Regulatory Alerts2021-06-30
Added
MAS Notice 1005A Credit Files, Grading and Provisioning - COVID-19
The Monetary Authority of Singapore issued Notice 1005A to prescribe credit grading treatment and provisioning requirements for merchant banks regarding credit facilities supported during the COVID-19 outbreak. This regulation applies to all merchant banks in Singapore and covers the period from 1 January 2021 to 31 December 2021. It mandates specific standards for maintaining credit files, grading credit facilities, and determining credit loss allowances in response to pandemic-related support measures.
Notices
Last Revised Date: 30 June 2021
Notice 1005A Credit Files, Grading and Provisioning - COVID-19
Requirements for merchant banks on maintaining credit files, grading credit facilities and determining credit loss allowance.
Credit Risk
Issued pursuant to:
Banking Act (Cap. 19) section 55(1)
Applies to:
Merchant Bank (Branch)
,
Merchant Bank (Locally Incorporated)
View Notice
Notice 1005A Credit Files, Grading and Provisioning - COVID-19
(190.9 KB)
This notice applies to all merchant banks in Singapore. It sets out the credit grading treatment, for credit facilities granted support measures by merchant banks in response to the on-going novel coronavirus (“COVID-19”) outbreak, for the period beginning on 1 January 2021 and ending on 31 December 2021 (both dates inclusive).
01 Jul 2021 MAS Notice 1005A dated 30 June 2021 takes effect.
01 Jul 2021 MAS Notice 1005A dated 15 March 2021 (last revised on 29 June 2021) (193 KB) is cancelled
.
30 Jun 2021 MAS Notice 1005A (Amendment) 2021 (202.4 KB) takes effect.
16 Mar 2021 MAS Notice 1005A dated 15 March 2021 takes effect.
MAS Notice 1005A - Process Flowcharts (396.3 KB)
Requirements for merchant banks on maintaining credit files, grading credit facilities and determining credit loss allowance.