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- QUESTION NO 40 NOTICE PAPER 5 OF 2016 FOR WRITTEN ANSWER Date: For Parliament Sitting on 1 March 2016 Name and Constituency of Member of Parliament Dr Tan Wu Meng, MP, Jurong GRC Question: To ask the Prime Minister what are the measures taken by MAS to ensure that retail banks have adequate provisions of automated teller machines (ATM) in HDB precincts so that residents need not walk significant distances to find an ATM. Answer by Mr Lawrence Wong, Minister for National Development on behalf of Mr
- MAS
- Media Releases
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- 1. Singapore and the US have substantially concluded discussions on an Intergovernmental Agreement (IGA) that will facilitate compliance with the US Foreign Account Tax Compliance Act (FATCA) by Singapore-based financial institutions. The two countries have initialled a Model 1 IGA. 2. FATCA is a US law which targets non-compliance with tax laws by US persons using overseas accounts. Under FATCA, all financial institutions outside of the US are required to regularly submit information on financial
- MAS
- Media Releases
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- Singapore, 1 October 2015... The Monetary Authority of Singapore (MAS) issued for consultation today proposals to implement margin requirements for non-centrally cleared over-the-counter (OTC) derivative trades (uncleared derivatives). Margin requirements reduce counterparty credit risks from uncleared derivatives and form part of the broader global reforms to make the trading of OTC derivatives safer. 2 MAS proposes to impose margin requirements on all OTC derivatives that are not cleared by a
- MAS
- Circulars
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- Outlines MAS’ policy review of MAS Notice 757 in May 2004. RMD A4 Vol 7 (RMD Circular No. 25/04) 28 May 2004 DID 65 62299150 Fax 65 62299491 Email rmd@mas.gov.sg To : All Banks in Singapore Dear Sir/Madam MAS NOTICE 757 - LENDING OF SINGAPORE DOLLAR TO NON-RESIDENT FINANCIAL INSTITUTIONS Since 1998, MAS has progressively liberalised our policy on the non-internationalisation of the Singapore Dollar ("S$") to facilitate the development of Singapore's capital markets. Following the last revision
- MAS
- Explainers
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- Financial institutions are not allowed to grant further unsecured credit to an individual whose unsecured borrowings exceed the prevailing borrowing limit for 3 consecutive months. Borrowing Limit on Unsecured Credit To help individuals to avoid taking on too much debt, MAS introduced limits on the aggregate amount of unsecured credit a borrower can receive across all financial institutions. The limit is determined by comparing a borrower’s aggregate outstanding interest-bearing unsecured debt to
- MAS
- Staff Papers
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- MAS Staff Paper No. 51, August 2011 - By Ong Zong Yao David, Soo Cheng Ghee, Choy Keen Meng and Ng Bok Eng Abstract Apart from the headline consumer price index, most central banks around the world are guided by some measure of core inflation in their conduct of monetary policy to ensure price stability. This paper reviews such a measure for Singapore, the MAS Core Inflation, which has been used over the past two decades. Our analyses show that the MAS Core Inflation based on the exclusion approach
- MAS
- Guidelines
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- Guidance to financial institutions on sound practices for their internal control environment and business process controls. Internal controls are the policies, procedures and processes to ensure the safe and sound management of financial institutions (FIs). These guidelines provide FIs with guidance on sound and prudent internal controls. The guidelines cover: The control environment which sets the tone for the control culture of an institution and influences the control consciousness of its staff
- MAS
- Media Releases
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- 01 Mar 1999... MAS announced today that it has successfully carried out Year 2000 tests for its two nation-wide networks for the financial industry, the MAS Electronic Payment System (MEPS) and MASNET. The objectives of the industry-wide tests were to ensure the two systems could interpret and correctly handle dates associated with the Year 2000 and also to recognise the Year 2000 as a leap year. MEPS is a real-time gross settlement system to facilitate Singapore dollar interbank funds transfers
- MAS
- Parliamentary Replies
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- Issues Raised in Parliament ANSWER TO PARLIAMENTARY QUESTION ON: Domestic Non-Performing Loans For Parliament Sitting on 04 Sep 98 Question: To ask the Deputy Prime Minister whether there has been an increase in domestic non-performing loans as a result of the economic downturn, with regard to (i) absolute magnitude; (ii) magnitude as a percentage of total domestic loans; and (iii) the number of such loans. Answer: As at 30 Jun 98, the total domestic non-performing loans (NPLs) of the 6 local banking
- MAS
- Enforcement Actions
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- Singapore, 24 July 2018… The Monetary Authority of Singapore (MAS) has issued 4-year prohibition orders against Ms Chan Seet Fun for the misappropriation of client monies. 2 The orders prohibit Ms Chan from providing any financial advisory service and taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act. Ms Chan is also prohibited from carrying on business as, and taking part in the management