24B. Valuation of immovable property

For the purposes of section 33 of the Act in relation to a bank incorporated in Singapore, the valuation of immovable property shall be —

in the case where revaluation gains with respect to immovable property are permitted by the Authority to be included in the computation of the bank’s capital funds, the sum of the cost of the immovable property and 45% of revaluation gains with respect to the immovable property; and

in any other case, the cost of the immovable property less revaluation losses and diminution in value with respect to the immovable property, if any.