Deposit Insurance (Amendment) Regulations 2007

Status:

Published in Subsidiary Legislation Supplement
on 06 Jun 2007

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the course of a premium year or an exemption from the requirement to be a Scheme member granted to the foreign bank is withdrawn during the course of a premium year, as at the date on which the foreign bank becomes a Scheme member.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.

HENG SWEE KEAT

Managing Director,
Monetary Authority of Singapore.

[PPD 09/2006; AG/LEG/SL/77A/2007/1 Vol. 1]

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