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Singapore Central Bank reprimanded the 20 international banks

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2014-02-16 21:42:55 - MASZa attempts to manipulate the base rate, such as the offered rate on interbank Singapore (SIBOR), Central Bank ( Monetary Management ) of the country reprimanded 20 international banks.

As Singapore's central bank foreclosure demanded banks violators additional required reserves was deposited in the Central Bank for a total amount of up to 12 billion Singapore dollars ( U.S. $ 9.6 billion ). Funds must be placed for a period of 1 year, and banks will not receive interest thereon.

Most additional reserves are required to pay the Dutch ING Bank, British Royal Bank of Scotland and the Swiss UBS - from 1 billion to 1.2 billion Singapore dollars ( 797-957 million U.S. dollars). Bank of America and BNP Paribas have was deposited 700-800 million Singapore dollars. Smaller amounts of CB obliged to make Barclays, Credit Agricole, Credit Suisse, Deutsche Bank, Citibank, JPMorgan Chase.

Singapore benchmark- SIBOR and SOR rates are

used as a basis for setting rates for different bank loans.

Banking is one of the fast growing sectors of the economy of Singapore. The country has 121 commercial bank, including local - 7 Foreign - 114. As of September 2010, the amount of assets (liabilities) in the banking sector in Singapore, estimated the Monetary Authority of Singapore, Singapore totaled 764 billion dollars.

More usefull information about banking in Singapore available at

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