 Loans |
| Search News |
|
|
| Find an IFA |
|
|
| Financial News |
|
| UK Spotlight |
After days of rumours it has been confirmed that Toyota is to recall 437,000 Prius hybrid vehicles amid concerns about the car’s software and how it reacts to breaking on slick surfaces. While not...
→
Read More
|
|
| Application Forms |
|
| Financial Guides |
|
|
| Loans News - Last Updated Sunday 29th November 2009 |
|
|
|
|
Sunday 29th November 2009
The United Arab Emirates Central bank has today confirmed that "it stands behind" both local and foreign banks operating in the region who may be affected by the probable, and almost imminent, default by the Dubai authorities. Indeed the United Arab Emirates Central bank has confirmed that significant additional funding will be made available for those banks operating in the region to allow them to maintain their liquidity and "oil the local banking system".
These additional funds will be available at 50 basis points above the three month local benchmark interest rate which is a very fair and very acceptable rate of borrowing. Let's not forget that while the Dubai authorities are struggling to repay their debt there are many other states in the United Arab Emirates which are trading very well and have no such debt issues. Even though Dubai is assumed to be an oil-rich state, oil income forms a very small part of the state's overall income, something which many people do not appear to be aware of.
As a consequence, Dubai is often spoken about in the same breath as other oil-rich United Arab Emirates states giving the assumption it is on a par with the likes of Abu Dhabi. However, Abu Dhabi has one of the largest income figures per capita in the world and Dubai has one of the largest debt figures per capita in the world, a startling contrast between two states which are located in the same region. |
→ Full Loans News Archive
→ Return to Homepage
→ Debt Solved in 24 Hours
|
|
|
|
|
Other top stories in this section:
|
|
|
|
