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- MAS’ move in September 2022 to raise the interest rate used to calculate the total debt servicing ratio has also helped to encourage prudent borrowing. 4. MAS however encourages the small number of borrowers who face repayment difficulties to approach their lenders early.
- Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS: 1. Close to 27,000 homeowners with a mortgage from financial institutions (FIs) refinanced their mortgages in the 12 months from March 2022 to February 2023.
- MAS has estimated that the increase in mortgage payments for these borrowers was approximately $240 on average, or about 2% of their monthly income. The average monthly income of the 27,000 homeowners who refinanced their loans had increased by about 10% over the last 3 years.
- MAS
- Enforcement Actions
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- Singapore, 30 May 2023… The Monetary Authority of Singapore (MAS) has issued 2-year prohibition orders (POs) against Ms Madison Lin (formerly known as Ms Lin Pei Li), a former representative of Standard Chartered Bank (Singapore) Limited (SCB) .
- She was sentenced to a fine of $4,000. 5 Ms Lin’s conviction gave MAS reason to believe that she has not performed and/or will not perform the type of financial advisory service for which she was appointed under the FAA honestly.
- It also gave MAS reason to believe that she has not carried on and/or will not carry on business in the type of regulated activity for which she was appointed under the SFA honestly. ***** Additional information Section 465 of the Penal Code (Cap. 224, Rev Ed 2008) Under this section, whoever commits
- MAS
- Economic Essays
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- Monetary Authority of Singapore Economic Policy Group
- The views in this article are solely those of the author and should not be attributed to MAS.
- Monetary Authority of Singapore Economic Policy Group -------- Special Features 93 given these reasons, developing countries have to be extremely prudent about their choices of for optimal projects and the need face decision-making.
- MAS
- Media Releases
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- Singapore, 6 September 2004...The Monetary Authority of Singapore (MAS) announced that banks must obtain a written declaration from a borrower on the amount of discount, rebate or benefit received for the purchase of a property when granting a housing loan. 2.
- This does not mark a change in MAS' rules on housing loans. Banks are already required under the existing rules to take reasonable steps to ensure that these amounts are taken into account in computing the loan quantum.
- . *** Notes to Editor: Under the existing MAS Notice on Housing Loans, a bank is required to deduct discounts, rebates or other benefits provided by the seller to the borrower from the purchase price in computing the loan quantum that may be granted.
- MAS
- Media Releases
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- Singapore, 4 April 2005...The Monetary Authority of Singapore (MAS) today launched the 2005 Sterling Silver Proof Coin Set. This set features the conservation of Natural Landscape as its theme.
- Each set comes in an elegant wooden case and includes a Certificate of Authenticity issued by MAS. The 2005 Sterling Silver Proof Coin Set will be sold at $128.00 each (GST inclusive).
- Times Classified on Saturday, 9 April 2005. 6 Order forms can be obtained from: a) The Singapore Mint retail outlets at: The Singapore Mint Coin Gallery 20 Teban Gardens Crescent, Singapore 608928 Tel : 6566 2626 Coin City, Starhub Centre 51 Cuppage Road #01-07, Singapore 229469 Tel : 6339 0886 b) MAS
- MAS
- Media Releases
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- The Monetary Authority of Singapore (MAS) announced today that it will further extend the MAS SGD Facility for ESG Loans The Facility was established on 20 April 2020 .
- Collectively, the Government’s risk sharing through the ESG Loan Schemes and MAS’ lower-cost funding through the Facility will continue to keep borrowing costs low for local enterprises to support their cashflow needs. ***
- MAS
- Parliamentary Replies
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- Third, MAS is also working with relevant government agencies to monitor car financing and market conduct practices of FIs and non-MAS regulated entities like car dealers. Where practicable, we will consider additional measures to ensure consumers’ financial prudence. 6.
- QUESTION NO 708 NOTICE PAPER 402 OF 2021 FOR WRITTEN ANSWER Date: For Parliament Sitting on 10 May 2021 Name and Constituency of Member of Parliament Mr Melvin Yong Yik Chye, MP, Radin Mas SMC Question: To ask the Prime Minister (a) how many car loans have been defaulted in the past 12 months; (b) how
- Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS: 1. In 2020, 64 or 0.03% of borrowers defaulted on car loans granted by financial institutions (FIs). 23 of these loans were for the purchase of used cars, which translates to a default rate of 0.01%. 2.
- MAS
- Media Releases
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- Singapore, 2 July 2020…The Monetary Authority of Singapore (MAS), Enterprise Singapore (ESG), Accounting and Corporate Regulatory Authority (ACRA) and the Association of Banks in Singapore (ABS) affirm the industry efforts to enhance commodity financing standards in Singapore.
- This initiative to raise financing standards and best practices in commodities financing would strengthen Singapore’s attractiveness as a commodities trading hub and help set standards for the region. " 3 MAS’ Assistant Managing Director, Banking & Insurance, Ms Ho Hern Shin said “MAS strongly supports
- MAS
- Media Releases
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- Singapore, 25 Mar 2020… The Accounting and Corporate Regulatory Authority (ACRA), Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) expect all issuers to comply with the Ministry of Health’s (MOH) mandatory safe distancing measures. 2.
- ACRA, MAS and SGX RegCo will continue to monitor the impact of COVID-19 on the capital markets, and will put in place additional measures and advisories as necessary. *****
- ACRA and MAS are working with other relevant government agencies to propose legislative amendments with a view to introducing the amendments for the Parliament sitting in April 2020, in relation to the conduct of meetings.
- MAS
- Media Releases
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- Singapore, 21 August 2015… The Monetary Authority of Singapore (MAS) announced today that it will reprint a new set of folders for the SG50 commemorative notes. This will correct the mis-spelling of our first President Yusof Ishak’s name in the current folder.
- MAS will inform the public soon on when the new folders are expected to be ready. No Need to Rush for Notes 3 The demand for the SG50 notes and folders has been overwhelming.
- We have received very positive feedback on the designs and themes of the notes, which many felt were a nice memento for Singapore’s 50th birthday. 4 MAS would like to reassure the public that there will be enough SG50 notes for all Singaporeans, and there is no need to rush.