ID :
61542
Wed, 05/20/2009 - 16:21
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https://oananews.org//node/61542
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FNC passes bank deposit guarantee
Abu Dhabi May 20, 2009 (WAM) - The Federal National Council (FNC) passed yesterday a federal bill on bank deposit guarantee after debate with Minister of State for Financial Affairs H.E Obeid Al Tayer and Governor of the UAE Central Bank H.E Sultan Al Suweidi.
The house committee for financial, economic and industrial affairs said the federal draft law aims at boosting confidence on sound financial situation and reduce conventional risks in the function of the banking system. It said the issue of the bill fits well with current conditions born out of the international financial crisis.
Al Tayer said the legislation whose enforceability ends in 2012 guarantees deposits and spur financial firms to deal with banks. “It will also bolster the financial situation and attract foreign capital,'' he added.
“The aim is to protect national economy and state's rights and assure international financial institutions," he said.
Labour Minister H.E. Saqr Ghobash attributed the delay in implementing cabinet decision to transfer workers' salaries to the banks to the lack of variability of this process for the employers. "The Ministry has, in collaboration with the Central Bank, developed an integrated electronic system to protect salaries. It will be launched on May 26 and it is poised to boost the country's image and the job market's stability," he added.
Ghobash pointed out that the new system will help detect the companies' compliance with the decision.
"Currently, there are 500,000 workers who receive their salaries via banks." Ghobash said stiff penalties await the companies found in violation of the rule requiring them to transfer their workers' salaries to their bank accounts.
He referred to the directives of Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum to grant the worker the right to move to another job if his/her salary was not paid for more than two months.
Ghobash said some 250 workers benefited from the rule, while 16 companies were referred to the prosecution for claims of violation.
Answering a question tabled by FNC member Yousif Isa Obaid Al Nuaimi on the lack of media coverage of the FNC news, Ghobash, who is the Chairman of the National Media Council (NMC), said the Council was making huge efforts to highlight activities of the FNC.
He added that the Emirates News Agency (WAM), through its Arabic and English desks, always transmit news and updates about the FNC, which are usually picked by local and foreign media. The NMC's website also spotlights FNC's latest news in nine languages.
"We noticed good coverage of FNC related news by the local and regional newspapers and other media." Al Nuaimi commented that what they needed was not routine coverage of activities, but of the FNC's sessions so the citizens can learn about their representatives' efforts to reflect their issues to the government.
Ghobash answered by saying the NMC holds a monthly meeting with the chief editors of newspapers and directors of radio and TV stations. "Next meeting will be devoted to discussing this. Al Nuaimi and other respected FNC members are welcome to take part in the meeting."
Environment '&' Water Minister H.E. Dr Rashid Ahmed bin Fahad underscored his Ministry's effort to prevent pollution caused by stone crushers at the quarries.
"There are 103 crushers in the country, 84 percent of which are fully compliant with the required standards. The cabinet resolution has granted a one year deadline, ending in mid-July, to the quarries in the UAE to introduce tangible improvements to their operations." The FNC received a written reply from the Health Minister Dr Hanif Hassan who is currently in Geneva to attend WHO meetings, on the arrangements taken by the Ministry to counter any possible outbreak of swine flu.
The FNC approved a draft federal law on creation of the Federal Health Authority. It also recommended speeding up enactment of a law on the children's rights
The house committee for financial, economic and industrial affairs said the federal draft law aims at boosting confidence on sound financial situation and reduce conventional risks in the function of the banking system. It said the issue of the bill fits well with current conditions born out of the international financial crisis.
Al Tayer said the legislation whose enforceability ends in 2012 guarantees deposits and spur financial firms to deal with banks. “It will also bolster the financial situation and attract foreign capital,'' he added.
“The aim is to protect national economy and state's rights and assure international financial institutions," he said.
Labour Minister H.E. Saqr Ghobash attributed the delay in implementing cabinet decision to transfer workers' salaries to the banks to the lack of variability of this process for the employers. "The Ministry has, in collaboration with the Central Bank, developed an integrated electronic system to protect salaries. It will be launched on May 26 and it is poised to boost the country's image and the job market's stability," he added.
Ghobash pointed out that the new system will help detect the companies' compliance with the decision.
"Currently, there are 500,000 workers who receive their salaries via banks." Ghobash said stiff penalties await the companies found in violation of the rule requiring them to transfer their workers' salaries to their bank accounts.
He referred to the directives of Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum to grant the worker the right to move to another job if his/her salary was not paid for more than two months.
Ghobash said some 250 workers benefited from the rule, while 16 companies were referred to the prosecution for claims of violation.
Answering a question tabled by FNC member Yousif Isa Obaid Al Nuaimi on the lack of media coverage of the FNC news, Ghobash, who is the Chairman of the National Media Council (NMC), said the Council was making huge efforts to highlight activities of the FNC.
He added that the Emirates News Agency (WAM), through its Arabic and English desks, always transmit news and updates about the FNC, which are usually picked by local and foreign media. The NMC's website also spotlights FNC's latest news in nine languages.
"We noticed good coverage of FNC related news by the local and regional newspapers and other media." Al Nuaimi commented that what they needed was not routine coverage of activities, but of the FNC's sessions so the citizens can learn about their representatives' efforts to reflect their issues to the government.
Ghobash answered by saying the NMC holds a monthly meeting with the chief editors of newspapers and directors of radio and TV stations. "Next meeting will be devoted to discussing this. Al Nuaimi and other respected FNC members are welcome to take part in the meeting."
Environment '&' Water Minister H.E. Dr Rashid Ahmed bin Fahad underscored his Ministry's effort to prevent pollution caused by stone crushers at the quarries.
"There are 103 crushers in the country, 84 percent of which are fully compliant with the required standards. The cabinet resolution has granted a one year deadline, ending in mid-July, to the quarries in the UAE to introduce tangible improvements to their operations." The FNC received a written reply from the Health Minister Dr Hanif Hassan who is currently in Geneva to attend WHO meetings, on the arrangements taken by the Ministry to counter any possible outbreak of swine flu.
The FNC approved a draft federal law on creation of the Federal Health Authority. It also recommended speeding up enactment of a law on the children's rights
