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 2-25-2010 MAS Releases Consultation Paper on Review of the Deposit Insurance Scheme in Singapore Monetary Authority of Singapore Follow this and additional works at: https://elischolar.library.yale.edu/ypfs-documents Recommended Citation Monetary Authority of Singapore, "MAS Releases Consultation Paper on Review of the Deposit Insurance Scheme in Singapore" (2010). YPFS Documents (Series 1). 11663. https://elischolar.library.yale.edu/ypfs-documents/11663 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 Releases Consultation Paper on Review of the Deposit Insurance... ! " #Media Releases | Published Date: 25 February 2010MAS Releases Consultation Paper on Review of theDeposit Insurance Scheme in Singapore​ ​ ​Singapore, 25 February 2010...The Monetary Authority of Singapore (MAS) is consulting the public on recommendationsto amend and enhance various features of the Deposit Insurance (DI) Scheme in Singapore.2   As part of our regular review, MAS and the Singapore Deposit Insurance Corporation (SDIC) which administers the DIScheme, have reviewed it to ensure that it continues to fulfill its primary objective of providing adequate protection tosmall depositors.3   The consultation paper proposes to expand the scope of coverage under the DI Scheme, beyond the deposits ofindividuals and charities, to other non-bank depositors such as sole proprietorships, partnerships, companies andunincorporated entities.  The paper also proposes to raise the coverage limit under the DI Scheme by 2.5 times fromS$20,000 to S$50,000 per depositor per Scheme member.  The increased coverage limit of S$50,000 would fully insure91% of the expanded insured depositor base of individuals, charities and other non-bank depositors.  This compares to83% of insured depositors who are fully insured currently under a S$20,000 coverage limit.  CPF monies placed with aScheme member will be insured under a separate S$50,000 limit.4   MAS invites interested parties to give their views and comments on the proposals contained in the ConsultationPaper. (Click here to view the consultation paper). $ (142.9 KB) We will assess and consider all comments receivedbefore finalising the proposals and commencing the legislative process, with a view to implement the amendments tothe DI Scheme by early 2011.  Please submit your written comments by 26 March 2010.Note to EditorThe DI Scheme was implemented in 2006.  Its design was guided by several considerations which included the need toprovide adequate protection for the majority of small depositors while limiting the cost of DI to Scheme members anddepositors and preserving the incentives for large depositors to exercise market discipline. The DI Scheme is administered by the Singapore Deposit Insurance Corporation (SDIC). For more information on theSDIC please refer to http://www.sdic.org.sg/ %***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' (

Review of the Deposit Insurance Scheme in Singapore

https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=12711&context=ypfs-documents

Review of the Deposit Insurance Scheme in Singapore

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