QUESTION NO 13

NOTICE PAPER 166 OF 2014

FOR WRITTEN ANSWER

Date: For Parliament Sitting on 7 July 2014

Name and Constituency of Member of Parliament

Mr Seah Kian Peng, MP, Marine Parade GRC

Question:

To ask the Prime Minister whether all banks that provide ATM facilities are required to ensure that currency notes being dispensed from these ATMs will include notes of $10 denomination and not just those of $50 and $100 denominations.

Answer by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS:

1   Banks decide on the denomination of the currency notes they stock in the ATMs based on customers’ demand and currency note withdrawal patterns. 85% of the approximately 2,700 ATMs in Singapore dispense $10 denomination currency notes. Banks also have in place processes to monitor and replenish currency notes in their ATMs in a timely manner. ATMs that dispense only larger denomination currency notes are generally located in areas where there is a general preference towards larger withdrawals (e.g. ATMs in shopping centres).

2   Besides ATMs and bank branches, some banks have also set up additional channels to facilitate cash withdrawals. For example, DBS/POSB, OCBC and HSBC have partnered with merchants with prominent presence across Singapore, such as 7-Eleven, NTUC and Cold Storage, to enable cash withdrawals in various denominations, including $10 notes, at their payment counters.

3   MAS will continue to monitor the situation to ensure adequate access to smaller denomination currency notes.

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