The Finance Ministry released a statement saying that Banks in the UAE are strong enough to absorb any shock, including the impact of Dubai World's debt restructuring. UAE banks have enough capital to absorb any shock that might come. The UAE will also not see a federal bond issue in 2010. The government did not see the need for a capital injection for banks at this time. The ministerial committee is meeting every month and reviewing the end results of local banks. So far they have not seen a need for further injection. The country has Dh20 billion left out of a Dh70bn facility set up in 2008 to inject liquidity into the UAE banking system. Achieving a balanced budget in the 2011 to 2013 period would be government’s top priority.
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