Singapore Guarantees!!!

[theblackhole]

S'pore to guarantee all Singdollar, foreign currency deposits
Posted: 16 October 2008 2015 hrs

SINGAPORE: The Singapore government said it would guarantee all Singdollar and foreign currency deposits of individual and non-bank customers in licensed banks, finance companies and merchant banks.

The Monetary Authority of Singapore and the Ministry of Finance said the guarantee of up to S$150 billion will be well in excess of possible liabilities arising from the failure of any financial institution.

The guarantee takes immediate effect and will remain in place until 31 December 2010. It will also be extended to deposits placed with credit co-operatives registered with the Registry of Co-operative Societies.

 

[theblackhole]

Now we can all sleep soundly.

Singapore okay! Singapore Boleh Lah!!!

ST below 2000. It's still okay!!!

 

[Einfield]

Wonder why the about turn, Thaman still yaya say no need this morning.

 

[Merl Haggard]

S'pore to guarantee all Singdollar, foreign currency deposits
Posted: 16 October 2008 2015 hrs

SINGAPORE: The Singapore government said it would guarantee all Singdollar and foreign currency deposits of individual and non-bank customers in licensed banks, finance companies and merchant banks.

The Monetary Authority of Singapore and the Ministry of Finance said the guarantee of up to S$150 billion will be well in excess of possible liabilities arising from the failure of any financial institution.

The guarantee takes immediate effect and will remain in place until 31 December 2010. It will also be extended to deposits placed with credit co-operatives registered with the Registry of Co-operative Societies.

Gahman kwai kwai come out to guarantee all deposits.

Now we don't have to move to offshore account in HK.

 

[The_Latest_H]

I thank the government for finally announcing it. The fact that they took a bit too long has a bit strange and unnerving for all Singaporeans, but I guess its better late than never.

Still the government has to understand that swift action taken with right judgment is possible, and I hope they heed the lessons of this episode. I hope they will not disappoint ordinary people and investors alike again.

 

[DIVISION1]

The fact that we can delay such a move for so long, shows Singapore's financial strength. However, it remains to be seen how Singapore weathers the impact that will soon challenge real economies all over the world.

 

[TeeKee]

The guarantee takes immediate effect and will remain in place until 31 December 2010. It will also be extended to deposits placed with credit co-operatives registered with the Registry of Co-operative Societies. [/COLOR][/B]

You miss the rest of the article man....

SINGAPORE: The Singapore government said it would guarantee all Singdollar and foreign currency deposits of individual and non-bank customers in licensed banks, finance companies and merchant banks.

The Monetary Authority of Singapore and the Ministry of Finance said the guarantee of up to S$150 billion will be well in excess of possible liabilities arising from the failure of any financial institution.

The guarantee takes immediate effect and will remain in place until 31 December 2010. It will also be extended to deposits placed with credit co-operatives registered with the Registry of Co-operative Societies.

Currently, there are 41 credit co-operatives providing thrift and loan services to more than 200,000 members.

The guarantee will be backed by S$150 billion of the reserves of the Singapore government.

The move follows similar action by governments around the world in recent days as they sought to deal with the current global financial crisis.

Singapore has assured that its banking system continues to be sound and resilient, but it said precautionary action must be taken to avoid an erosion of the banks' deposit base and to ensure a level international playing field for banks in Singapore.

The total amount of deposits in Singapore is understood to be valued at about S$700 billion.

 

[annexa]

How to fight with HK as Asia or world financial center like this? Take so long to be last to give this service!

 

[DIVISION1]

Guarantees are not given without a price tag or costs. For those who overstate and are unable to deliver on guarantees, the consequences can be even more severe.

 

[makapaaa]

S'pore to guarantee all Singdollar, foreign currency deposits
Posted: 16 October 2008 2015 hrs

SINGAPORE: The Singapore government said it would guarantee all Singdollar and foreign currency deposits of individual and non-bank customers in licensed banks, finance companies and merchant banks.

The Monetary Authority of Singapore and the Ministry of Finance said the guarantee of up to S$150 billion will be well in excess of possible liabilities arising from the failure of any financial institution.

The guarantee takes immediate effect and will remain in place until 31 December 2010. It will also be extended to deposits placed with credit co-operatives registered with the Registry of Co-operative Societies.

