Singapore's banking rules compliant with Basel framework

Singapore's banking rules compliant with Basel framework
By Yvonne Chan | Posted: 20 March 2013 2340 hrs
     
SINGAPORE: The Basel Committee on Banking Supervision (BCBS) said Singapore's banking regulations are compliant with the capital standards under the Basel framework.

This is according to the BCBS Regulatory Consistency Assessment Programme (RCAP) report of Singapore, published Wednesday.

The capital standards under the Basel framework (comprising Basel II, Basel 2.5 and Basel III) set out the global standards on bank capital adequacy.

A regulatory framework is considered compliant with the Basel framework if all minimum requirements of the international framework are met.

The Monetary Authority of Singapore (MAS) welcomed this positive assessment of Singapore's regulations.

Teo Swee Lian, deputy managing director at MAS, said: "MAS is committed to ensuring full, timely and consistent implementation of Basel III in Singapore. Maintaining high standards of financial regulation in Singapore will strengthen the resilience of our banks and stability of our financial system."

- CNA/ch/xq

- wong chee tat :)