There were indications that these financial institutions may have breached regulatory requirements on remuneration practices.
MAS Supports USD Lending through a New US$60 Billion Facility for Banks
Singapore, 26 March 2020… The Monetary Authority of Singapore (MAS) announced that it will provide up to US$60 billion of funding to banks in Singapore through a new MAS USD Facility. The MAS USD Facility will support more stable USD funding conditions in Singapore, and facilitate USD lending to businesses in Singapore and the region. It will also contribute to global efforts by central banks to maintain stability and normal functioning of financial markets.
2 MAS will obtain USD, in exchange for SGD, through a US$60 billion swap facility with the US Federal Reserve (Federal Reserve) announced on 19 March 2020. MAS will lend the USD obtained from the Federal Reserve, to banks in Singapore through the new MAS USD Facility, allocated through auctions.
3 The first auction will be conducted this Friday, 27 March 2020; US$10 billion in 7-day funds will be offered. This will cater to increased end-of-quarter demand for USD during this period. MAS will conduct another two auctions on Monday, 30 March 2020, where US$12 billion in 7-day funds and US$8 billion in 84-day funds will be offered. After this, regular weekly auctions will be conducted every Monday. Details on the auction schedule, as well as the terms and conditions for the MAS USD Facility can be found on the .
4 MAS will continue to maintain a high level of SGD and USD liquidity in the banking system through its daily money market operations. The MAS USD Facility complements and reinforces what MAS has been doing to ensure that funding to banks in Singapore remains ample so that they can play their role in providing credit to businesses and individuals. Banks in Singapore are strongly encouraged to avail themselves of the liquidity facilities provided by the MAS so that they can better meet the USD funding needs of their customers in Singapore and the region.