11 Apr '11, 11pm

Smaller firms get cover for bank deposits

Smaller firms get cover for bank deposits

Trade and Industry Minister Lim Hng Kiang PARLIAMENT has approved changes to legislation that will give greater peace of mind to more depositors and insurance policyholders. The enhancements to the Deposit Insurance Scheme and Policy Owners' Protection (PPF) Scheme were tabled earlier in Parliament by Trade and Industry Minister Lim Hng Kiang. Mr Lim, who is also deputy chairman of the Monetary Authority of Singapore (MAS), said yesterday when explaining the changes that protection under the Deposit Insurance Scheme will be extended to small businesses as well. This means deposits of sole proprietorships, partnerships, companies and non- incorporated entities will be insured up to the coverage limit. 'This will mitigate potential cash flow problems of small business depositors in the event of a bank failure, which is in line with the scheme's primary objective of protectin...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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