The central bank is working on a new system to set capital requirements for banks so they will remain compatible with the latest Basel III regulations on banks worldwide although they already control a “solid” capital base. But the central bank said the absence of a formal bond market in the UAE constitutes a hurdle for the implementation of Basel III, adding that it had just conducted a survey among banks about this issue.
In its second quarter bulletin released on Sunday, the central bank said the 51 banks operating in the UAE generally control an adequacy ratio that far exceeds the Basel III Tier 1 requirement of a minimum seven per cent for all banks, with their combined Tier 1 adequacy reaching 16.4 per cent at the end of June.
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