No. S 242
Deposit Insurance Act
(Chapter 77A)
Deposit Insurance (Amendment) Regulations 2007
In exercise of the powers conferred by section 8 of the Deposit Insurance Act, the Monetary Authority of Singapore hereby makes the following Regulations:
Citation and commencement
1.  These Regulations may be cited as the Deposit Insurance (Amendment) Regulations 2007 and shall come into operation on 11th June 2007.
Amendment of regulation 6
2.  Regulation 6 of the Deposit Insurance Regulations 2006 (G.N. No. S 8/2006) is amended by deleting paragraph (1) and substituting the following paragraph:
(1)  For the purposes of regulation 5(2) and subject to paragraphs (2) and (3), the asset maintenance ratio shall be calculated in accordance with the following formula:
where A
is the value of any eligible asset or eligible pledged asset which —
(a)is reflected as an asset in the books of the Scheme member in relation to its operations in Singapore;
(b)is free from any prior encumbrances;
(c)does not arise or result from any contractual or other arrangements with, or investments in, a counterparty related to the Scheme member; and
(d)is not used to meet any requirements in relation to minimum liquid assets or minimum cash balances;
is the percentage applicable to a particular eligible asset or an eligible pledged asset specified in the second column of the First or Second Schedule, as the case may be; and
is the insured deposit base of the Scheme member —
(a)as at 31st December of the preceding year; or
(b)in the case where the foreign bank becomes a Scheme member during the course of a premium year or an exemption from the requirement to be a Scheme member granted to the foreign bank is withdrawn during the course of a premium year, as at the date on which the foreign bank becomes a Scheme member.
Made this 4th day of June 2007.
Managing Director,
Monetary Authority of Singapore.
[PPD 09/2006; AG/LEG/SL/77A/2007/1 Vol. 1]