Singapore legislation
Regulation 5
Regulation 5
Minimum requirements for registration of credit societies
Subregulation 1
For the purposes of sections 9(1B)(e) and 16A(5)(e) of the Act and subject to paragraph (2), the minimum prudential requirements that apply to a credit society are as follows:
a capital adequacy ratio, calculated in such manner as may be determined by the Registrar by written notice, of —
not less than 8%, if the application under section 7 or 16A of the Act in respect of the credit society is made before 1 July 2020; or
not less than 10%, if the application under section 7 or 16A of the Act in respect of the credit society is made on or after 1 July 2020;
a liquidity ratio calculated in such manner as may be determined by the Registrar by written notice, of not less than 15%.
Subregulation 1A
Paragraph (1)(a)(i) and (b) applies to every application under section 7 or 16A of the Act that —
is pending immediately before 22 April 2019; or
is made on or after that date.
Subregulation 2
The Registrar may, if he considers it appropriate in the circumstances of a particular credit society or class of credit societies and having regard to the risks arising from the activities of the credit society or class of credit societies and such other factors as the Registrar considers relevant, vary the capital adequacy ratio or liquidity ratio applicable to that credit society or class of credit societies (as the case may be).