More like a scam than anything else!
http://www.mas.gov.sg/news_room/statements/2005/Second_Reading_by_Mr_Tharman_for_DI_Bill_2005.html
18. We have decided on a $20,000 coverage limit, per depositor per institution, net of liabilities to the failed institution [This is set out in Clause 31]. This means that a depositor would receive compensation under the deposit insurance scheme for the first $20,000 of his aggregate insured deposits in his bank or finance company, if it should fail. MAS' study shows that this level of coverage would protect in full the deposits of about 87% of individual depositors.
19. The scheme will only cover deposits held by individuals. Deposits of businesses (including sole proprietorships and partnerships) will not be insured. In view of public interest, the scheme will also cover registered and exempt charities. [This is set out in Clause 2.]
20. The deposit insurance scheme will insure Singapore dollar deposits in standard savings, current and fixed deposit accounts in all full banks and finance companies. This will cover a range of such deposits, including for instance, Islamic deposits that are principal-guaranteed, but will exclude products which are investment-oriented. Investment products, foreign currency products, structured deposits and deposits placed as collateral will not be insured.
22. Coverage on a per depositor basis, under which a person's deposit accounts in a bank are added together, is equitable. It is preferred to coverage for each deposit account, which could lead to large depositors splitting their deposits in several deposit accounts to take advantage of a higher level of coverage.
26. The targeted fund size, to be built up over 10 -11 years from premium contributions, is equivalent to 0.3% of total insured deposits in the banking system, estimated currently at about $120 million.
27. Foreign full banks which operate as branches here will be required to maintain a minimum level of Singapore-domiciled assets of at least 100% of their insured deposits.
33. As I stated earlier, eligible depositors will be insured up to a maximum of $20,000 in a bank. If the deposit insurance payout received is less than the depositor's total amount of deposits in the bank, the depositor may file a separate claim with the liquidator of the failed bank for the difference between the amount of his deposits in the bank and the deposit insurance payout.
=> In other words, the BEST PAID govt in the world will chor boh lan and u die is your own biz!
http://www.mas.gov.sg/news_room/statements/2005/Second_Reading_by_Mr_Tharman_for_DI_Bill_2005.html
18. We have decided on a $20,000 coverage limit, per depositor per institution, net of liabilities to the failed institution [This is set out in Clause 31]. This means that a depositor would receive compensation under the deposit insurance scheme for the first $20,000 of his aggregate insured deposits in his bank or finance company, if it should fail. MAS' study shows that this level of coverage would protect in full the deposits of about 87% of individual depositors.
19. The scheme will only cover deposits held by individuals. Deposits of businesses (including sole proprietorships and partnerships) will not be insured. In view of public interest, the scheme will also cover registered and exempt charities. [This is set out in Clause 2.]
20. The deposit insurance scheme will insure Singapore dollar deposits in standard savings, current and fixed deposit accounts in all full banks and finance companies. This will cover a range of such deposits, including for instance, Islamic deposits that are principal-guaranteed, but will exclude products which are investment-oriented. Investment products, foreign currency products, structured deposits and deposits placed as collateral will not be insured.
22. Coverage on a per depositor basis, under which a person's deposit accounts in a bank are added together, is equitable. It is preferred to coverage for each deposit account, which could lead to large depositors splitting their deposits in several deposit accounts to take advantage of a higher level of coverage.
26. The targeted fund size, to be built up over 10 -11 years from premium contributions, is equivalent to 0.3% of total insured deposits in the banking system, estimated currently at about $120 million.
27. Foreign full banks which operate as branches here will be required to maintain a minimum level of Singapore-domiciled assets of at least 100% of their insured deposits.
33. As I stated earlier, eligible depositors will be insured up to a maximum of $20,000 in a bank. If the deposit insurance payout received is less than the depositor's total amount of deposits in the bank, the depositor may file a separate claim with the liquidator of the failed bank for the difference between the amount of his deposits in the bank and the deposit insurance payout.
=> In other words, the BEST PAID govt in the world will chor boh lan and u die is your own biz!
