The Board of Directors of the Central Bank of the UAE (CBUAE) during its 6th meeting of the year, reviewed the functioning of Targeted Economic Support Scheme (TESS).
The meeting was held via video conference on Tuesday, June 16, 2020. It took place under the chairmanship of Hareb Masood Al Darmaki, the Chairman of the Board.
The meeting was attended by Abdulrahman Saleh Al Saleh, Deputy Chairman of the Board, Abdulhamid Saeed, the Governor and Board members Younis Haji Al Khoori, Khaled Mohammed Salem Balama, Khalid Ahmad Al Tayer and Ali Mohammed Al Madawi Al Remeithi, and a group of senior CBUAE employees.
The Board reviewed the utilisation of the Targeted Economic Support Scheme (TESS) and noted the progress in the drawdown of the liquidity facility and the deferrals provided by banks to eligible customers. Up to date, banks operating in the UAE availed 88% of the AED 50 billion liquidity facility, equivalent to AED 44 billion of allocated funds.
A total of 26 banks availed the TESS liquidity facility, with 17 banks drawing down 100%.
More than 140,000 eligible customers have already benefited from the TESS liquidity facility. The Board also reviewed the details of support provided to customers outside of the TESS liquidity facility.
More than 180,000 customers have benefited from such support, with a total deferral value of approximately AED8 billion.
Furthermore, the Board took note of all the relief measures adopted to mitigate the effects of Covid-19, including liquidity measures, guidance and notices circulated to banks by the CBUAE.
The Board of Directors reviewed reports on financial system surveillance, resilience of the UAE banking sector to stress, and macro-financial developments. The Board completed the discussion on other agenda items and took appropriate decisions.
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