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Sun 12 Oct 2008 01:19 PM

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Gov't vows to protect UAE banks from global crisis

Bank deposits and savings guaranteed in new move to combat worldwide turmoil.

The UAE government has guaranteed bank deposits and savings as the rout in global financial markets deepens.

The government has also pledged to guarantee all inter-bank lending, state news agency WAM reported on Sunday.

''We are determined to protect our financial and banking system out of keenness to preserve the interests of our country and people,'' Ruler of Dubai HH Sheikh Mohammed told a cabinet meeting.

The UAE federal government will ensure that no UAE national bank will be exposed to credit risks, guarantee deposits and savings in all national banks, guarantee all inter-bank lending operations between banks operating in the UAE and inject sufficient liquidity in the financial system if and when necessary, the news agency said.

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anil Sunderji 11 years ago

I think that's great news and it will give depositers more faith in the banking system here and people won't move their money around or into treasuries of other countries.