1. Balance Sheet to Rescue European Banks
Abu Dhabi (March 1, 2012) - The 2012 Global Financial Markets Forum
continued today with a focus in the morning on the Euro zone crisis.
Keynote speaker Axel Weber, former president of Deutsche Bundesbank, the
German Central Bank, from 2004 to 2011, and a member of European Central
Bank Governing Council, said European banks need to make up a shortfall of
115 billion euro (US$153.4 billion) by digging into their balance sheet.
Mr. Weber, who is also the perspective chairman of UBS board, said there will
be a rise in asset prices to match the rising liquidity in the zone.
“There is no alternative to fiscal austerity,” Mr. Weber said.
Another keynote speaker, David McWilliams, an economist, broadcaster and
author, offered a different perspective on the causes and the solution to fix the
crisis.
Instead of imposing harsh fiscal policies on debt-challenged nations - Portugal,
Ireland, Italy, Spain and Greece, collectively known as PIIGS - the stronger
nations, Germany and France, should provide relief, Mr. McWilliams said.
He said, for instance, Greece can never pay off its debt and it can only be
rescued through debt forgiveness.
“Richer nations should take responsibility for the weaker nations,” Mr.
McWilliams said. By not helping PIIGS, the stronger countries are “destroying
the very union that was supposed to be a family of nations.”
He also said the Euro zone crisis presents an opportunity for the rich GCC
nations. “European banking assets will eventually be sold very cheaply and the
sovereign wealth funds should be able to buy (at bargain,)” he said.
In other parts of his speech, Mr. Weber said the outlook for US and Emerging
Markets, Mr. Webber said is “bright,” but Japan, which is reeling from the 2011
tsunami, and Europe remain problematic.
An afternoon panel discussion comprising of Michael H. Tomalin, the Group
Chief Executive of NBAD; Tony Douglas, chief executive officer of Abu Dhabi

2. Ports Company (ADPC); Paul Reynolds, managing director of Rothschild; and
Ricky Thirion, vice president of treasury of Etihad Airways; agreed that the
UAE has a competitive advantage regionally and globally.
“I’m very positive about 2012 and prospects for 2013 are even better,” Mr.
Tomalin said.
2012 GFMF, held February 29 and March 1 in Abu Dhabi’s Emirates Palace
attracted over 700 investors and market observers.
Paul Volcker, former chairman of the US Federal Reserve System and economic
advisor to President Barak Obama, who was the keynote speaker on February
29, provided insight into proposals known as ‘Volcker Rule.’
- End-
Caption: Axel Weber, the former president of Deutsche
Bundesbank
About NBAD
The National Bank of Abu Dhabi (NBAD), The Number One Bank in UAE, was incorporated in
1968 and is listed on the Abu Dhabi Securities Exchange (ADX), under stock code (NBAD).
Ranked as one of the top 50 safest banks in the world, NBAD currently operates across 13
countries on four continents.
NBAD has a network of 116 branches and 500 ATMs to provide banking services to
customers all over the UAE.
Besides brick & mortar branches, NBAD provides 24 hour internet banking access through
NbadOnline and NbadDirect, the SMS-based payment service (Arrow) as well as account
access and personalised customer support through its 24-hour Call Centre.

3.
NBAD’s overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Egypt,
Libya, and Sudan in Africa; UK, France, and Switzerland in Europe; Hong Kong and Jordan
in Asia to Washington, D.C. in the U.S.A. Overall, NBAD has nearly 50 branches and 60
ATMs outside the UAE.
NBAD provides its customers with a wide variety of financial services targeting all
segments of the consumer and corporate markets.
NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by
Moodys and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle
Eastern financial institution.
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