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U.A.E. Lenders to Ask for GRE Loan Rules Extension, Khaleej Says

Aug. 22 (Bloomberg) -- The United Arab Emirates banking association will ask the central bank to extend by six months the deadline for banks to comply with rules curtailing exposure to government-linked companies, Al-Khaleej reported.

The Emirates Banks Association has prepared a report stating that the exposure of many lenders is higher than the limit ordered by the central bank, the newspaper reported, citing the EBA study.

Banks in the U.A.E. can lend no more than 100 percent of their capital to local governments and the same to government-related entities known as GREs, the central bank said April 4. There was no limit under previous rules. Banks have until Sept. 30 to comply with the rules, the central bank said at the time.

The regulator may extend the deadline for some banks to comply with the rules, Al-Khaleej reported May 30, citing Chairman Khalil Foulathi.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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