23.—(1) The Authority may, in addition to the functions referred to in section 4(2), exercise and discharge the following powers, duties and functions:| (a) | accept deposits of money and pay interest on such deposits; | | (b) | issue demand drafts and other kinds of remittances made payable at its own office or the offices of agencies or correspondents; | | (c) | purchase, repurchase, accept on deposit and sell gold coin or bullion; [Act 9 of 2013 wef 18/04/2013] | | (d) | purchase, repurchase, sell, discount and re-discount Treasury bills of the Government; [Act 9 of 2013 wef 18/04/2013] | | (e) | purchase, repurchase and sell securities of the Government or of any public authority which have been publicly offered for sale or form part of an issue which is being made to the public at the time of acquisition; [Act 9 of 2013 wef 18/04/2013] | | (ea) | grant any loan, advance, overdraft or other credit facility to the Government on such terms and conditions as the Authority thinks fit; [13/2007 wef 30/06/2007] | | (f) | purchase, repurchase, sell, discount and re-discount bills of exchange and promissory notes arising out of bona fide commercial transactions bearing 2 or more good signatures and maturing within 3 months (exclusive of days of grace) from the date of acquisition; [Act 9 of 2013 wef 18/04/2013] | | (g) | grant loans, advances or other credit facilities for the purposes of money market operations, on such terms and conditions as the Authority thinks fit, to such financial institutions or class of financial institutions as the Authority may from time to time determine; [24/2003 wef 01/01/2004] | | (ga) | for the purposes of money market operations —| (i) | issue securities in the name of the Authority in accordance with Part VA; | | (ii) | purchase, repurchase, sell, redeem, discount and re-discount such securities; and | | (iii) | do all things which the Authority may do under Part VA in connection with such securities; [Act 9 of 2013 wef 18/04/2013] |
| | (h) | invest in securities of the Government or of any public authority for any amount, and to mature at any time on behalf of staff and pension funds and other internal funds of the Authority; | | (i) | acquire, hold and sell shares of any corporation set up with the approval of, or under the authority of, the Government for the purpose of promoting the development of a money market or securities market in Singapore or for the financing of economic development in Singapore; | | (j) | purchase, repurchase and sell currency, and purchase, repurchase, sell, discount and re-discount bills of exchange and Treasury bills drawn in or on places outside Singapore; [Act 9 of 2013 wef 18/04/2013] | | (k) | borrow money, establish credits and give guarantees in any currency, inside and outside Singapore, on such terms and conditions as the Authority may think fit; | | (l) | maintain accounts with central banks outside Singapore and with other banks inside and outside Singapore; | | (m) | purchase, repurchase and sell securities of, or guaranteed by, such guarantor, governments or international financial institutions as may be approved by the board, or purchase, repurchase and sell such other securities, financial instruments and investments as may be approved by the board; [13/2007 wef 30/06/2007] [Act 9 of 2013 wef 18/04/2013] | | (n) | act as correspondent, banker or agent for any central bank or other monetary authority and for any international bank or international monetary authority established under governmental auspices; | | (o) | open accounts for, and accept deposits from, the Government, public authorities, companies in which the Government or a public authority has a substantial interest, and companies which are deemed to be related to those companies by virtue of section 6 of the Companies Act (Cap. 50), banks and other credit institutions in Singapore; | | (p) | underwrite loans in which the Authority may invest; | | (q) | undertake the issue and management of securities issued by the Government or by any public authority; [31/2005 wef 18/10/2005] | | (qa) | form or participate in the formation of any company or in any joint venture as a shareholder or partner or in any other capacity, for purposes that are necessary or expedient for the purpose of discharging its functions or achieving its objects; and [31/2005 wef 18/10/2005] | | (r) | do generally all such things as may be commonly done by bankers and are not inconsistent with the exercise of its powers or the discharge of its duties under this Act. [31/72; 26/84] [13/2007 wef 30/06/2007] |
| (2) For the purposes of subsection (1)(o) and section 30(d), the Government or a public authority shall have a substantial interest in a company if it, either by itself or together with any other public authority, has an interest or interests in one or more voting shares in the company and the vote or votes attached to that share, or the total votes attached to those shares either held by itself or together with any other public authority, is not less than 20% of the total votes attached to all the voting shares in the company. [21/2005 wef 30/01/2006] |
| (3) In subsection (1), a reference to the purchase of any securities or Treasury bills includes subscribing for such securities or Treasury bills. [13/2007 wef 30/06/2007] |
| (4) Notwithstanding subsection (1), the Authority shall not grant any loan, advance, overdraft or other credit facility to the Government, or underwrite any loan to the Government, unless the Authority is satisfied that such loan, advance, overdraft or credit facility is required by the Government to meet unexpected and temporary shortfall in the Government’s revenue relative to its expenditure. [13/2007 wef 30/06/2007] |
| (5) Notwithstanding subsection (1), the Authority shall not directly subscribe for any securities issued by the Government or any public authority. [13/2007 wef 30/06/2007] |
(6) Subsection (5) shall not apply to any subscription for debt securities issued by the Government or any public authority that is made in connection with —| (a) | in the case of debt securities (including Treasury bills) issued by the Government, the conduct of monetary policy or the development of the bond market in Singapore; or | | (b) | in the case of debt securities issued by any public authority, the development of the bond market in Singapore, |
| but only insofar as the subscription does not compromise the object of the Authority referred to in section 4(1)(a). |
[13/2007 wef 30/06/2007] |
(7) Nothing in this section shall be construed as authorising the Authority to —| (a) | grant any loan, advance, overdraft or other credit facility to any public authority; or | | (b) | underwrite any loan to any public authority. [13/2007 wef 30/06/2007] |
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(7A) For the purposes of Part IVB, the Authority may (in addition to its other powers) —| (a) | grant a loan to a trustee of a resolution fund within the meaning of Division 5B of that Part; and | | (b) | do all such things as are necessary or expedient to be done for the orderly resolution of a financial institution. [Act 31 of 2017 wef 29/10/2018] |
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| (8) The Authority may, in addition to the powers, duties and functions set out in this Part, exercise all powers and perform all functions and duties conferred or imposed on the Authority under this Act, the written laws set out in the Schedule, and any other written law. [13/2007 wef 30/06/2007] |
| (9) The Minister may, from time to time, by order published in the Gazette, amend the Schedule. [13/2007 wef 30/06/2007] |
| (10) Notwithstanding section 56 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A), the Authority may, for the purposes of performing the Authority’s functions and duties under this Act, the written laws set out in the Schedule and any other written law, require a relevant Suspicious Transaction Reporting Officer to disclose to the Authority any information or matter which he has obtained in the performance of his duties or the exercise of his functions under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. [Act 9 of 2013 wef 18/04/2013] |
(11) In this section —| “relevant Suspicious Transaction Reporting Officer” means a Suspicious Transaction Reporting Officer who is an officer or employee of the Authority; |
| “Suspicious Transaction Reporting Officer” has the same meaning as in section 2(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. [Act 9 of 2013 wef 18/04/2013] |
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