17 October 2008

THE SINGAPORE GOVERNMENT GUARANTEES ALL SINGAPORE DOLLAR AND FOREIGN CURRENCY DEPOSITS IN BANKS LICENSED BY MONETARY AUTHORITY OF SINGAPORE (MAS).

In a joint press statement made on 16 October 2008, Ministry of Finance (MOF) and MAS announced that the Singapore Government will guarantee all Singapore Dollar and foreign currency deposits of individual and non-bank customers in banks, finance companies and merchant banks licensed by MAS.

This guarantee would take immediate effect and will remains in place until 31 December 2010. All depositors, big and small, corporates and individuals, including those under the current Deposit Insurance Scheme administered by the Singapore Deposit Insurance Corporation will now enjoy protection from the Government on the full amount of their deposits for the duration of the guarantee.

To read the complete press release, please visit MAS website at http://www.mas.gov.sg/news_room/press_releases/2008/MOF_and_MAS_Joint_Press_Statement.html