Singapore to guarantee all Singdollar, foreign currency depo
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Singapore to guarantee all Singdollar, foreign currency deposits
Posted: 16 October 2008 2015 hrs
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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.just days ago, it said , it wouldnt. now it saif it will.
since we are so secured why bother to guarantee. they are sensing money are indeed bleeding from local banks deposits to somwehere else like HK who had already started guarantee all deposits.
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you'll never know what's going to happen next, lad.
1 day, stock mkts soar. another day, they plunge like roller-coaster.
such a kind of mindset is a receipe for disaster, perhaps.
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Why do they have to come up with such guarantees?
They fear an onslaught of deposit withdrawals by investors.
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Why is everybody cheering when disaster strikes ?
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Originally posted by kramnave:
Why is everybody cheering when disaster strikes ?
We are not cheering.
We are just ridiculing the incompetence of the PAP government and the idiotic folks who put blind faith in them.
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Originally posted by maurizio13:
Why do they have to come up with such guarantees?
They fear an onslaught of deposit withdrawals by investors.
calm down the panic/fears of irrational investors mah
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Originally posted by maurizio13:
We are not cheering.
We are just ridiculing the incompetence of the PAP government and the idiotic folks who put blind faith in them.
Which country has a government competent enough to come out unscathed in a global financial crisis ?
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Originally posted by kramnave:
Which country has a government competent enough to come out unscathed in a global financial crisis ?
BRIC growth unaffected by financial crisis
The economies of Brazil, Russia, India and China continue to grow – irrespective of the financial crisis. But Denmark is conspicuous by its absence on these markets. Exports to the BRIC countries are far behind those of our immediate neighbours.Denmark has major potential for exports to the so-called BRIC countries, where growth promises to be greater than the country’s traditional Western partners.
According to a new forecast from the International Monetary Fund the annual growth in the BRIC countries is expected to be just over six percent in 2009. In comparison, growth in the United States, the United Kingdom, the Euro countries and Japan is expected to be 0.2 percent next year. A large part of the world’s economic progress is therefore expected to take place in the BRIC countries.
For example, China is expected to be able to maintain economic growth in the region of 10 percent this year – and next year.
-The potential for Danish internationally oriented companies is therefore great in the BRIC countries, says DI Consultant Torsten Asbjørn Andersen. He says that compared to other countries, and in particular Denmark’s neighbours, there is a major challenge for Denmark in these markets, as exports to the BRIC countries are rather low.http://www.di.dk/English/News/BRIK+growth+unaffected+by+financial+crisis.htm
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the only reason why they r doing this is to protect mass withdrawals from our local banks since other countries have done so.
cannot make it. paid so highly to be copycats.
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Originally posted by maxtor:
the only reason why they r doing this is to protect mass withdrawals from our local banks since other countries have done so.
cannot make it. paid so highly to be copycats.
wait-watch-and-see approach... so many western countries govts did liao, then SG follow... or else kena kpbu by singaporeans... -
Originally posted by maxtor:
the only reason why they r doing this is to protect mass withdrawals from our local banks since other countries have done so.
cannot make it. paid so highly to be copycats.
Isn't that the case in most of their policies?
They copy other advanced economies, they don't have their own ideas.
We might as well have parrots for P4P MPs.
At least parrots look cute.
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later u suddenly hear... GIC and Temaske collaspe
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Originally posted by youyayu:
later u suddenly hear... GIC and Temaske collaspe
MAS-GIC-Temasek partnership then...
their economists r working like dogs... equations these and that... -
the highly competent people copy from their counterparts, learn the idea inside out, improve on the idea and produce something more efficient and better.
Toyota is one of those genius that copies from her rivals. take VVTi (Variable Valve Timing with Intelligence) engine for example; it was invented by Alfa Romeo but they deemed it as inefficient and dropped the production. Toyota took it back to Japan, studied it and improve the performance. now almost all Toyota's cars are using VVTi.
so copying isn't a bad virtue... if one can improve and better the idea, i am all encouraging copycats.