Citibank Inc.
Currently, the 10 local and foreign banks submit their rates and the average of eight is calculated — excluding the highest and lowest figures. The one-month rate has fallen to 1.79 per cent from 2.05 per cent on August 3, a day before central bank said it would introduce its new interbank offered rate mechanism. “I think it makes sense to have more participation from local banks on the panel,” said Mohammed Al Hashemi, associate director of asset and liability management and money markets at Emirates Bank. “They have a good weight in the market.”
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