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    MAS Amends Notices on NSFR and Single Counterparty Credit Exposures

    September 24, 2020

    MAS published amendments to the Notice 652 on net stable funding ratio (NSFR), along with the related reporting template. MAS also amended Notices 632 and 656 in relation to exposures to single counterparty groups, Notice 643 on transactions with related parties, and Notice 607 on information that all banks in Singapore are required to include in their publication of annual financial statements. The amendments shall take effect on October 01, 2020.

    MAS Notice 652 (Amendment No. 2) 2020 reflects amendments made to Notice 652 as a result of the commencement of section 10 of the Banking (Amendment) Act 2020 on October 01, 2020. Section 10 of the Banking (Amendment) Act 2020 inserts a new section 10C to the Banking Act (Cap. 19) on Stable Funding Requirement. Notice 652 sets out the minimum all-currency NSFR requirements for bank compliance and it applies to all domestic systemically important banks and internationally active banks. Notice 643, which applies to all banks, sets out the definition, scope, and general principles governing transactions with related parties, along with the responsibilities of banks to maintain oversight and control over their related party transactions. 

    MAS Notice 639 (Amendment) 2020 reflects amendments made to the Notice 639 to apply it to only banks incorporated in Singapore. MAS Notice 656 (Amendment) 2020 reflects amendments to Notice 656 as a result of the amendments to the Banking Act (Cap. 19) set out in the Banking (Amendment) Act 2020 as well as to delay the effective date of the Notice to July 01, 2021. Notice 639 applies to all banks in Singapore while Notice 656 applies to all locally incorporated banks. Notices 639 and 656 set out the limits on exposure of a bank to a single counterparty group, types of exposures to include or exclude from those limits, basis for computing and aggregating exposures, recognition of credit risk mitigation, and approach for aggregation of exposures. 

     

    Effective Date: October 01, 2020

    Keywords: Asia Pacific, Singapore, Banking, MAS Notice 652, MAS Notice 656, MAS Notice 639, D-SIBs, NSFR, Counterparty Credit Risk, Credit Risk, Liquidity Risk, Reporting, Basel, MAS

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