Definitions
2.  In this Order, unless the context otherwise requires —
“bank” has the same meaning as in section 2(1) of the Banking Act (Cap. 19);
“company” means any corporation liable to be wound up under the Act;
“cover pool”, in relation to a covered bond, means a pool of assets that are owned legally or beneficially, or both legally and beneficially, by a bank incorporated in Singapore or a covered bond special purpose vehicle, for the purpose of securing the payment of one or more of the following:
(a)the liabilities to a holder of the covered bond;
(b)any liabilities arising from the enforcement of the rights of a holder of the covered bond;
(c)any liabilities to any third-party service provider appointed for the purposes of the operation and administration of the programme under which the covered bond is issued;
[S 306/2017 wef 19/06/2017]
“covered bond” means any bond, note or other debenture issued by a bank incorporated in Singapore or by a covered bond special purpose vehicle established in connection with the programme introduced by a bank incorporated in Singapore for the issue of the bond, note or other debenture, under which the liabilities to a holder of such bond, note or debenture, and any liabilities arising from the enforcement of the rights of the holder are —
(a)secured by the assets in a cover pool; and
(b)recoverable from the bank regardless of whether the assets in the cover pool are sufficient to meet the liabilities;
[S 306/2017 wef 19/06/2017]
“covered bond special purpose vehicle” means a company incorporated in Singapore for the primary purpose of one or both of the following:
(a)issuing any covered bond;
(b)holding the cover pool in relation to any covered bond issued by a bank incorporated in Singapore or the company.