Quickly uncover hidden opportunities with comprehensive data and content. 2 min. The amount allocated for TESS includes USD 13.6 billion collateralized loans by the Central Bank of UAE at zero cost to all banks operating in the country. The 'targeted economic support scheme' (TESS), which was launched on 15 March, has three strands and has been put in place for a period of one year. The speed with which financial institutions are able to tap into these reserves and make these much-needed banking reliefs available will be very important. Move will provide relief for banks, finance companies enabling them to provide new loans, facilities to customers affected by the pandemic. CBUAE governor, Abdulhamid Saeed, said he believes TESS "will act as a catalyst to strengthen economic activity and effectively mitigate financial risk, while also ensuring that the businesses are prepared for the post-Covid-19 era". Copyright © 2020 Khaleej Times. Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013. 26 banks availed TESS liquidity facility, with 17 banks drawing down 100%: CBUAE ABU DHABI, 17th June, 2020 (WAM) -- The Board of Directors of the Central Bank of the UAE (CBUAE) held its 6th meeting this year via video conference on Tuesday, June 16, 2020. 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). On 15 March 2020, the Central Bank of UAE launched the Targeted Economic Support Scheme (TESS) with a value of USD 69.7 billion (USD 13.6 billion). Using this tool will set a cookie on your device to remember your preferences. The Central Bank of the United Arab Emirates (CBUAE) has introduced the AED 100 billion Targeted Economic Support Scheme (TESS), which came into effect on 15 March 2020. CBUAE Classification: Public Bank CEOs welcome TESS extension by CBUAE Abu Dhabi : H.E. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. Central Bank of UAE monitors banks’ utilisation of Targeted Economic Support Scheme. The main goal of TESS is to: facilitate payments of outstanding loans … To accept all cookies click 'Accept all'. The UAE Central Bank has extended its Targeted Economic Support Scheme (Tess) for another six months until June 30, 2021 to continue its support for … The scheme was launched on March 15 to help individuals, SMEs and other private businesses impacted by the current coronavirus crisis. All Rights Reserved. TESS consists of an AED 50 billion allocated facility from the CBUAE for collateralised loans to be provided at zero cost to all banks licensed to operate in the UAE (TESS Facility) and AED 50 … Coronavirus: TESS scheme helps UAE banks help businesses, Alteria - brand management and enforcement, Building a private equity-backed micro city, Delivering democratized investment for AJ Bell, Establishing the Mindful Business Charter, Helping an English Premier League club win, Leveraging legal tech to respond to privacy concerns, Paving the way for autonomous last-mile delivery, Using voice technology in financial services, International arbitration in construction, Joint ventures – Delivering infrastructure projects, EU fines for gaming companies for unjustified geo-blocking, Flexible resourcing can help GCs with changing working patterns, Rise in interim relief applications ‘a concern’, UAE economic substance notification deadlines relaxed, See our Cookie Policy for more information. It said: "The Central Bank encourages all boards and management of Banks to accelerate their confirmation to implement TESS measures as soon as possible. Out-Law News | 15 Apr 2020 | 8:48 am | The Targeted Economic Support Scheme (TESS) was launched in March 2020 to support the UAE’s economy during the COVID-19 pandemic, through a range of integrated relief measures to the banking … More than 140,000 eligible customers have already benefited from the TESS liquidity facility. We can use your selection to show you more of the content that you’re interested in. By Waheed Abbas, Khaleej Times UAE - The UAE Central Bank has extended its Targeted Economic Support Scheme (Tess) for another six months until June 30, 2021 to continue its support for the economy during the Covid-19 pandemic. UAE - The UAE Central Bank has extended its Targeted Economic Support Scheme (Tess) for another six months until June 30, 2021 to continue its support for the economy during the Covid-19 pandemic. in COVID-19, Economy / UAE. ", "The measures announced by the UAE Central Bank – similar to provisions announced by other central banks worldwide – are intended to support and relieve the pressure on financial institutions, allowing them to offer the required relief and continued access to funding for businesses and individuals operating here in the UAE. Screen, analyze and compare projects in the Middle East and North Africa across Infrastructure, Real Estate, Industrial and Energy sectors with Refinitiv’s Eikon. In late November, the central bank extended the validity of key components of TESS, meaning they will be in place until at least June 2021. Copyright © 2021 Zawya. The Central Bank of the UAE and the UAE Banks Federation conducted a cyber attack simulation exercise to check how well equipped the country's banking sector is to counter potential cyber threats. The Tess, the Dh100 billion stimulus package announced by the Central Bank on March 15, is a part of the UAE government’s overarching efforts to mitigate the impacts of the pandemic. 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The Central Bank of the UAE (CBUAE) announced on 12 April that a total amount of AED 10bn ($2.7bn) has been provided to banks in the form of zero interest funding under TESS since its launch, and that more than AED 61bn ($16.6) worth of lowered cash reserve requirements has already been facilitated under the scheme. The Central Bank of the UAE praised the UAE leadership for its efforts in aiding the country's economic recovery. Value of all capital and liquidity relief measures since March 14, 2020 reaches Dh256b The Central Bank of the UAE (CBUAE) announced on 12 April that a total amount of AED 10bn ($2.7bn) has been provided to banks in the form of zero interest funding under TESS since its launch, and that more than AED 61bn ($16.6) worth of lowered cash reserve requirements has already been facilitated under the scheme. This website and those in charge of the same shall follow comprehensive and … Sep 24, 2020. You can change your cookie settings through your browser. We use essential cookies to operate our website. September 24, 2020. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. TESS is a program by the UAE central bank to protect vulnerable borrowers during COVID19 difficult times.#UAE #centralbank #TESS Share on Facebook Share on Twitter. The Central Bank of the United Arab Emirates (CBUAE) has introduced the AED 100 billion Targeted Economic Support Scheme (TESS), which came into effect on 15 March 2020. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. The Central Bank of the UAE has called on banks across the emirates to "accelerate" their implementation of support measures for businesses in light of the coronavirus pandemic. 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