RESPONSE TO CONSULTATION PAPER

Please note that all submissions received will be published and attributed to the respective respondents unless they expressly request MAS not to do so. As such, if respondents would like (i) their whole submission or part of it, or (ii) their identity, or both, to be kept confidential, please expressly state so in the submission to MAS. In addition, MAS reserves the right not to publish any submission received where MAS considers it not in the public interest to do so, such as where the submission appears to be libellous or offensive.

Consultation topic: / Second Consultation Paper and Response to Feedback Received on Proposed Revisions to MAS Notice to Banks 610 and MAS Notice to Merchant Banks 1003 - Submission of Statistics and Returns
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General comments:

Question 1: MAS seeks comments on the proposed implementation and testing period following the issuance of the revised MAS Notice 610/1003.

<Please fill in your response to each question in the blank space below the question.>

Question 2: MAS seeks banks’ estimates on the expected cost of system modification to support the revisions to MAS Notice 610/1003.

Question 3: MAS seeks comments on the approach of booking only SGD transactions in the DBU in the interim, prior to the implementation of the revised 610/1003. In particular, banks should comment on any operational difficulties they may face in doing so, including the time needed to transfer any existing foreign currency transactions in the DBU to the ACU.

Question 4: MAS seeks comments on the frequency of progress updates to MAS.

Question 5: MAS seeks comments on the proposed industry working group.

Question 6: MAS seeks banks’ feedback on which aggregated statistics from the revised MAS Notice 610/1003 would be most relevant and useful for the industry.

Question 7: MAS seeks feedback on whether banks have significant exposures denominated in GBP and CHF.

Question 8: MAS seeks comments on whether removing reporting for GBP and CHF exposures would reduce reporting burden significantly.

Question 9: MAS seeks feedback on the collection of the new data field on “Weighted Average Rate for New Deposits”.

Question 10: MAS seeks feedback from merchant banks on adopting the aggregation principles under MAS Notice DIA-N01 – Deposit Insurance Returns.

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