MAS Amends Notices Related to Residential Property Loans
MAS published amendments to Notices 632B, 645A, 825B, 831A, 1106B, and 1115A related to the residential property loans in Singapore. Additionally, MAS published amendments to Notices 642 and 1113 related to motor vehicle loans, along with amendments to Notices 635, 827, and 1109 related to unsecured credit facilities to individuals. The amendments shall take effect on May 06, 2020. Notices 825B, 827, and 831A apply to all finance companies in Singapore; Notices 632B, 635, 642, and 645A apply to all banks in Singapore; and Notices 1106B, 1109, 1113, and 1115A apply to all merchant banks in Singapore.
Notice 632B sets out the rules for banks when granting residential property loans, including limits on loan amount, conditions for loans, and tenure of credit and refinancing facilities. Notice 825B sets out the requirements for finance companies to comply with when granting new and refinanced residential property loans, including loan-to-value (LTV) limits and loan tenure rules. Notice 1106B sets out rules for merchant banks when granting residential property loans to individuals and non-individuals. Notices 645A, 831A, and 1115A set out requirements on computing the total debt servicing ratio (TDSR) for property loans for banks, finance companies, and merchant banks, respectively. Notices 642 and 1113 set out rules for banks and merchant banks, respectively, when granting motor vehicle loans to individuals, including loan tenure and LTV limits. Notices 635, 827, and 1109 set out requirements on granting an unsecured non-card credit facility to an individual for banks, finance companies, and merchant banks, respectively.
Effective Date: May 06, 2020
Keywords: Asia Pacific, Singapore, Banking, Securities, Residential Property Loans, Merchant Banks, Debt Service Ratio, LTV, MAS
Previous Article
US Agencies Extend Submission Dates for Resolution Plans of BanksRelated Articles
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
