Singapore legislation
Section 10
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 10
Withdrawal and application of moneys of DI Fund
(1)
In carrying out the objects and purposes of the DI Scheme, the moneys in the DI Fund may be withdrawn and applied as the Agency considers proper for all or any of the following purposes only:
the payment of all expenses incurred in or incidental to —
the reconstitution and maintenance of the DI Scheme;
the administration and management of the DI Fund;
the administration and management of the Agency and the performance of the duties and functions of the Agency in respect of the DI Scheme under this Act; (iv)the conduct of any investigation by the Agency for the purpose of determining the entitlement of insured depositors to any compensation; and (v)the submission by the Agency to the liquidator of a failed DI Scheme member that is being wound up of any consolidated proof of debt on behalf of insured depositors in relation to each of their insured deposits placed with the failed DI Scheme member that exceeds the Maximum DI Coverage;
the payment of any fees to agents appointed by the Agency for the purposes of carrying out any services in respect of the DI Scheme under this Act;
the repayment of any moneys borrowed by the Agency for the purpose of performing its functions and the payment of any expenses and interest incurred in connection with the moneys borrowed;
the withdrawal of all other moneys authorised or determined to be paid out of the DI Fund in accordance with this Act.
(2)
The Agency may also withdraw moneys in the DI Fund in accordance with Part 5A to pay to the trustee of a resolution fund that is established under Division 5B of Part 4B of the Monetary Authority of Singapore Act 1970 to support a resolution measure undertaken in relation to a DI Scheme member.
(3)
Despite subsection (1), the Authority may recover from the Agency out of the DI Fund all expenses incurred by the Authority in connection with the discharge of the functions and responsibilities of the Authority under sections 8, 13, 14 and 15.