MAS, along with the industry associations, announced a second package of measures to support those facing financial difficulties due to the COVID-19 pandemic. This second package will extend the scope of relief for individuals to other types of loan commitments and will allow them continued access to affordable basic banking services. These relief measures involve deferring repayment of commercial and industrial property loans and new mortgage equity withdrawal loans; extending loan tenure of existing debt consolidation plans; reducing debt obligations; and ensuring access to basic banking services.
On March 31, 2020, MAS and the financial industry announced the first industry support package to help individuals and businesses affected by the COVID-19 pandemic. As the economic outlook remains challenging, the latest package of measures will provide further support to affected individuals. Similar to the first industry support package, this second set of relief measures for individuals will be provided by financial institutions on an opt-in basis, the financial situation of each individual is different. Applications for these relief measures will start from May 06, 2020, except for the loan tenure extensions for debt consolidation plans, which will be open for application from May 18, 2020.
Keywords: Asia Pacific, Singapore, Banking, COVID-19, Loan Repayment, Credit Risk, MAS
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleFSC Taiwan Announces Measures to Address Impact of COVID-19 Pandemic
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.
The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.
The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.
The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)
The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).
The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications