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Barclays says financial crisis had no impact on UAE mortgage defaults

Barclays claims that the global economic crisis has not increased the number of defaults on mortgage in the UAE…

September 14, 2009 12:01 by



Barclays claims that the global economic crisis has not increased the number of defaults on mortgages in the UAE, reported Arabian Business on Sunday.

Michael Miebach, managing director for the MENA region, said “we have had no trouble. I can use four hands if I had them to count the cases that we have trouble with, and they are for genuine reasons that have nothing to do with the economy.”

Miebach credits the bank’s policy of lending exclusively to end users.



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