Regulatory Alerts2021-06-29
Added
MAS Notice 612A Credit Files, Grading and Provisioning - COVID-19
The Monetary Authority of Singapore issued Notice 612A to establish credit grading treatment for facilities granted support measures in response to the COVID-19 outbreak. This directive applies to all banks in Singapore and mandates specific requirements for maintaining credit files, grading credit facilities, and determining credit loss allowances. The regulatory framework covers the period from 1 January 2021 to 31 December 2021 and was updated by the MAS Notice 612A (Amendment) 2021 effective 30 June 2021.
Notices
Last Revised Date: 29 June 2021
Notice 612A Credit Files, Grading and Provisioning - COVID-19
Requirements for banks on maintaining credit files, grading credit facilities and determining credit loss allowance.
Credit Risk
Issued pursuant to:
Banking Act (Cap. 19) section 55
Applies to:
Full Bank (Branch)
,
Full Bank (Locally Incorporated)
,
Wholesale Bank (Branch)
,
Wholesale Bank (Locally Incorporated)
View Notice
Notice 612A Credit Files, Grading and Provisioning - COVID-19
(191.3 KB)
This notice applies to all banks in Singapore. It sets out the credit grading treatment, for credit facilities granted support measures by 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).
30 Jun 2021 MAS Notice 612A (Amendment) 2021 (200 KB) takes effect.
16 Mar 2021 MAS Notice 612A dated 15 March 2021 takes effect.
MAS Notice 612A - Process Flowcharts (396.1 KB)
Requirements for banks on maintaining credit files, grading credit facilities and determining credit loss allowance.