» Friday, November 27, 2009
Dubai
Asked how concerned the Prime Minister was about British banks being exposed to the debt crisis in Dubai, the PMS said that the restructuring announcement from Dubai World yesterday had caused disruption and uncertainty in world markets, but the Government along with the Financial Services Authority (FSA) and the Bank of England were continuing to closely monitor the situation. The Prime Minister’s view was that all UK banks were well capitalised and had undergone rigorous FSA stress testing.
Asked whether the Prime Minister was surprised that the matter was not discussed during his meeting with the Ruler of Dubai given the impact this had had on the London markets and UK banks, the PMS said that the UK economy was more resilient than it was and we were monitoring the situation very closely.
Asked if banks had been called in to make sure that they could withstand the disruption, the PMS recommended that people spoke to the Bank of England and the FSA.
Briefing took place at 10:00 | Search for related news
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