SINGAPORE: The Monetary Authority of Singapore (MAS) announced new measures on Thursday (Sep 3) to enhance the banking system’s access to Singapore dollar and US dollar funding to bolster the sector’s resilience during the COVID-19 pandemic. These include the establishment of a new term facility to provide banks and finance companies an additional channel to borrow SGD funds at longer tenors and with more forms of collateral. The MAS SGD Term Facility, to be launched in the week of Sep 28, will offer SGD funds in one- and three-month tenors. Pricing will be set above prevailing market rates, in line with the facility's objective to serve as a liquidity backstop, the central bank said. Domestic systemically important banks – designated as such because they have a significant impact on the stability of the country’s financial system – that are incorporated in Singapore can pledge eligible residential property loans as collateral at the MAS SGD Term Facility. READ: MAS urges finance firms to cap dividends, following similar advice to banks READ: Singapore extends US$60b swap facility with US Fed through March 2021 MAS will also expand the range of collateral that banks in Singapore can use to access USD liquidity from the… Read full this story
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