Singapore legislation
Regulation 3
of Deposit Insurance and Policy Owners’ Protection Schemes (Financial Penalty) Order 2024
Regulation 3
Financial penalty
For the purposes of section 8(4) of the Act, the prescribed formula for the financial penalty (F) that a DI Scheme member is liable to pay for every day or part of a day that the DI Scheme member fails to comply with the asset maintenance requirement, is —where —
A is the deficiency in the amount of assets necessary for the DI Scheme member to comply with the asset maintenance requirement; and
r is 10 percentage points above the 3‑month compounded SORA for —
the day on which the bank fails to comply with the asset maintenance requirement — if that day is a business day; or
the last business day immediately before the day on which the bank fails to comply with the asset maintenance requirement — if that day is not a business day.