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EBA calls for onshore dollar clearing system

DUBAI Emirates Banks Association (EBA) yesterday held its annual general meeting and passed the budget for 2003. It also approved the financial accounts of last year.

The meeting also ratified the appointment of Fathi M.Skaik as the new general manager of the Association and discussed the agenda for this year that included pushing for the creation of a local US dollar clearing system and defining proper securities standards for the lending system in personal loans.

EBA had raised a recommendation to the UAE Central Bank for the establishment of a US dollar onshore clearing system. The first meeting in this regard took place in March 2002. In the second meeting, which was held in Dubai in December last year, banks' views regarding the issuance of CDs in euro from one side and the creation of a Euro and US dollar local clearing system was taken. At the end of the second meeting, the Central Bank agreed to implement the proposal. EBA board members took a decision to complete the steps needed to issue the charter of banking business in the UAE and organise seminars on risk management and the new Basel Capital Accord.