Bahrain's banks are well covered against the impact of debt troubles at Saudi conglomerates Saad Group and Ahmad Hamad Algosaibi & Brothers, the country's central bank governor told Reuters on Saturday.

'As far as we're concerned we're happy. Banks are well-covered and there's nothing to worry about,' Rasheed al-Maraj said on the sidelines of the Gulf Cooperation Council meeting in Oman's capital.

Asked if there had been any developments on Saad/Algosaibi involving local banks, he said: 'Nothing has changed.'

The Central Bank of Bahrain (CBB) assumed control of The International Banking Corporation (TIBC), owned by Algosaibi, and Saad's Awal Bank in July 2009 and appointed external administrators to protect creditors' claims.-Reuters