Monetary Authority of Singapore

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Yale University EliScholar – A Digital Platform for Scholarly Publishing at Yale YPFS Documents (Series 1) Browse by Media Type 9-3-2010 MAS Issues Responses to Feedback On Proposed Enhancements to Deposit Insurance Scheme Monetary Authority of Singapore Follow this and additional works at: https://elischolar.library.yale.edu/ypfs-documents Recommended Citation Monetary Authority of Singapore, "MAS Issues Responses to Feedback On Proposed Enhancements to Deposit Insurance Scheme" (2010). YPFS Documents (Series 1). 11662. https://elischolar.library.yale.edu/ypfs-documents/11662 This Document is brought to you for free and open access by the Browse by Media Type at EliScholar – A Digital Platform for Scholarly Publishing at Yale. It has been accepted for inclusion in YPFS Documents (Series 1) by an authorized administrator of EliScholar – A Digital Platform for Scholarly Publishing at Yale. For more information, please contact elischolar@yale.edu. A Singapore Government Agency WebsiteWHO WE ARE | CONTACT USHome /  News /  Media Releases /  2010 /  MAS Issues Responses to Feedback On Proposed Enhancements to... ! " #Media Releases | Published Date: 03 September 2010MAS Issues Responses to Feedback On ProposedEnhancements to Deposit Insurance SchemeSingapore, 3 September 2010…The Monetary Authority of Singapore (MAS) has issued our responses to feedbackreceived from the public consultation on the proposed enhancements to the Deposit Insurance (DI) Scheme inSingapore, which was published on 25 February 2010. 2    MAS had proposed enhancements to the Scheme to enhance protection for depositors.  We received useful feedbackfrom consumers and the industry. After careful consideration, we have decided to proceed with the proposals to expandthe scope of coverage to insure deposits of other non-bank depositors such as sole proprietorships and partnerships,and to raise the DI coverage limit from S$20,000 to S$50,000 per depositor per Scheme member.  With these changes,91% of depositors under the Scheme will be fully insured.  This meets our objective of providing adequate coverage forsmall depositors, while preserving the incentives for large depositors to exercise market discipline, and keeping costs toScheme members manageable.3    MAS intends to consult on proposed legislative amendments in the later part of this year, with a view toimplementing the revised Scheme in early 2011.  4    The current study formed part of MAS’ regular review with the Singapore Deposit Insurance Corporation , to ensurethat the Scheme which was first implemented in 2006, continues to be relevant.  The Scheme is independent of theGovernment guarantee on deposits which expires on 31 December 2010.5    To view MAS' response to the feedback received, please click on the following link $ (150.6 KB).***Monetary Authority of SingaporeSubscribe to UpdatesGet notified whenever news and updates are posted on this website. Contact UsReport Vulnerability % | Privacy Statement | Terms of Use © 2021, Government of Singapore. Last updated on 08 Apr 2019Search www.mas.gov.sg &Regulation Development Monetary Policy Bonds & Bills Currency Publications Statistics News Careers' (

MAS Issues Responses to Feedback On Proposed Enhancements to Deposit Insurance Scheme

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MAS Issues Responses to Feedback On Proposed Enhancements to Deposit Insurance Scheme

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