UAEがサウジ2社に対する貸倒引当金の増額を指示
UAE中銀は国内銀行に対し、サウジのアル・グサイビー社とサアド社向け融資額の50％から80％に引き上げるよう指示を出した。
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UAE asks for action over Saudi loans
By Simeon Kerr in Dubai
Published: December 27 2010 19:37 | Last updated: December 27 2010 19:37
United Arab Emirates' central bank has asked banks to raise provisions against loans to the Saudi family owned groups Ahmad Hamad Algosaibi and Brothers (Ahab) and Saad Group from 50 per cent to 80 per cent.
The demand, in a circular to UAE-based lenders, comes as the regulator takes an increasingly conservative approach to the exposure of financial institutions to the troubled Saudi groups, which are locked in a series of legal disputes. The furore has rocked Gulf financial institutions, raising questions about lax credit practices where "name lending", or issuance of loans on reputation alone, have come under scrutiny.
The UAE central bank called on domestic and international banks based in the country to set aside money for bad loans by the end of 2010.
Last year, they asked banks to provision for 50 per cent of their exposure to the Saudi groups, which have defaulted on loans worth billions.
Exposure to conglomerate Dubai World, which is restructuring $25bn of debts, as well as the real estate sector, is posing a drag on banks' profits as the UAE comes out of a 2009 recession.
The circular has also asked banks to maintain 100 per cent provisions on Awal Bank and The International Banking Corp, units of Saad Group and Algosaibi, respectively, which were taken over by the Bahraini central bank last year.
Reports have emerged that the troubled entities are willing to offer creditors up to 20 cents for every dollar owed via asset disposals.
Analysts say the dispute between Algosaibi and Saad – which between the two of them are estimated to owe more than 100 banks about $20bn – could drag on for years.
Last month, a Cayman Islands appeal court ruled that their multibillion dollar dispute should be heard in the offshore centre in the Caribbean, overturning a previous decision. The decision came as a setback for Maan al-Sanea, the billionaire owner of Saad, who is being sued by Ahab.
The dispute between the two companies blew up last summer, sending shockwaves across the Gulf after it emerged that the established companies were struggling under large debts.
Ahab, which is owned by one of Saudi Arabia's most prominent merchant families, has since waged a campaign against Mr Sanea, accusing him of a "massive fraud" that it claims could be as much as $10bn.
Mr Sanea, who is related to Ahab's owners through marriage, has denied the allegations, accusing Ahab of making the claims to "excuse its own failures to meet its financial obligations".
He shot to prominence in 2007 when he bought a 3 per cent stake in HSBC.
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http://hibikan.at.webry.info/201002/article_198.html
http://hibikan.at.webry.info/201003/article_292.html
http://hibikan.at.webry.info/201005/article_53.html
http://hibikan.at.webry.info/201008/article_12.html
http://hibikan.at.webry.info/201006/article_227.html
http://hibikan.at.webry.info/201012/article_135.html
UAE asks for action over Saudi loans
By Simeon Kerr in Dubai
Published: December 27 2010 19:37 | Last updated: December 27 2010 19:37
United Arab Emirates' central bank has asked banks to raise provisions against loans to the Saudi family owned groups Ahmad Hamad Algosaibi and Brothers (Ahab) and Saad Group from 50 per cent to 80 per cent.
The demand, in a circular to UAE-based lenders, comes as the regulator takes an increasingly conservative approach to the exposure of financial institutions to the troubled Saudi groups, which are locked in a series of legal disputes. The furore has rocked Gulf financial institutions, raising questions about lax credit practices where "name lending", or issuance of loans on reputation alone, have come under scrutiny.
The UAE central bank called on domestic and international banks based in the country to set aside money for bad loans by the end of 2010.
Last year, they asked banks to provision for 50 per cent of their exposure to the Saudi groups, which have defaulted on loans worth billions.
Exposure to conglomerate Dubai World, which is restructuring $25bn of debts, as well as the real estate sector, is posing a drag on banks' profits as the UAE comes out of a 2009 recession.
The circular has also asked banks to maintain 100 per cent provisions on Awal Bank and The International Banking Corp, units of Saad Group and Algosaibi, respectively, which were taken over by the Bahraini central bank last year.
Reports have emerged that the troubled entities are willing to offer creditors up to 20 cents for every dollar owed via asset disposals.
Analysts say the dispute between Algosaibi and Saad – which between the two of them are estimated to owe more than 100 banks about $20bn – could drag on for years.
Last month, a Cayman Islands appeal court ruled that their multibillion dollar dispute should be heard in the offshore centre in the Caribbean, overturning a previous decision. The decision came as a setback for Maan al-Sanea, the billionaire owner of Saad, who is being sued by Ahab.
The dispute between the two companies blew up last summer, sending shockwaves across the Gulf after it emerged that the established companies were struggling under large debts.
Ahab, which is owned by one of Saudi Arabia's most prominent merchant families, has since waged a campaign against Mr Sanea, accusing him of a "massive fraud" that it claims could be as much as $10bn.
Mr Sanea, who is related to Ahab's owners through marriage, has denied the allegations, accusing Ahab of making the claims to "excuse its own failures to meet its financial obligations".
He shot to prominence in 2007 when he bought a 3 per cent stake in HSBC.
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