74:, announced that the TESS was no longer necessary. Al Ghurair stated that 95% of banks had already surrendered their TESS quotas, and that the banking sector had taken sufficient precautions to ensure that customers were able to meet their credit commitments. The loan repayment deferral component of TESS ended on December 31, 2021, marking the first phase of the regulator's plan to gradually end the measures implemented during the pandemic. However, the TESS program continued to support new lending and financing until June 30, 2022.
50:
In
December 2020, the central bank announced that it would extend the validity of key components of the TESS until June 30, 2021. This extension allowed banks and finance companies participating in the TESS to provide new loans and facilities to customers affected by the pandemic starting on January
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at zero cost to participating banks. These loans were used to grant temporary relief to eligible customers for a period of up to six months.
117:"Assessing the effectiveness of Covid-19 financial product innovations in supporting financially distressed firms and households in the UAE"
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in funding from the bank and 50 billion freed up from the capital buffers of the banks, which were used to provide
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1, 2021. As of
December 2020, the TESS loan deferral program had already benefited over 310,000
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165:"Economic support of the federal government - The Official Portal of the UAE Government"
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311:"Covid: UAE Central Bank to extend pandemic relief to banking sector until June 2022"
262:"UAE Central Bank committed to recovery and gradual withdrawal of support measures"
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Gerth, Florian; Ramiah, Vikash; Toufaily, Elissar; Muschert, Glenn (2021-12-01).
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215:"UAE Central Bank extends Targeted Economic Support Scheme until June 2021"
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91:"UAE central bank starts gradual curb of COVID-19 stimulus measures"
236:"UAE banks no longer require Covid support, says banking chief"
190:"UAE's economic recovery to accelerate, IMF says"
287:"Dubai's GDP grew 5.9% to $ 27.8bln in Q1 2022"
345:COVID-19 pandemic in the United Arab Emirates
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37:economic impacts of the COVID-19 pandemic
33:Central Bank of the United Arab Emirates
121:Journal of Financial Services Marketing
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340:Economy of the United Arab Emirates
260:Derhally, Massoud A. (2021-09-23).
39:. The TESS consisted of 50 billion
57:small and medium-sized enterprises
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234:Abouelkheir, Lara (25 Oct 2021).
35:in March 2020 in response to the
21:Targeted Economic Support Scheme
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213:Godinho, Varun (2020-11-17).
16:UAE economic stimulus package
188:Khan, Sarmad (2021-09-30).
41:United Arab Emirates dirham
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350:Economic stimulus programs
133:10.1057/s41264-021-00098-w
55:customers, nearly 10,000
285:Scaria, Seban; ZAWYA.
70:, the chairman of the
59:, and more than 1,500
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45:collateralized loans
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63:companies.
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199:2022-12-21
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101:2022-12-21
78:References
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150:8126471
95:Reuters
27:) is a
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