(MENAFN- Khaleej Times) The board of directors of the Central Bank of the UAE has reviewed reports on the digital payments project.
The board, which met under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board, was briefed on the outcome of negotiations with the consultancy firms appointed for implementation of the project.
It discussed the netting process and various snags that have been causing delays in its implementation. These impediments are technical, legal and Shariah in nature, and the board gave its directions.
In banking business, netting is the settlement of obligations between two parties that process the combined value of transactions.
The board was also given updates on two important projects being currently implemented by the UAE Central Bank - the money changing business regulations, and the non-banking financial institutions regulation. The board instructed completion of implementation of both projects as soon as possible and asked for progress reports in its upcoming meeting.
The monetary policy and financial stability department presented a report on macro-prudential ratios for the banking system/ banking stability and liquidity indicators of the banking sector.
A comparative study on the large exposure limits adopted in similar countries for members of banks' director boards was also presented.
The board also reviewed a report and statistical data on the bank guarantees provided by moneychangers.
A report was presented on developments in the Central Bank's IT division's strategy project and the board instructed for its speedy completion. The board reviewed applications submitted by banks and other financial institutions operating in the UAE for the expansion of their activities and opening new branches. The board approved applications that fulfilled conditions as per law and regulations applicable to each individual business activity.
The board also reviewed the internal audit department's quarterly report (December 2014) and the external auditor's report on the financial statements as of December 31, 2014. The board then approved the Central Bank's audited annual accounts for the financial year ending December 31, 2014.
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