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(Would Singapore banks follow one day? When we have the next euro crisis, we might see many depositors drawing out their deposits from euro banks....worsening the situation)
The new framework requires bondholders, shareholders and large depositors with over 100,000 euros to be first to suffer losses when banks fail. Depositors with less than 100,000 euros will be protected. Taxpayer funds would be used only as a last resort.
http://money.cnn.com/2013/06/27/news/wor...d=HP_River
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Spread money over 10 accounts.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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at clip 1.52 - she said about youth employment scheme..i think we also need one badly here for the high asset price, low job prospect visibility
at 2.25 young people are paying a price for the sin or error of the past.
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30-06-2013, 08:59 PM
(This post was last modified: 30-06-2013, 09:00 PM by BlueKelah.)
(30-06-2013, 03:38 PM)opmi Wrote: Spread money over 10 accounts.
yah but what if you had 2 million cash it will be a headache
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(30-06-2013, 08:59 PM)BlueKelah Wrote: (30-06-2013, 03:38 PM)opmi Wrote: Spread money over 10 accounts.
yah but what if you had 2 million cash it will be a headache
For Singaporeans who are multi-millionaires, they can buy SGS bonds. Since the bank accounts are guaranteed by the Singapore government, buying Singapore government bonds will have the same credit risk.
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Trust yourself only with your money
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30-06-2013, 10:25 PM
(This post was last modified: 30-06-2013, 10:26 PM by freedom.)
Wouldn't depositors already suffer loss in Singapore for deposit more than 20K if the bank fails?
SDIC only insure 20K, if I am not wrong.
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(30-06-2013, 10:25 PM)freedom Wrote: Wouldn't depositors already suffer loss in Singapore for deposit more than 20K if the bank fails?
SDIC only insure 20K, if I am not wrong.
Increase to $50,000 liao...
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(30-06-2013, 10:29 PM)yeokiwi Wrote: (30-06-2013, 10:25 PM)freedom Wrote: Wouldn't depositors already suffer loss in Singapore for deposit more than 20K if the bank fails?
SDIC only insure 20K, if I am not wrong.
Increase to $50,000 liao...
I think that it means Singaporeans are at least 30K richer on average. great news.
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01-07-2013, 11:01 AM
(This post was last modified: 01-07-2013, 11:02 AM by opmi.)
(30-06-2013, 10:23 PM)hyom Wrote: (30-06-2013, 08:59 PM)BlueKelah Wrote: (30-06-2013, 03:38 PM)opmi Wrote: Spread money over 10 accounts.
yah but what if you had 2 million cash it will be a headache
For Singaporeans who are multi-millionaires, they can buy SGS bonds. Since the bank accounts are guaranteed by the Singapore government, buying Singapore government bonds will have the same credit risk.
Bonds have price risk. T-bills better. Now can apply using ATM.
FD don't need to manage. Just do FD laddering for 3mth and 6 mth and auto-renewal for principal and interest. Interest rate so low. If need money urgently, just withdraw and forfeit interest lor.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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(30-06-2013, 10:32 PM)freedom Wrote: (30-06-2013, 10:29 PM)yeokiwi Wrote: (30-06-2013, 10:25 PM)freedom Wrote: Wouldn't depositors already suffer loss in Singapore for deposit more than 20K if the bank fails?
SDIC only insure 20K, if I am not wrong.
Increase to $50,000 liao...
I think that it means Singaporeans are at least 30K richer on average. great news.
Sporeans have gotten another 25k richer! SDIC increased to 75k and now covers property/motor insurance (even if used for commercial purposes)
"The increase in deposit insurance coverage to S$75,000 from next Monday will ensure that more than nine out of 10 depositors will have their savings fully protected if a bank or finance company fails," the SDIC said.
"The existing limit of S$50,000 per depositor was set in 2011 and since then, with rising incomes and higher savings, the percentage of fully-covered insured depositors has come down to 87 per cent. Restoring this ratio to above 90 per cent will keep the DI coveragein line with international norm", it added.
https://www.businesstimes.com.sg/banking...nce-policy
I am not a certified financial advisor and so nothing of what I say should be construed as financial advice. Please consult a certified financial advisor for advice instead.
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