ABU DHABI: The Board of Directors of the UAE Central Bank held its first meeting for 2018 at the Central Bank Head Office — Abu Dhabi, under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board. The meeting was attended by Khalid Juma Al Majid, Deputy Chairman, Mubarak Rashed Al Mansoori, the Governor, and Board members Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim, as well as by Mohamad Ali Bin Zayed Al Falasi, Deputy Governor, Saif Hadef Al Shamsi, Assistant Governor and a group of senior Central Bank staff.

The Board discussed a feasibility study on the responsibilities of transformation management and transformation in the Central Bank, and took necessary decisions for achieving institutional transformation that is in line with highest international organisational levels.

The Board reviewed applications submitted by banks and other financial institutions operating in the UAE. The Board approved the applications that fulfilled the conditions as per applicable law and regulations for each individual activity.

The Board also reviewed a number of reports presented by the Banking Supervision Department, and gave instructions to take the necessary measures to protect banking system and promote its strength and stability.

The Systems development unit of the Banking Supervision Department presented a detailed study on Basel III Standard related to Capital Supply and its legal aspects and the Board took necessary decision in this regard.

The Board also reviewed a presentation by the “Risk Unit” regarding counterparty risk and the annual review of the limits of such risks.

The Board completed the discussion of the remaining topics listed on its agenda, as well as other topics, and took appropriate decisions in this regard. The board took necessary decisions for achieving institutional transformation that is in line with highest international organisational levels.

WAM