Subscribe Feed (RSS)Panic and Citibank in Singapore
November 20th, 2008 by eyal | Filed under Companies, Investing. |
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Quite a bit of panic out there today. Too bad the middle part was choppy. Anyways, I was looking at C, one of the ugliest charts out there, well of a company that is still listed and/or not government owned.
Alwaleed or not, I went to check out the bank’s Singapore branch website and look up info on funds insurance. Sure enough on the front page a large banner says: “Announcement on Deposits Guarantee in Singapore”. The main part says:
We continue to see rapid developments in financial markets around the world. Of particular note is the coordinated action by governments and regulators to instill confidence and stability in the global financial system.
In Singapore, you will be aware that the Monetary Authority of Singapore has announced that it will guarantee all Singapore dollar and foreign currency deposits of individual and non-bank customers from October 16, 2008 until December 31, 2010. This guarantee will apply to all licensed banks in Singapore, including Citibank Singapore Limited and Citibank NA, Singapore Branch. Under this guarantee, all individual and corporate customers, including
those under the current Deposit Insurance Scheme administered by the Singapore Deposit Insurance Corporation, will enjoy protection from the Singapore Government on the full amount of their deposits for the duration of the guarantee.With this announcement, all your savings deposits, current accounts, fixed deposit accounts and Supplementary Retirement Scheme bank accounts in Singapore are guaranteed by the Singapore Government.
This sounds fine. Although with Temasek / GIC / Who-Knows-What-Other-Company performance lately who knows what’s safe and what isn’t.
Timely concern Eyal.
I have checked in Australia as well and seen similar guarantees, though that was from the Citi website.
I’m trying to dig out some more information at the moment. Interested in any more info you can uncover.
Andrew.
Seems to be on everyone’s mind this last couple of days. I’ve been getting lots of visits almost immediately coming from search engines with citibank in the search term. I wish I had any other info, I’m just reading the news like everyone else. My Citibank RM just sent me the stock Singapore government press release. She’s probably more concerned now about her job than my few dollars there.
I enquired that if Citibank was was to lose its license, would I as a dep still get my money back under the G….I believe for me to claim under the G, I will have to do it within a certain time frame which the mas would let me know when it announces that the bank has failed/bank has lost its license. So basically meaning that at least as a depositor I will be informed by mas through some kind of a notice and adequate time will be given to us to withdraw.
Any thoughts on the above?
Hi kevinjbm, I don’t really know the answer to you questions. I suggest following up with MAS and reading all their communication relevant to this issue.
Rgds
Eyal