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Local and Foreign Currencies Guaranteed in Singapore

Wednesday, 22 October 2008 08:00 Ginny Lim
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Singapore Government has just announced that all local and foreign currecies deposit of individuals and non-bank customers with banks, finance companies and merchant banks in Singapore until 31 December 2010.  The list of banks, finance companies and merchant banks licensed by the MAS can be found on the following link:
http://www.mas.gov.sg/fi_directory/index.html

This is so much more re-assuring than the $20,000 guarantee per financial institution under the Singapore Deposit Insurance Scheme. However, do note that he accounts not covered under the Government Guarantee on Deposits are:

  • Dual currency deposits
  • Any deposit that is pledged / secured as collateral
  • Structured deposits
  • Structured producta
  • Dual currency investments
  • Preference shares
  • Shares
  • Bonds
  • Insurance
  • Unit trusts

I must emphasize that thought insurance is not guaranteed under the scheme, everyone should still have at least the health and life insurance. NTUC Income, backed up NTUC Labour Movement, is a very reliable and extraordinary insurance cooperative that exists to serve the Singapore Residents.

 

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Newsflash

Bankruptcy May Now Be Prevented

With effect from 18th May 2009, if you are in debt of less than $100,000, bankruptcy may be avoided if Insolvency and Public Trustee’s Office (IPTO) approved your repayment plan over the next 3-5 years. Statistically, about 42% of the bankrupts declared each year owes less than $100,000. So with an average of 3,200 bankrupts per year, 1,300 of debtors will be considered for the new Debt Repayment Scheme (DRS) administered by IPTO.

This is good news for Singaporeans amid the current recession. DRS benefits both the debtors and creditors in its own ways. Debtors will be able to avoid the stigma of bankruptcy and continue his work without the disruption brought about by the bankruptcy act, as long as he is able to fulfil the repayment plan. Creditors will also get his debts repaid from the debtors, albeit over a longer period of time.

The debtors must cooperate with the Official Assignee (OA) of IPTO in the administration of the plan. The debtor can make his payment at any SingPost branch or SAM machine, which is being monitored by OA. Dishonesty, failure to cooperate with the OA or comply with the terms of the plan may result in the OA issuing a Certificate of Failure on the debtor in the DRS. Creditors may then proceed to initiate fresh bankruptcy proceedings against the debtor. OA will issue you the Letter of Completion if you complete all repayment in accordance of the approved DRS plan. And you are now out of debt without being made a bankrupt!