This Notice is issued pursuant to section 25(2) of the Banking Act.
2 Every bank, in publishing1 its latest audited annual balance sheet and profit and loss account, and such consolidated accounts as may be required under the Companies Act in connection with the group of which the bank is a part, shall include the following:-
(a) A copy of the auditors? report; and
(b) A statement of its Tier I capital ratio and total capital adequacy ratio.
3 Subject to paragraph 4, in the case of a bank incorporated outside Singapore, the information referred to in paragraph 2 may be in a manner that complies with the law for the time being applicable to the bank in the place of its incorporation or origin. Further, as required in MAS Notice 608, a bank incorporated outside Singapore shall include within the publication a statement as to whether its home country requires its head office to confer lower priority to depositors of the foreign offices of that bank, vis-a-vis the home country depositors, in the repayment of deposits in the event of receivership, winding up proceedings or equivalent proceedings of the bank.
4 Banks which are not publishing the notes to their audited annual balance sheet and profit and loss statement are required to highlight in their publication the fact that the notes form an integral part of the audited financial statements and a full understanding of the statements and the state of affairs of the banks cannot be achieved without reference to the complete set of the banks? audited financial statements. Notwithstanding this, notes to the financial statements that relate to events or changes in policies that have or would have an adverse impact on the financial condition of the bank shall nevertheless be published.
5 Banks shall make available a complete set of audited financial statements, list of bank directors and list of subsidiaries, on a timely basis, to members of the public upon request and shall disclose in the publication the means by which these can be obtained.
6 The requirements of this Notice shall take effect from 14 Feb 2003 and apply to financial statements of banks for financial years beginning from or after 1 Jan 2002.
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