The Monetary Authority of Singapore has just concluded its latest regular review of the Deposit Insurance Scheme and will aim to present these proposals for public consultation by the end of June this year.
SINGAPORE: About 89 per cent of depositors in Singapore are currently fully insured under the Deposit Insurance Scheme, said Minister of State for Trade and Industry Alvin Tan on Monday .
Amid deposit growth, the percentage of fully-insured depositors has since fallen slightly to 89 per cent, Mr Tan said in response to parliamentary questions. The Deposit Insurance Scheme complements these pre-emptive safeguards by providing a safety net for small depositors if banks were to fail, he said.
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