ABU DHABI // The Government will fulfill its pledge to guarantee bank deposits, Obaid Al Tayer, the Finance Minister said on Tuesday according to a report on Zawya Dow Jones.
"So far the UAE has contributed about 14 per cent of GDP to its banking sector," Mr Tayer told the Federal National Council. "Other countries such as Russia and Germany have contributed much less so the government has taken very good steps and put in more liquidity than other countries to deal with this crisis."
He added that the Dh120bn (US$32.69bn) facility for distressed local and foreign banks operating in the country was generous when compared with other countries.
In October the Government announced it increased its existing bank support fund to Dh120bn, in response to the global liquidity crisis. At the time, bankers said they expected the new funds to be deposited with banks to alleviate the tensions that had pushed up interbank lending rates. Few details of the fund have been released since then. However, Mr Tayer said the Government stood by its promise to make the money available.
"We have not put limits on how much we are guaranteeing but we need time and there are a lot of procedures that have to be done beforehand if this is to be done properly," Mr Tayer said.
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Killing of Qassem Suleimani
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North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Persuasion
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat