23 Jan '12, 4am

Placing limits on banks in providing financing for COEs is not an effective way to moderate the rise in COE premiums.

Placing limits on banks in providing financing for COEs is not an effective way to moderate the rise in COE premiums.

PLACING limits on banks in providing full or partial financing for certificates of entitlement (COEs) is not an effective way to moderate the rise in COE premiums. Deputy Prime Minister Tharman Shanmugaratnam said this yesterday in response to a question from Mr Gan Thiam Poh (Pasir Ris-Punggol GRC) on whether the Monetary Authority of Singapore would consider not allowing banks to finance full or partial COE premiums as a way to moderate the steady rise in prices. The prices of COEs, required to buy new cars, have shot up in the last year because of a shortage of COEs. Supply of COEs is largely dependent on the scrapping of older cars and the allowable growth component determined by the Government. In the last tender, COE prices for small cars ended at $46,889 and those for luxury cars at $65,801. Mr Tharman, who is also the Finance Minister and Manpower Minister, pointed...

Full article: http://cars.st701.com/resources/articles/cars/motoring-ne...

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