30 Jun '14, 10am

RPT-Fitch: Singapore Banks Well-Positioned to Meet New LCR Regs

(Repeat for additional subscribers) June 30 (Reuters) - (The following statement was released by the rating agency) Singaporean banks are well-positioned to meet new MAS liquidity coverage ratio (LCR) requirements, says Fitch Ratings. The new rules, announced on 24 June, are in line with wider Basel III objectives, and will require locally incorporated banks to maintain a full (100%) local-currency LCR from January 2015. An all-currency LCR will also be implemented, starting at 60% in 2015 and rising in annual 10pp steps to 100% by 2019. Foreign banks that are deemed systemically important to the domestic banking system will also fall under the new framework, with LCR requirements of 100% and 50% for Singapore dollar and foreign-currency liabilities, respectively beginning January 2016. The changes are in line with Basel III objectives, and reinforce the MAS's conservative...

Full article: http://www.reuters.com/article/2014/06/30/fitch-singapore...

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