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
BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.
APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.
ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.
MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.
ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.
BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.
EIOPA has launched a European-wide comparative study on non-life underwriting risk in internal models, also kicking-off of the data collection phase.
SRB published an overview of the resolution tools available in the Banking Union and their impact on a bank’s ability to maintain continuity of access to financial market infrastructure services in resolution.
EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting