Читать книгу Corporate Governance - Quantity Versus Quality - Middle Eastern Perspective - Saleh Hussain - Страница 16

•The United Arab Emirate Central Bank injected DH50 bn (US$ 13.6 bn ) to support the market and provided a 3 year guarantee on bank deposits

•The Kuwait Central Bank also provided the public with a guarantee of bank deposits. It provided a bailout package to the collapsed Gulf Bank. The Kuwait government thereafter pledged KD1 billion (US$.3.3 bn ) to buy shares in the stock market

•The Saudi Arabian Monetary Agency "SAMA" injected liquidity in the market worth SAR40 bn (US$.10.7 bn ) to support the banks. It further approved a reduction in the bank deposit reserve requirement from 13% to 11%. Reports circulated of further undisclosed liquidity sums injected in the market to ease the liquidity crunch.

•The Central Banks of Bahrain, Qatar and Oman issued various circulars and made a number of announcements to assure markets that support to the banking industry would be provided as required.

•A high level meeting of finance ministers of the GCC was held in Riyadh on 24 October 2008. The attendees issued a communique assuring that the position of GCC - in dealing with the crisis is sound and pledging support to the banking sector in the GCC as needed.

•Central banks established committees to supervise daily liquidity and monitor the positions of banks and required daily returns and reporting from banks and financial institutions.