The beauty of competition! Would this have happened if the world is ruled by 1 Familee? The likes of divzzz were still parroting their owner's refusal to budge on the initial $20k bank guarantee limit and insisting on the warped logic of 100% guarantee is a sign of instability. Now that their owners - BEST PAID in the world - are forced to hendakaki, it would be interesting how they are gonnna twist again to cover their lan cheows and inflamed assholes.

 

[makapaaa]

The fact that we can delay such a move for so long, shows Singapore's financial strength. However, it remains to be seen how Singapore weathers the impact that will soon challenge real economies all over the world.

Initially, u claimed that $20k guarantee = financial strength and 100% guarantee = sign of instability. This b.s. was quickly demolished when developed countries around the world announced 100% guarantee in quick succession to instil confidence while your leegally corrupt and morally bankrupt owners tried to siam responsibility despite being the BEST PAID in te world. Now that they are forced to eat their own words and follow suit, u decide to cum out with fresh poo to cover your old shit. U've an integrity problem.

 

[The_Latest_H]

Initially, u claimed that $20k guarantee = financial strength and 100% guarantee = sign of instability. This b.s. was quickly demolished when developed countries around the world announced 100% guarantee in quick succession to instil confidence while your leegally corrupt and morally bankrupt owners tried to siam responsibility despite being the BEST PAID in te world. Now that they are forced to eat their own words and follow suit, u decide to cum out with fresh poo to cover your old shit. U've an integrity problem.

What do you expect from a paid PAP volunteer, bro?

 

[Kid278]

Wonder why the about turn, Thaman still yaya say no need this morning.

Dont wonder, the reason is simple. You've got to flip the prata when the pan gets too hot. Arrogance will get him burnt, Tharman is has learned how to fry.

 

[theblackhole]

I still don't understand.Can someone please explain to this peasant here. Guarantee up to $150 billions? Right? But the estimated deposit with financial institutions is $700 billions.Am I right? So it' still not 100%? Am I right? Still short of $550 billions? Right?

Assuming that I've $50K in the bank.If the bank goes belly up, then would I get all my $50K or part of my deposit? Is this 100% guarantee?

Anyway, it's good to have some form of guarantee. Every country seems to be able to guarantee the deposits. Takes some time for them to come out with such an assurance.

Am I right? Anyway,this brings some peace of mind for many. Or am I wrong?

 

[theblackhole]

Initially, u claimed that $20k guarantee = financial strength and 100% guarantee = sign of instability. This b.s. was quickly demolished when developed countries around the world announced 100% guarantee in quick succession to instil confidence while your leegally corrupt and morally bankrupt owners tried to siam responsibility despite being the BEST PAID in te world. Now that they are forced to eat their own words and follow suit, u decide to cum out with fresh poo to cover your old shit. U've an integrity problem.

u very sharp man! you park and sleep here 24/7 ? i salute you for being so vigilant and so knowledgeable! thank you. who is who you also know...

 

[zhihau]

Am I right? Anyway,this brings some peace of mind for many. Or am I wrong?

i already have my biscuit tin washed and dried, you need one?

 

[Ah Guan]

First Disneyland then Evergreen-PSA ... Now this ...

This is what happens when you have scholar-engineers trying to make business decisions.

By placing a cap on bank deposits, customers will move their funds somewhere else....

Gahmen's heavy reliance on number crunching will drive the economy bankrupt one day.... Best to leave business decisions to businessmen and stick to public service.

 

[TeeKee]

Am I right? Anyway,this brings some peace of mind for many. Or am I wrong?

if i tell that you can find a peace of mind with money, i am not telling the truth.

http://www.twopaths.com/faq_money.htm

 

[zhihau]

Best to leave business decisions to businessmen and stick to public service.

my 2cts

 

[theblackhole]

i already have my biscuit tin washed and dried, you need one?

Thank you.But I've nothing to put in lah.No job.No income.No money.No savings.All gone liao.Wait for handouts and dividends.Wait for free lunches in temples.Go to dustbins to scrape the bottom.Go to hawker centres for left overs. What the hell is going here man.

First got Swiss standard of living.More good years.Then bad times.Then golden era.Then suddenly depression and recess. The bubble just burst lidat.KNN what's wrong with all these projections! Now what is going to happen to peasants who have no money and no savings. Everything also wants to go up and up.NNK! Golden Age is here once more.