FNC goes into recess without approving the draft bill on the establishment of Emirates Development Bank

Abu Dhabi, July 1, 2009 (WAM) - The Federal National Council (FNC) concluded its third regular legislative season yesterday by approving two different federal laws pertaining to financial instruments and federal revenue, before finally going into recess. The fifteenth and final session of the third season in the 14th legislative chapter was chaired by Speaker HE Abdul Aziz Abdullah Al Ghurair.
Minister of State for Financial Affairs HE Obeid Humaid Al Tayer and UAE Central Bank Governor HE Sultan Bin Nasser Al Suwaidi made respective appearances in the session.
The FNC returned the draft bill pertaining to the establishment of Emirates Development Bank to the special committee asking it to conduct more studies before it is discussed again when the FNC convenes in the next season.
The session discussed nearly two thirds of the 23-article federal draft bill, which was approved by the cabinet earlier last week, and objected to seven articles as they contradicted with the objective of the establishment of the bank, viz. development, the FNC noted. Some members pointed out that a number of articles in the bill contradicted with the draft constitution of the country and were prepared in haste