Written Answer to Unanswered Oral Question
Rationale for $75,000 Threshold Amount in Deposit Insurance Scheme
Prime Minister's OfficeSpeakers
Transcript
36 Assoc Prof Jamus Jerome Lim asked the Prime Minister (a) what are the considerations behind the decision to insure deposits in local member banks at the amount of $75,000 under the Deposit Insurance Scheme, compared to higher amounts in other jurisdictions; and (b) whether this limit will be reviewed in light of higher per capita incomes.
Mr Tharman Shanmugaratnam (for the Prime Minister): This Question has been answered in the reply to Question Nos 12 and 13 for Oral Answer on the Order Paper for 8 May 2023. [Please refer to "Proposal to Review Cap of Coverage Per Depositor under Deposit Insurance", Official Report, 8 May 2023, Vol 95, Issue 102, Oral Answers to Questions section.]