Central bank asks about Dubai World exposure

Central bank to assess how much exposure local banks have to Dubai World.
Central bank asks about Dubai World exposure
By Stanley Carvalho
Tue 08 Dec 2009 01:14 AM

The UAE central bank has told local lenders to report their exposure to Dubai World and related entities, bankers said on Monday.

A circular dated Dec 6 from the central bank was sent to banks seeking their exposure to the debt laden Dubai companies, the bankers said.

"The central bank is assessing how much exposure local banks have to Dubai World," said one banker who asked not to be identified.

Dubai has been rocked by the crisis at Dubai World which is currently meeting creditors to delay payment on $26 billion in debt. Dubai World shocked local and international investors when it announced on Nov 25 it was seeking a standstill agreement on its debt.

(Reuters)

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