Ahmad Al Zaabi , Deputy Minister of Presidential Affairs, has called on banks in the UAE to cooperate with the Debts Settlement Fund . "We advise the banks that have not cooperated yet with the fund to do so," he said. "If they continue to refuse to cooperate we will contact the Central Bank to publish the names of these banks. Decisions will be issued for the government to not cooperate with these banks," he added, The National newspaper reported. The fund was set up following a directive by UAE President HH Sheikh Khalifa bin Zayed Al Nahyan on the 40th UAE National Day, 2 December 2011 to offer financial assistance to loan defaulters with limited income. Under the initiative, banks are required to waive 50 per cent of debtors' loans while the other half is settled by the AED 10 billion ( $2.7 billion ) fund, which would be reimbursed from the debtor by deducting a payment from their salary. Al Zaabi added, "Certain banks attempted to flout the Central Bank's rules and continued offering loans without collateral or security, which resulted in defaulting on these loans." Since launch, the Debts Settlement Fund has settle the debts of 2,700 out of 6,000 applicants, paying more than AED 1.8 billion to banks. Emiratis seeking assistance form the fund may book an appointment online at www.nddsf.ae .
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