Friday, October 17, 2008

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Economic Outlook: Singapore Government Guarantee Bank Deposits

Singapore Government has joined other governments to guarantee bank deposits. The government's guarantee will cover deposits in any currency held in savings accounts, fixed deposits, current accounts and under the Supplementary Retirement Scheme; but does not include structured deposits and deposits pledged, charged or secured as collateral. Singapore Finance Ministry and Monetary Authority of Singapore (MAS) said in a joint statement yesterday that the guarantee would take immediate effect and cover until Dec 31 2010.

The governments' bank guarantee scheme was first initiated by the UK government and subsequently adopted by both the European and United States governments. In Asia-pacific; Hong Kong, Australia, New Zealand, Indonesia and of late, Singapore and Malaysia have adopted the policy to guarantee bank deposits. The governments' bank guarantee strategy has so far been successful in achieving its goal of stabilising the global financial system as it restores public confidence.

Singapore government said that while Singapore banking system remains stable and is functioning properly, the absence of such a guarantee may disadvantage financial institutions here.

Read more about: How to invest your money safely

May also want to read:

Singapore Economic Outlook 2008-2009: Singapore Recession likely to be long
Property Investment Advice: Don't put all your eggs in real estate
History of Singapore Property 1960 to 2008
HDB Resale flats Price Index 1990-2008: Graph & Chart
Property Price Index Graph Plotter & Online Property Valuation


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