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[ppferreira]

FRANKFURT (Dow Jones)--German claims on the United Arab Emirates totaled EUR7.53 billion as of the end of July, the Deutsche Bundesbank said in response to questions Friday.
The Bundesbank's data suggest that German banks may account for a significant part of the debts owed by Dubai World, the flagship state-controlled holding company that sent shock waves through global financial markets when it asked creditors for a standstill agreement on its debt.
As Dubai has been by far the most active of the seven emirates in attracting foreign capital over recent years, it appears more than possible that the bulk of Germany's exposure to the UAE is to Dubai-based borrowers.
Most of Germany's largest banks had said Thursday that they had "no exposure worth mentioning" to Dubai World.
The Bundesbank said that of the total claims of EUR7.53 billion, around EUR2.89 billion were due within a year. The bulk of the claims were denominated in dollars, with less than 10% denominated in euros and an even smaller amount in local currency.
The dollar has fallen by 6% against the euro since the figures were compiled, thus the euro-equivalent value of the claims registered by the Bundesbank may be slightly less than the July figures suggest.

Web Site: www.bundesbank.de