Singapore legislation
Clause 34
Clause 34
Amendment of section 62
Section 62(3) of the Banking Act is amended by deleting paragraph (b) and substituting the following paragraph:“(b)which are not referable to the provision of property or services or to the giving of security,but shall not include, in the case of a bank incorporated in Singapore, liabilities of the bank arising from loans —
(i)
granted by creditors whose claims are fully subordinated to the claims of all un-subordinated creditors; and
(ii)
the terms of which comply with the criteria for the treatment of the liabilities as capital in the computation of the bank’s capital adequacy ratio under section 10, whether or not the entire amount of such liabilities are treated in the computation as capital.”.