Excellencies, Ladies & gentlemen The issues that we are debating now, to formulate our regulatory response are, 1)  UAE banks would have had no problem, if they owned sufficient first class and liquid securities among their assets, and here I do not mean “AAA” rated papers.
I mean, we have to look at the type of securities that would fit the category of liquid assets at times of crisis and what percentages of these securities would be suitable for our banks to hold. 2)  Inter-bank deposits plus MTNs, ECPs and similar instruments issued by UAE banks in international capital markets acted as a two edged sword during the crisis.