Clause 4

by deleting the words “subsection (4)” in subsection (1) and substituting the words “subsections (4) and (4A)”;

by inserting, immediately after subsection (4), the following subsection:“(4A) Subsection (1) does not apply to any contract, agreement or arrangement under which an approved financial institution uses any of its interest in any security over any protected property as security or collateral for the grant of any facility by the MAS to the approved financial institution.”; and

by inserting, immediately after the definition of “approved financial institution” in subsection (11), the following definitions:“ “facility” means an arrangement between the MAS and an approved financial institution under which the MAS provides funding to the approved financial institution, and includes a credit facility and a repurchase transaction;“MAS” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act;”.