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AT LAST, THE LAST LENDER comes in … 291109 29 November 2009

Filed under: Investasi dan Risiko — bumi2009fans @ 9:31 pm

U.A.E. Central Bank Stands Behind Lenders, Adds Funds (Update1)

By Arif Sharif

Nov. 29 (Bloomberg) — The United Arab Emirates’ central bank said it “stands behind” the country’s local and foreign banks, which face losses from Dubai World’s possible default, and offered them access to more money under a new facility.

The central bank will make available to banks “a special additional liquidity facility linked to the current accounts” at the central bank that can be drawn upon at a cost of 50 basis points above the three-month Emirates inter-bank offered rate, the Abu Dhabi-based regulator said in an e-mailed statement today.

Dubai World, a state-owned holding company struggling with $59 billion of debt and other liabilities, said Nov. 25 it would seek a “standstill” agreement with creditors. The news led to a slump in financial markets around the world and raised prospects of rising loan write-offs for U.A.E. and foreign banks.

“This is a very re-assuring move by the central bank in order to limit the risk of any run on Dubai-based banks,” said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh. It will alleviate any “liquidity concerns by foreign banks about the banking system, mostly those based in Dubai,” he said.

The U.A.E.’s banking system is “more sound and liquid than a year ago” and local banks’ sale of medium-term notes and commercial paper in foreign markets has declined by 25 percent over the period, the central bank said. Foreign interbank deposits make up only 5 percent of overall interbank deposits, the central bank said in the statement.
UAE cbank sets up liquidity facility for banks
Sun Nov 29, 2009 8:43am EST
DUBAI (Reuters) – The United Arab Emirates’ central bank set up a facility on Sunday to support liquidity in the banking system Dubai’s government sought to delay debt payments from two of its flagship firms, sending global markets lower.

Dubai rocked the financial world on November 25 when it said it would ask creditors of Dubai World DBWLD.UL, the conglomerate behind its rapid expansion, and Nakheel NAKHD.UL, builder of its palm-shaped islands, to agree to a standstill on billions of dollars of debt as a first step to restructuring. “(The) central bank has issued a notice to UAE banks and branches of foreign banks operating in the UAE, making available to them a special additional liquidity facility linked to their current accounts at the central bank, at the rate of 50 basis points above the 3 months EIBOR (Emirates interbank offered rate),” it said in a statement.

The bank did not give more details, only saying that it stood behind UAE banks and branches of foreign banks operating in the UAE, adding the Gulf Arab country’s banking system was more sound and liquid than a year ago.

“It is important because the main concern is that there might be some panic behavior by depositors in Dubai and by bankers who want to take deposits out of the banking system,” said John Sfakianakis, chief economist at Banque Saudi Fransi-Credit Agricole Group in Riyadh.

“This will support the liquidity and the overall soundness of the banking system in the UAE and especially in Dubai. The central bank is sending a strong message to everyone that they are providing ample liquidity and the guarantee to banks in the UAE,” he said.

State-run Dubai World had $59 billion of liabilities as of August, a large proportion of Dubai’s total debt of $80 billion and repayment of Nakheel’s $3.5 billion worth of Islamic bonds, which were originally due to mature on December 14, was widely expected by the market to be met.

Last year, the UAE finance ministry poured $6.8 billion into bank deposits, the first tranche of a $19.1 billion rescue facility it set up to help lenders weather the onslaught of the global credit crisis.

It deposited another $6.8 billion into banks in November 2008, but has not made any statements since regarding the remainder of those funds. This came after the central bank set up a $13.6 billion emergency bank lending facility to combat the crisis.

(Reporting by Martin Dokoupil and Raissa Kasolowsky; editing by John Irish)
Bank Sentral UEA Dukung Bank Pemberi Utang
Minggu, 29 November 2009 | 21:41 WIB

TEMPO Interaktif, Dubai – Bank sentral Uni Emirat Arab (UEA) mengatakan akan “mendukung” perbankan asing dan lokal yang bakal menghadapi kerugian dari kemungkinan gagal bayar yang menimpa Dubai World, dan menawarkan akses tambahan pendanaan di bawah fasilitas baru.

Dalam pernyataannya lewat surat elektronik, Ahad (29/11) ini, bank sentral akan menyediakan bagi bank-bank tersebut “fasilitas likuiditas tambahan khusus dalam rekening baru” di bank sentral yang dapat ditarik dengan bunga 0,5 persen di atas suku bunga tiga bulanan sertifikat bank sentral UEA.

Dubai World, perusahaan investasi yang dimiliki pemerintah Dubai, tengah bergulat dengan utang dan kewajiban lain sebesar US$ 59 miliar, mengatakan pada Rabu lalu tengah meminta penangguhan pembayaran kepada kreditur.

“Kabar ini menjadi langkah yang sangat meyakinkan dari bank snetral untuk membatasi risiko setiap bank yang bermarkas di Dubai,” kata John Sfakianakis, kepala ekonom di Banque Saudi Fransi, Riyadh, Arab Saudi. “Langkah itu juga bakal mengurangi kekhawatiran likuiditas oleh perbankan asing terhadap sistem perbankan, yang kebanyakan bermarkas di Dubai.”

Sebelumnya, pejabat Dubai World yang enggan disebutkan identitasnya mengatakan para konglomerat yang menguasai perusahaan investasi itu menolak kemungkinan penjualan beberapa aset dengan harga diskon untuk menutupi sebagian utang US$ 60 miliar milik Dubai World.

Harian Al-Itihad yang terbit Ahad (29/11) ini mengutip sumber dari dalam mengatakan, bulan lalu Dubai World “menolak ide penjualan beberapa aset investasi dan real estate.”

Dubai World memiliki proyek mulai dari pelabuhan hingga real estate. Harian itu menyebutkan Rabu lalu, Dubai World meminta penangguhan pembayaran utang selama minimal enam bulan yang juga akan melindungi anak perusahaan propertinya, Nakheel PJSC. Nakheel memiliki utang US$ 3,5 miliar yang harus dilunaskan bulan depan.

Dubai World per Agustus lalu memiliki kewajiban US$ 59 miliar dari total utang US$ 80 miliar. Lembaga bisnis itu memiliki investasi dalam bidang transportasi dan logistik, galangan kering dan kelautan, pembangunan perkotaan sampai investasi dan jasa keuangan.

Kabar tersebut mengguncang pasar global dan menciptakan ketakutan baru bahwa perbankan terpukul oleh resesi keuangan global akibat dipaksa menelan kerugian-kerugian baru.

AP | BLOOMBERG | BOBBY CHANDRA
UAE central bank provides liquidity to banks
November 30, 2009 – 1:59AM the australian
The central bank of the United Arab Emirates said on Sunday it is providing banks with extra liquidity, stressing its support to the banking sector after Dubai World asked to suspend debt payments.

The bank said in a statement it had issued a notice to UAE banks and foreign banks operating in the UAE “making available to them special additional liquidity facility linked to their accounts at the central bank.”

The statement gave no indication of how much extra liquidity was being set aside for the banking system.

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