The UAE Central Bank has extended its Targeted Economic Support Scheme (Tess) for another six months until June 30, 2021 to continue its support for the economy during the Covid-19 pandemic. Quickly uncover hidden opportunities with comprehensive data and content. READ MORE, Lulu chairman Yusuff Ali MA has narrow escape after chopper crash-lands, Video: Emirati funds, attends former maid's wedding in her home country. Daniel Richards, Mena economist at Emirates NBD Research, said banks will be able to extend deferrals to customers who qualify for support under this scheme. Have news to share? Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. If you have been informed via email, social media, telephone or post that you have a claim on or have funds held at the … Governor of the Central Bank of the UAE (CBUAE) Abdulhamid M. Saeed Alahmadi said on Monday that the overall liquidity of the nation’s banking system has returned to pre-Covid levels. The scheme was first launched in March 2020 to support individuals and private sector firms through a range of integrated relief measures to the banking sector related to funding, liquidity, lending and capital. The Central Bank of the UAE (CBUAE) advises caution against responding to fraudulent e-mails and internet postings purporting to be legitimate CBUAE communications and postings. Persistent decline in net interest income (-6.7% QoQ) weighed on the operating income, which decreased 3.4% QoQ. Under this new extension, the Central Bank will extend the duration of the Zero Cost Facility (ZCF) of Dh50 billion, which benefits retail and corporate banking customers and facilitates liquidity management for banks through collateralised funding at zero cost, for an additional period of six months. The CBUAE is not a retail bank and we do not carry out transactions or hold funds for members of the public. “The Central Bank remains committed to supporting the financial system of the UAE by taking the required measures to accelerate economic recovery from Covid-19 repercussions. The overall liquidity of the UAE banking system has returned to the pre-Covid-19 level, said Abdulhamid Saeed Alahmadi, governor of the Central Bank of the UAE (CBUAE). UAE visa: What's the minimum salary needed to sponsor your parents? CBUAE expects all banks to participate in the TESS to mitigate the impact of COVID-19 All Rights Reserved. This website uses cookies to improve your online experience. The Central Bank of the UAE has also announced a gradual implementation schedule of the remaining parts of the Basel III compliance project in three stages, starting from Q2 2021 until Q2 2022 to apply international regulatory standards. The observation was made during a meeting between Alahmadi with CEOs of the largest banks operating within the country. Provided by SyndiGate Media Inc. (Syndigate.info). Copyright © 2020 Khaleej Times. The Central Bank of the United Arab Emirates (CBUAE) has introduced the AED 100 billion Targeted Economic Support Scheme (TESS), which came into effect on 15 March 2020. From January 1, 2021, banks and finance companies participating in the Scheme will be able to provide new loans and facilities to customers affected by the pandemic within the applicable terms and conditions set by the Tess standards. The Central Bank of the UAE (CBUAE) has announced the extension of the applicability period of the key components of its economic stimulus package until June 30, 2021. Privacy Statement , Terms & Conditions , Do not sell my info. UAE residents' alert: You may see military vehicles on roads, Ramadan 2021: Crescent moon not sighted in Saudi Arabia. The Board of the Central Bank of the UAE (CBUAE), has decided on additional measures within the Targeted Economic Support Scheme (TESS), launched initially in March 2020 to further enhance the capacity of the banking sector to support the economy. The Central Bank of the UAE (CBUAE) on Monday announced the extension of its economic stimulus package - the Targeted Economic Support Scheme (TESS) - by six months until the end of June next year. The Central Bank of the United Arab Emirates (CBUAE) has introduced the AED 100 billion Targeted Economic Support Scheme (TESS), which came into effect on 15 March 2020. We believe that this initiative will shield the economy from the impact of the pandemic and place us in an ideal position to recover, once the pandemic is over,” said Abdulhamid M. Saeed Alahmadi, governor of the Central Bank of the UAE. Central Bank of The UAE shall reserve the right to make any minor or major change of privacy policy Terms and Conditions from time to time without any prior notice. For banks participating in the Targeted Economic Support Scheme (Tess) programme, the regulator has granted an extension of the capital buffer relief of Dh50 billion to December 31, 2021. The extension of applicability period of the Tess will provide relief for retail, small and medium sized enterprises, and corporate banking customers. All new KT app is available for download: Get the latest news around the world in your inbox, so you dont miss out on the action. The Central Bank of the UAE projects the UAE’s real GDP to increase by 2.5 per cent in 2021. Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. To date, the TESS loan deferral programme has benefited more than 310,000 retail customers, nearly 10,000 small and medium sized enterprises, and more than 1,500 private sector corporates. If you would like to continue using our website after making such changes to such privacy policy, this means that you accept them. Court postpones hearing to facilitate talks between the... READ MORE, Descriptive reports being prepared for all subjects over the past two ... READ MORE, First in the region to offer esports and game design courses from... READ MORE, Moufide Bouchibi is an international kingpin, also known as 'The... READ MORE, Authorities said a total of 9,005,444 doses had been distributed till ... READ MORE, The kingdom's moon sighting committee had met earlier today to spot... READ MORE, Residents respond to Sheikh Mohammed's call to feed the needy. macro_action: article, To date, the Tess loan deferral programme benefited more than 310,000 retail customers, nearly 10,000 small and medium sized enterprises, and more than 1,500 private sector corporates. macro_profile: , 33/2020 and accompanying notice outlining further technical details of the programme, which was circulated directly to banks and finance companies within 'onshore' UAE. Move will provide relief for banks, finance companies enabling them to provide new loans, facilities to customers affected by the pandemic. Move will provide relief for banks, finance companies enabling them to provide new loans, facilities to customers affected by the pandemic. Central Bank of The UAE shall reserve the right to make any minor or major change of privacy policy Terms and Conditions from time to time without any prior notice. Screen, analyze and compare projects in the Middle East and North Africa across Infrastructure, Real Estate, Industrial and Energy sectors with Refinitiv’s Eikon. macro_adspot: ©2021 Galadari Printing and Publishing LLC. UAE - The UAE Central Bank has extended its Targeted Economic Support Scheme (Tess) for another six months until June 30, 2021 to continue its support for the economy during the Covid-19 pandemic. UAE national banks have returned close to Dhs14.47bn from the stimulus they garnered from the country’s central bank to combat the fallout of the Covid-19 pandemic, statistics have revealed. Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. Ramadan in UAE: Will the holy month begin on Tuesday or Wednesday? The scheme was first launched in March 2020 to support individuals and private sector firms through a range of integrated relief measures to the banking sector related to funding, liquidity, lending and capital. UAE banks use 30% of Covid-19 central bank support fund The TESS facility has an aggregate value of all capital and liquidity relief measures adopted by the CBUAE amounting to AED256bn. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Central BanK announces additional stimulus under TESS By DG Staff ABU DHABI 9 August 2020 : The Board of the Central Bank of the UAE (CBUAE), has decided on additional measures within the Targeted Economic Support Scheme (TESS), launched initially in March 2020 to further enhance the capacity of the banking sector to support the economy. The Central Bank of the UAE (CBUAE) is rolling out additional measures within the Targeted Economic Support Scheme (Tess), relaxing two key liquidity requirements to boost capacity of banks, in order to extend more support to companies and individuals amid the Covid-19 crisis. Operating income continued to decline for the third consecutive quarter. We believe that this initiative will shield the economy from the impact of the pandemic and place us in an ideal position to recover, once the pandemic is over,” said Abdulhamid M. Saeed Alahmadi, governor of the Central Bank of the UAE. Central Bank of UAE monitors banks’ utilisation of Targeted Economic Support Scheme. The UAE Central Bank has … Top Business Management & Finance Programmes. The Central Bank of the UAE (CBUAE) advises caution against responding to fraudulent e-mails and internet postings purporting to be legitimate CBUAE communications and postings. From January 1, 2021, banks and finance companies participating in the Scheme will be able to provide new loans and facilities to customers affected by the pandemic within the applicable terms and conditions set by the Tess standards. The Central Bank of the UAE has also announced a gradual implementation schedule of the remaining parts of the Basel III compliance project in three stages, starting from Q2 2021 until Q2 2022 to apply international regulatory standards. The CBUAE is not a retail bank and we do not carry out transactions or hold funds for members of the public. Daniel Richards, Mena economist at Emirates NBD Research, said banks will be able to extend deferrals to customers who qualify for support under this scheme. Top 10 banks have provided borrowers access to AED 51.1billion at the end of Q3’20 under the UAE Central Bank’s TESS program. The UAE Central Bank has launched a comprehensive Targeted Economic Support Scheme of AED 100 billion (TESS) to contain the repercussion of COVID-19, with immediate effect. You can change your cookie settings through your browser. Mideast Stocks: Major Gulf markets end mixed; financials weigh on Saudi stocks, Dubai Expo set to dazzle the world - Sheikh Hamdan. Under this new extension, the Central Bank will extend the duration of the Zero Cost Facility (ZCF) of Dh50 billion, which benefits retail and corporate banking customers and facilitates liquidity management for banks through collateralised funding at zero cost, for an additional period of six months. The Central Bank of the UAE (CBUAE) announced on 12 April that a total amount of AED 10bn ($2.7bn) has been provided to banks in the form of zero interest funding under TESS since its launch, and that more than AED 61bn ($16.6) worth of lowered cash reserve requirements has already been facilitated under the scheme. The purpose of TESS is to provide temporary relief from payments of principal and interest on outstanding loans for all companies and retail customers in the UAE affected by COVID-19. 4. Image used for illustrative purpose. CurrentRequestUnmodified: /apps/pbcs.dll/article?avis=KT&date=20210327&category=ARTICLE&lopenr=210329220&Ref=AR&profile=1664 There are about 175,000 customers under the … In March 2020, the UAE central bank launched a $70 billion package of capital and liquidity measures as part of a Targeted Economic Support Scheme (TESS). “The Central Bank remains committed to supporting the financial system of the UAE by taking the required measures to accelerate economic recovery from Covid-19 repercussions. Click/tap here to subscribe to Khaleej Times news alerts on Telegram. All rights reserved. TESS is a comprehensive programme covering all CBUAE measures in response to the COVID-19 pandemic. CBUAE Governor reviews TESS Programme, systemic stability with banks CEO’s ABU DHABI, 24th September, 2020 (WAM) -- Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE, CBUAE, yesterday conducted the quarterly meeting with CEOs of the largest banks operating in the UAE to discuss the continued preparedness of the banking sector to cope with the consequences of the … If you have been informed via email, social media, telephone or post that you have a claim on or have funds held at the … Ramadan in UAE: Will the holy month begin on Tuesday or Wednesday? READ MORE, The bag also contained important identity papers. Light in front of the Tess will provide relief for retail, small and medium sized enterprises, and not. Control, such external websites, entities, applications or media publishers by 2.5 per in... Alert: you may see military vehicles on roads, ramadan 2021: moon. Not sell my info loans, facilities to customers affected by the pandemic further on... 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