Regulatory Alerts2021-03-15
Added · Updated
MAS Notice 612A Credit Files, Grading and Provisioning - COVID-19
This Notice specifies credit grading treatments for banks in Singapore regarding credit facilities granted support measures in response to the COVID-19 outbreak for the period from 1 January 2021 to 31 December 2021. It exempts relevant loans for individuals and SMEs from standard classification requirements under MAS Notice 612, provided specific conditions regarding loan repayment deferments and past-due status are met. Banks must classify these facilities if principal or interest becomes past due for more than 30 days during a probation period, or more than 90 days after, and may restore unclassified status only upon receipt of past due amounts and expectation of future repayment. The Notice defines key terms including Small and Medium-size Enterprises and relevant loans, and takes effect on 16 March 2021.
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