MAS SGD Term Facility

The MAS SGD Term Facility (“Facility”) serves as a pre-emptive backstop to meet unexpected SGD term funding needs of banks and finance companies. Banks and finance companies will be able to pledge a broad range of marketable securities as collateral in exchange for term SGD funding from MAS. Domestic systemically important banks that are incorporated in Singapore will also be able to pledge eligible residential property loans as collateral at the Facility. The Facility will promote stable SGD liquidity conditions, strengthen the resilience of the banking system and support the lending activities of banks and finance companies.  

Key Details

Eligible Counterparties  Banks and finance companies in Singapore, subject to the Terms and Conditions of the Facility 
Transaction Type Collateralised borrowing or Repurchase transaction
Tenor 28-day, 84-day
Eligible Collateral

Category A: SGD-denominated securities 

Category B: Certain foreign currencies cash and foreign-currency denominated securities

Category C: Residential property loans and their related mortgages (Residential Mortgages)

 

Residential Mortgages may only be pledged by banks incorporated in Singapore and, have been designated by MAS as a domestic systemically important bank. Eligible banks that are interested to pledge Residential Mortgages should reach out early to MAS at sgddiv@mas.gov.sg .

 

Please refer to Collateral Eligibility (148.3 KB) for further details.
Settlement Mode

Eligible Counterparties may opt for either bilateral settlement of collateral, or triparty settlement of collateral via a Triparty Collateral Management Service facilitated by MAS’ Appointed Triparty Agent, Clearstream Banking S.A.

Please refer to Settlement Mode (95 KB) for further details.

Rate

Most recent MAS bills auction cut-off yield of the corresponding tenor, plus a spread of 50 bps for borrowing against Category A and Category B collateral.

            
Haircuts Collateral haircuts will be sent to banks and finance companies via a MASNET circular.
Minimum Requested SGD Principal Amount $10 million
Operating Window

Every Wednesday, from 2.30pm to 3.30pm.

If Wednesday is not a Business Day, the operating window will be from 2.30pm to 3.30pm on the following Business Day.
Cash Settlement Settlement timings vary based on collateral type. Please refer to the Terms and Conditions for more details.
Contact Information

Official dealing line: +65 6229 9150

Email: sgddiv@mas.gov.sg

Terms and Conditions
  1. Terms and Conditions of MAS SGD Term Facility (445.3 KB)
  2. Appendix A – Bilateral Settlement Details and Processes for Category A1 Collateral in MEPS+ (268.8 KB)
  3. Appendix B – Bilateral Settlement Details and Processes for Repos using Category A2 and A3 in CDP (188.8 KB)
  4. Appendix C – Settlement Details and Processes for Specified Collateral – Settlement via Appointed Triparty Agent(s) (232.8 KB)

For information on pledging of Residential Mortgages, please contact MAS.