The Government of Singapore has announced that it will guarantee all Singapore dollar and foreign currency deposits of individual and non-bank customers in banks, finance companies and merchant banks licensed by the Monetary Authority of Singapore (MAS).
This guarantee will run from now until 31 December 2010, according to the MAS and the Ministry of Finance.
It will be backed by $150 billion worth of Government reserves.
Other countries that have such government guarantees are:
- Australia
- New Zealand
- some European nations
- Hong Kong
- Malaysia
- Savings accounts
- fixed deposits accounts
- current accounts
- bank accounts under the Supplementary Retirement Scheme (SRS)
Unprotected deposit accounts are:
- structured products
- any deposit that is pledged, charged or secured as collateral
source: MAS and MOF Joint Statement
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