Commercial banks in UAE asked to cooperate with Debts Settlement Fund.
Global Banking News-January 27, 2014--Commercial banks in UAE asked to cooperate with Debts Settlement Fund
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Global Banking News - 27 January 2014
Commercial banks in the UAE have been asked to cooperate with a debts settlement fund.
An official said, 'If they continue to refuse to cooperate we will contact the Central Bank to publish the names of these banks. Decisions will be issued for the government to not cooperate with these banks.'
The fund was set up in December 2011 to offer financial assistance to loan defaulters with limited income. It requires banks to waive 50 percent of debtors' loans, while the other half is settled by the fund.
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