Earthtimes.org, 20 Oct 2008, DPA
Singapore - Though the international financial system is still under significant stress, Singapore's markets remain stable and its banks face no funding difficulties in the interbank market, parliament was told Monday. Nevertheless, the government decided last week to provide a guarantee of 150 billion Singapore dollars (101.62 billion US dollars) for deposits of individuals and non-bank customers in Singapore-based banks.
"If Singapore had not introduced a similar guarantee, there was a real risk that depositors would have shifted some of their deposits out of Singapore banks, to banks in other jurisdictions which guarantee deposits," Trade and Industry Minister Lim Hng Kiang said.
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