Clause 10

by deleting sub-paragraph (i) of subsection (1)(c) and substituting the following sub-paragraph:“(i)its head office capital funds are not less than the equivalent of $200 million; and”;

by deleting subsection (3) and substituting the following subsection:“(3) A bank incorporated outside Singapore which holds a licence to carry on banking business in Singapore on 8th October 1993 shall be exempt from subsection (1)(c)(i).”; and

by deleting subsection (7) and substituting the following subsections:“(7) Any bank which fails to comply with any requirement under subsection (1) shall forthwith notify the Authority.(8) Where a bank fails to comply with any provision of this section, the Authority may, without prejudice to section 71, by notice in writing to the bank —

restrict or suspend the operations of the bank; or

give such directions to the bank as the Authority considers appropriate, and the bank shall comply with such directions.(9) In this section, “head office capital funds”, in relation to a bank incorporated outside Singapore, means the aggregate of its issued and paid-up capital (or its equivalent recognised by the Authority as applicable to the bank under the laws of the country or territory in which the bank is incorporated, formed or established) and its published reserves (excluding such reserves as the Authority may specify in writing), deduction having been made for any loss appearing in the accounts of the bank.”.