Clause 65

by deleting the word “or” at the end of subsection (1)(a)(vi); and

by inserting, immediately after subsection (1)(a)(vii), the following sub-paragraph:“(viii)has contravened any provision of the Deposit Insurance Act 2005 or any rules issued by the deposit insurance agency under the Deposit Insurance Act 2005; or”.

by deleting the words “deposit liabilities of the bank in Singapore” in subsection (1) and the words “deposit liabilities” in subsection (2) and substituting in each case the words “liabilities in Singapore of the bank specified in section 62(1)”; and

by deleting the word “deposit” in the section heading and substituting the word “specified”.

by deleting subsection (1) and substituting the following subsection:“(1) Notwithstanding the provisions of any written law or rule of law relating to the winding up of companies, in the event of a winding up of a bank, the following liabilities in Singapore of the bank shall, amongst themselves, rank in the following order of priority:

firstly, any premium contributions due and payable by the bank under the Deposit Insurance Act 2005;

secondly, liabilities incurred by the bank in respect of insured deposits, up to the amount of compensation paid or payable out of the Fund by the Agency under the Deposit Insurance Act 2005 in respect of such insured deposits;

thirdly, deposit liabilities incurred by the bank with non-bank customers where the deposit liabilities are required by the Authority to be included in the computation of the reserve and liquidity requirements under sections 38 and 39, other than those specified in paragraph (b);

fourthly, deposit liabilities incurred by the bank with other banks where the deposit liabilities are required by the Authority to be included in the computation of the reserve and liquidity requirements under sections 38 and 39;

fifthly, deposit liabilities incurred by the bank with non-bank customers where the deposit liabilities are not required by the Authority to be included in the computation of the reserve and liquidity requirements under sections 38 and 39;

sixthly, deposit liabilities incurred by the bank, other than those specified in paragraphs (a), (b), (c), (d) and (e).”;

by deleting the words “deposit liabilities” wherever they appear in subsection (2) and substituting in each case the word “liabilities”;

by inserting, immediately after subsection (4), the following subsection:“(5) In this section, “Agency”, “Fund” and “insured deposit” have the same respective meanings as in section 2(1) of the Deposit Insurance Act 2005.”; and

by deleting the word “deposit” in the section heading and substituting the word “specified”.

by deleting item 9 of Part I and substituting the following item:“First column Second column Third columnPurpose for which customer information may be disclosed Persons to whom information may be disclosed Conditions9.Disclosure is in compliance with the provisions of this Act, the Deposit Insurance Act 2005 or any notice or directive issued by the Authority to banks. The Authority or any person authorised or appointed by the Authority. ”;

by inserting, immediately after item 9 of Part II, the following item:“First column Second column Third columnPurpose for which customer information may be disclosed Persons to whom information may be disclosed Conditions10.Disclosure is solely in connection with the payment of compensation to insured depositors under the Deposit Insurance Act 2005. (a)The deposit insurance agency; or (b)any person authorised or appointed by the deposit insurance agency to perform its functions under the Deposit Insurance Act 2005. (a)The disclosure by the deposit insurance agency to any person referred to in paragraph (b) of the second column shall be subject to such conditions as may be specified in a notice issued by the Authority or otherwise imposed by the Authority.(b)The disclosure by any person referred to in paragraph (b) of the second column to any other person referred to in the same paragraph shall be subject to such conditions as may be specified in a notice issued by the Authority or otherwise imposed by the Authority.”; and

by inserting, immediately after the definition of “credit bureau” in Part III, the following definitions: “ “deposit insurance agency” has the same meaning as in section 2(1) of the Deposit Insurance Act 2005;“insured depositor” has the same meaning as in section 2(1) of the Deposit Insurance Act 2005;”.