bank shutdown

[neanea]

What will happen to our savings if a bank is ordered to cease operation in singapore?

 

[Perisher]

What will happen to our savings if a bank is ordered to cease operation in singapore?

Think there are a few happening already? Maybe can dig some information out.

 

[orange_sky]

If it's shut down by mas rather than bankruptcy then nothing will happen to you as a depositer. You will still get back your money

 

[chongpang]

Which foreign bank do you have insider news that it may be closed soon?

 

[Shiny Things]

What will happen to our savings if a bank is ordered to cease operation in singapore?

Realistically, probably nothing.

If you've got less than $50k with the bank, the SDIC will make you whole.

If you've got more than $50k with the bank, the SDIC will make you whole up to $50,000, and you'll line up with the other unsecured creditors for the rest of it.

 

[neanea]

To be more specific bank that is shutdown my MAS. Will we still get all our money back?

 

[havetheveryfun]

Which foreign bank do you have insider news that it may be closed soon?

Swiss Falcon Bank has been ordered to shut down

 

[duhduhduh]

To be more specific bank that is shutdown my MAS. Will we still get all our money back?

yes no need scare.


MAS will assist them with the cold hard cash (in exchange for assets) if needed

 

[Majestic12]

Is the thread starter even aware of the list of systematically important banks in Singapore and what being on this list means?

 

[lzydata]

In the case of Falcon Bank and BSI Bank earlier, it's not so much they went bankrupt as their licences were withdrawn. So if you are their client, your money is still there. BSI was bought over by another bank and Falcon will presumably return their clients' monies.

 

[neanea]

Is the thread starter even aware of the list of systematically important banks in Singapore and what being on this list means?

Since you sounded so smart why don't you tell me?

 

[cscs3]

Realistically, probably nothing.

If you've got less than $50k with the bank, the SDIC will make you whole.

If you've got more than $50k with the bank, the SDIC will make you whole up to $50,000, and you'll line up with the other unsecured creditors for the rest of it.

Think is asking what happen when bank shutdown and not bank went bankrupt.

 

[Shiny Things]

Think is asking what happen when bank shutdown and not bank went bankrupt.

Oh righto, my bad. If the MAS pulls the bank's license (basically if you're a client of Falcon), your money's still there; either the accounts will be transferred to another bank (most likely), or they'll cut you a massive cheque.

 

[Asphodeli]

Most likely a bank that has their license revoked will sell their local operations to a competing bank.

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