MAS unveils S$20b facility to protect depositors

The contingent liquidity provided to the Singapore Deposit Insurance Corporation is a back up in case of banking dilemma.

According to the MAS Annual Report, the Authority entered into an agreement with the Singapore Deposit Insurance Corporation Limited (SDIC) on 9 February 2012 where the Authority may provide the SDIC a contingent liquidity facility of up to $20 billion, in the event a Deposit Insurance Scheme member fails and liquidity is needed for compensation payments to insured depositors. For the financial year ended 31 March 2012, there was no request and drawdown on the facility.

Here's more from MAS:

The Authority is a participant in the multilateral ASEAN Swap Arrangement (ASA) together with other ASEAN central banks and a monetary authority to provide short-term foreign exchange liquidity support for member countries that may experience balance of payments difficulties. Under this agreement, the Authority’s commitment is US$300 million ($377 million). In September 2011, the ASA was renewed for an additional two years up to 16 November 2013.

Singapore’s financial services sector registered 9.1% growth in 2011. Despite challenging market conditions experienced in the second half of the year, domestic and offshore lending activities remained resilient even as sentiment-sensitive segments such as fund management and stock broking were impacted.

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