Singapore legislation
Clause 9
of Banking Bill
Clause 9
Minimum capital requirements
(1)
Subject to the provisions of this Act, no bank shall be granted or shall hold a licence unless —
in the case of a bank whose head office is situated in Singapore, its capital issued and paid up is not less than three million Singapore dollars deduction having been made in respect of a debit balance, if any, appearing in the profit and loss account of the bank; and
in the case of a bank whose head office is situated outside Singapore —
its capital issued and paid up is not less than the equivalent of six million Singapore dollars deduction having been made in respect of a debit balance, if any, appearing in the profit and loss account of the bank; and
it holds net head office funds of not less than three million Singapore dollars in Singapore in respect of its business in Singapore, at all times, in the form of assets approved by the Commissioner.
(2)
No bank incorporated in Singapore shall reduce its paid-up capital during the currency of its licence without the approval of the Minister.