Singapore to Guarantees All Bank Deposits Till End 2010

Singapore – 17 October 2008 

In move to further boost confidence in the banking system, the Singapore government has moved to guarantee 150 billion Singapore dollars (101.4 US dollars) in Singapore dollar and foreign currency deposits for the next two years, media reports said Friday. The move will back accounts of individual and non-bank customers in licensed banks, finance companies, merchant banks and cooperatives.  

The guarantee is effective immediately through to 31 December 2010, the Finance Ministry and the Monetary Authority of Singapore said.  

The government plan would protect against any liabilities from any financial institutions.  

The guarantee, backed by 150 billion Singapore dollars in reserves, follows similar action by governments around the world in recent days to deal with the current global financial crisis.