posted on 19/07/2012: 647 views
The EIBOR panel consisting of Central Bank and Banks representatives has agreed to the withdrawal of Barclays Bank from EIBOR fixing process after the 3 months' notice period.
A statement from the UAE Central Bank said that the Panel had met on Tuesday to discuss Barclays Bank's request to withdraw.
The EIBOR rates are set by a panel of 12 banks on a daily basis for various tenors by excluding the two highest and the two lowest from the submitted rates and taking the average of the rest.
Based on the justifications provided by Barclays Bank to withdraw from the EIBOR panel including the circumstances that have occurred for the bank in London and New York, the panel members agreed to the withdrawal after the 3 month's notice period, said the statement. – Emirates News Agency, WAM
|21 May 2013||Bank of London and The Middle East opens first overseas representative office in Dubai|
|08 May 2013||Money supply up to Dh 59.4 billion by March end: Central Bank|
|07 May 2013||UAE banks’ foreign assets soar|
|07 May 2013||Dubai’s financial hub status highlighted in Lisbon|
|06 May 2013||101% increase in Q1 2013 net profit announced by Emirates Islamic Bank announces|