1 This notice is issued pursuant to Section 55 of the Banking Act (Cap 19) [the Act]. It sets out certain disclosure requirements that apply to banks in Singapore in addition to the requirements relating to financial statements as specified in the Companies Act (Cap. 50), including the Accounting Standards prescribed under the Companies Act. The presentation and layout of the financial statements is a matter for banks to decide in consultation with their auditors. Banks may disclose other information in their financial statements, in addition to those specified in this Notice.
Definitions
2 For the purposes of this Notice -
"Accounting Standards" has the same meaning as in section 4 of the Companies Act (Cap. 50).
"FRS 107" means the Financial Reporting Standard 107 of the Accounting Standards that applies with effect from the dates set out below /1:
(a) in relation to a company incorporated or foreign company registered under the Companies Act, that has been admitted to the official list of an approved securities exchange in Singapore and has not been removed from that official list, for annual periods beginning on or after 1 January 2007;
(b) in relation to any other company incorporated or registered under the Companies Act, for annual periods beginning on or after 1 January 2008.
3 The expressions used in this Notice shall, except where expressly defined in this Notice or where the context otherwise requires, have the same meanings as in the Act.
Disclosure Requirements Applicable to All Banks
4 Every bank in Singapore should:
(a) in the case of a bank that applies FRS 107 before the relevant dates set out in the definition of FRS 107, comply with the disclosure requirements specified in FRS 107; or
(b) in any other case, disclose in its financial statements the minimum information as set out in Appendix 1 (PDF, 23.0KB) of this Notice.
5 Every bank in Singapore shall, apart from complying with the requirements set out in the Companies Act (Cap 50), including the disclosure requirements specified in the Accounting Standards, disclose in its financial statements, the gross aggregate amount of all credit facilities granted by the bank that are classified as sub-standard, doubtful or loss under MAS Notice 612.
Disclosure Requirements Applicable to Banks Incorporated in Singapore
6 A bank in Singapore that is incorporated in Singapore shall, in addition to the requirements specified in paragraphs 4 and 5, disclose the following information in its financial statements:
(a) Geographical Analysis - an analysis of the total assets and total income or profit before or after tax according to the following geographical areas, which shall be based on the location of the branch or office booking the assets or reporting the results:
(i) Singapore;
(ii) other ASEAN countries;
(iii) other Asia Pacific countries; and
(iv) the rest of the world;
(b) Industrial Analysis - an analysis of the loans and advances according to the following industry groups:
(i) manufacturing;
(ii) building and construction;
(iii) housing;
(iv) general commerce;
(v) transport, storage and communication;
(vi) financial institutions;
(vii) professional and private individuals (except housing loans); and
(viii) others;
(c) Maturity Analysis - an analysis of loans (bank and non-bank) and deposits (bank and non-bank) according to the following maturity bands, which shall be based on the remaining period to the contractual maturity date on the date of the balance sheet:
(i) maturing within 7 days;
(ii) maturing after 7 days but within 1 month;
(iii) maturing after 1 month but within 3 months;
(iv) maturing after 3 months but within 1 year;
(v) maturing after 1 year but within 3 years;
(vi) maturing after 3 years.
7 A bank in Singapore that is incorporated in Singapore shall, in addition to the requirements specified in paragraphs 4, 5 and 6, disclose the following information as supplementary information to its financial statements:
(a) Capital Adequacy Ratio - the following information on the capital adequacy ratio and components as defined in MAS Notice 637 on Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore:
(i) Tier 1 Capital;
(ii) Tier 2 Capital;
(iii) Capital ratios; and
(iv) Risk-weighted assets;
(b) Financial Review - a financial review section covering subjects such as business description, analyses of results, risk management and any other pertinent information.
Disclosure Requirements Applicable to Banks Incorporated Outside Singapore
8 A bank in Singapore that is incorporated outside Singapore shall, in addition to the requirements specified in paragraphs 4 and 5, disclose the following information in its financial statements:
(a) information on capital adequacy ratio with respect to the banks head office as supplementary information to the financial statements of the Singapore branch filed with the Accounting and Corporate Regulatory Authority and included in the publication of head office accounts in the newspapers;
(b) where the relevant regulatory authority in the home country of the bank requires its head office to confer lower priority to depositors of the foreign offices of the bank, vis-୶is the home country depositors, in the repayment of deposits in the event of receivership, winding up proceedings or equivalent proceedings of the bank, such information shall be disclosed in the financial statements of the Singapore branch and included in the publication of the head office accounts in the newspapers.
Commencement Date of Notice
9 This Notice shall take immediate effect. MAS Notice 608 dated 11 November 2002 is cancelled with immediate effect.
Appendix I
 (PDF, 23.0KB)
1 Earlier application of FRS 107 is encouraged by the Council on Corporate Disclosure and Governance (referred to as the Accounting Standards Committee in Section 200A of the Companies Act (Cap. 50)).
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