I found this article;
http://afp.google.com/article/ALeqM5iMmjxdGl3jX4odNjRgXQr_TBHMeQ
Singapore to guarantee all bank deposits till end-2010
(AFP) – Oct 16, 2008
SINGAPORE (AFP) — Singapore on Thursday set aside 150 billion dollars (101 billion US) to guarantee all bank deposits in the city-state until the end of 2010, but insisted the banking system here remains sound.
Authorities said they had taken the move -- which followed similar action in Australia, Hong Kong, New Zealand and several European countries -- to "ensure a level international playing field" for local banks.
The government will "guarantee all Singapore dollar and foreign currency deposits of individual and non-bank customers in banks, finance companies and merchant banks licensed by the MAS," the Monetary Authority of Singapore (MAS) and the finance ministry said in a joint statement.
They said the guarantee would take immediate effect and will remain in place until December 31, 2010.
Since Singapore's financial sector is "sound and robust", authorities determined a guarantee of up to 150 billion dollars "will be well in excess of possible liabilities arising from the failure of any financial institutions."
Under an existing scheme, deposits were ensured for up to 20,000 dollars.
Singapore, like Hong Kong, is a regional financial centre and one Singapore-based bank, DBS, is Southeast Asia's largest lender.
"The announcement by a few jurisdictions in the region of government guarantees for bank deposits has set off a dynamic that puts pressure on other jurisdictions to respond or else risk disadvantaging and potentially weakening their own financial institutions and financial sectors," the Singapore statement said.
"The government has decided to take precautionary action to avoid an erosion of banks' deposit base and ensure a level international playing field for banks in Singapore."
Hong Kong on Tuesday said it would guarantee all bank deposits and set up an emergency capital fund for the city's banking industry, but insisted the sector remained stable despite global turmoil.
Financial secretary John Tsang said that retail deposits in the Chinese territory would be fully guaranteed until 2010, following similar moves by other governments.
Authorities around the world have been scrambling to shore up public confidence in the global financial system by nationalising banks, guaranteeing deposits and putting together massive bank bailout packages.
European Union nations have already committed more than 1.8 trillion euros (2.4 trillion US dollars) to fighting the crisis by buying bank shares and providing loan guarantees to keep credit markets moving.
The United States has a 700 billion dollar rescue plan, and the Bush administration announced Tuesday that 250 billion dollars from that would be used to take stakes in nine major banks.
"Singapore has not had to undertake similar extraordinary measures, in view of the continuing stability and orderly functioning of the Singapore banking system," the statement said.
Financial institutions in Singapore are required by MAS to have assets exceeding their liabilities by "an appropriate margin" and must meet other stringent regulations, the statement said.
The Government of Singapore Investment Corp (GIC), one of the world's largest sovereign wealth funds, has invested billions of dollars in global financial institutions that have fallen victim to the international crisis.
