Singapore, 28 January 2005...The Monetary Authority of Singapore (MAS) today released a consultation paper on a draft Deposit Insurance Bill.
2 The draft Deposit Insurance Bill is a new piece of legislation which will establish a deposit insurance scheme ("DI scheme") in Singapore. The DI scheme will provide an explicit but limited guarantee to depositors that they will be compensated up to $20,000 of their deposits should the bank they placed their deposits with fails. The DI scheme will cover all full banks and finance companies. Membership in the scheme will be compulsory for these financial institutions. (Key features of the DI scheme can be found in Annex A of the consultation paper (341.1 KB) .)
3 The draft Bill incorporates the policy proposals set out in two previous consultation exercises, taking into account public feedback. The first consultation exercise, on the establishment and key features of the DI scheme, was carried out in August 2002 while the second consultation exercise on implementation issues was carried out in April 2004.
4 MAS invites comments on the draft Bill, which can be found on the MAS website (341.1 KB) . Interested parties may submit their written comments by 28 February 2005 to:
Prudential Policy Department
Monetary Authority of Singapore
10 Shenton Way
Singapore 079117
Fax: 62203973
Email: policy@mas.gov.sg
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