Abu Dhabi, 2nd Apr. 2014 (WAM) -- The Board of Directors of Central Bank of the UAE reviewed during its second meeting for the year 2014 on Tuesday the progress report on the Saqer Project execution phase (restructuring of the Central Bank). The report included the 14 project achievements proposed by the assigned consultancy company - Oliver Wyman, in comparison with the said company?s plan and completion rate as well as the current status of each project.
The meeting, held under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board and attended by Board Members, and a group of senior Central Bank staff, also reviewed a report on the latest developments of the project regarding a study of exchange business in the UAE carried out by McKinsey for management consulting. The Board also reviewed a report on the latest developments of the CB IT strategy project undertaken by BCG and procedures taken so far in this regard. Furthermore, the Board discussed applications submitted by banks & other financial institutions operating in the UAE for the expansion of their activities and opening new branches. The Board approved the applications that fulfill the conditions as per the law and regulations applicable to each individual business activity. The Board reviewed a memorandum submitted by the Governor on a Financial draft law concerning owners or investors at real estate sector in the United Kingdom that is presented to the British parliament. The Board also reviewed information memorandums submitted by H.E. The Governor regarding the following:1-Discussions during Bank of International Settlements? meetings regarding latest developments of international economy (24 February 2014, Sidney ? Australia). 2-Outcome of the meeting of the GCC Committee of Governors of Central Banks and Monetary Agencies? Kuwait (12 March 2014). 3-Discussions during the Fifth Consultative Meeting for MENA Financial Stability Board (20 March 2014, Rabat ? Kingdom of Morocco). Subsequently, the Board completed the discussion of the remaining topics listed on its agenda as well as other emerging topics and made appropriate decisions in this regard.Copyright Emirates News Agency (WAM) 2014.
