Central Bank approves projected budget for fiscal year 2015

Abu Dhabi: The Board of Directors of Central Bank of the UAE reviewed the projected budget for the fiscal year 2015, and adopted it in its 6th meeting for 2014 on Tuesday in Abu Dhabi.

Held under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board and attended by Khalid Juma Al Majid, Deputy Chairman, Mubarak Rashed Al Mansoori, the Governor, and other Board members, the Board reviewed a report on systemic prudential ratios for the banking system, banking stability, and liquidity indicators of the banking sector, submitted by Monetary Policy and Financial Stability Department.

In addition, the Board also reviewed a report on the financial and administrative status of banks.

Furthermore, the Board reviewed applications submitted by local banks to expand their businesses and open new branches and also foreign banks applications, and reviewed applications from natural and juridical persons to establish companies/ establishments to undertake financial activities and money changing business. The Board approved the applications, which fulfill the terms as per the law and regulations, as applied to each business activity.

The Board took note and discussed a report on the latest developments regarding the execution phase of IT Division Strategy Development Project.

The Board also reviewed the following reports: – Internal Audit Department’s Quarterly Report (Sept. 2014).

– The external auditor’s report on the financial statements as at 30 September 2014.

Subsequently, the Board completed the discussion of the remaining topics listed on its agenda as well as other emerging topics and made appropriate decisions in this regard