Regulatory Alerts2021-06-30
Added · Updated
MAS Notice 1005A Credit Files, Grading and Provisioning – COVID-19
This Notice applies to all merchant banks in Singapore for the period from 1 January 2021 to 31 December 2021, suspending specific credit grading requirements under MAS Notice 1005 for credit facilities granted support measures in response to the COVID-19 outbreak. For individuals, paragraphs 4.3 and 4.5 of MAS Notice 1005 do not apply to Type 1 and Type 2 relevant loans if revised terms involve reduced instalments or tenure extensions of up to three years, provided the borrower had previously requested deferment between 1 January 2020 and 31 December 2020 and was not more than 90 days past due. For Small and Medium-size Enterprises, the same paragraphs do not apply to loans where repayment of principal or interest was deferred for more than nine months on or after 1 January 2020. Merchant banks must classify these facilities as past due if principal or interest remains unpaid for more than 30 days during a probation period, or more than 90 days after the probation period, and may restore unclassified status only upon receipt of past due amounts and expectation of future repayment.
More like this from MAS
We email you every new MAS publication the day it's published.