Central Bank reviews annual accounts

The Board of Directors of Central Bank of the UAE held its 4th meeting for the year 2012 on Tuesday, 10 April, 2012 in Abu Dhabi under the chairmanship of Khalil Mohammed Sharif Foulathi, Chairman of the Board. The Board reviewed the Central Bank’s Audited Annual Accounts for the fiscal year 2011, and distribution of net profits, which amounted to AED 3,700,257,061.85, and initially approved it as follows: - 55% i.e. AED 2,035,141,384.02 to be transferred to the Ministry of Finance. - 20% i.e. AED 740,051,412.37 to be transferred to Sheikh Zayed Housing Program. - 25% i.e. AED 925,064,265.46 to be transferred to the account of the Permanent Deposit of the Federal Government at the Central Bank. Final decision, however, shall be made after receiving the opinion of the State Audit Bureau, as per established procedures. The Board also discussed drafts of financial laws and instructed introduction of some major amendments to them. The Board stressed that these laws should reflect the independence of the Central Bank and the independence of monetary policy, as per the international standards issued by the Financial Stability Board and Basle Committee standards. The Board reviewed a report submitted by Assistant Governor for Banking Supervision regarding the banking indicators The Board reviewed report of the manager-in- charge of the Financial Stability Unit, which showed that banks are in a good position and should not be negatively impacted by the recent turmoil in international markets. Furthermore, the Board reviewed applications submitted by 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 then addressed the remaining items on its agenda and took decisions in respect thereof.