Deposit Insurance and Policy Owners’ Protection Schemes (Financial Penalty) Order 2024

on the Authority’s website; or

where the Authority’s website is unavailable to the public, in any other form that is readily accessible by the public;“asset maintenance requirement” means the requirement imposed by the Authority under section 8(1) of the Act on a DI Scheme member, or any class of DI Scheme members, to maintain the prescribed minimum amount of assets in Singapore;“Authority’s website” means the Authority’s Internet website at https://www.mas.gov.sg;“bank holiday” means a day declared by the Authority to be a bank holiday under section 60(1) of the Banking Act 1970;“business day” means any day other than a Saturday, Sunday, public holiday or bank holiday;“prescribed methodology” means the methodology set out in the document called “Compounded Singapore Overnight Rate Average Index (“SORA Index”), Compounded SORA and MAS Floating Rate Notes (“MAS FRN”): A User Guide” dated 16 March 2021 as published on the Authority’s website;“Singapore Overnight Rate Average” or “SORA”, for a business day, means the volume‑weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m. of that business day, as published on the next business day, by the Authority —

on the Authority’s website; or

where the Authority’s website is unavailable to the public, in any other form that is readily accessible by the public.

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.