Covid-19 financial support measures for financial institutions, SMEs and individuals
17 April 2020
The Monetary Authority of Singapore (“MAS”), together with the Association of Banks in Singapore, the Life Insurance Association, the General Insurance Association and the Finance Houses Association of Singapore, announced in March 2020 a package of measures to help ease the financial strain on SMEs and individuals caused by the Covid-19 pandemic. In April 2020, MAS announced that selected regulatory requirements and supervisory programmes will be adjusted to allow financial institutions to focus on handling Covid-19 related issues and to support their customers during this difficult period.
Measures for financial institutions include new MAS USD and SGD facilities, risk share on government loan schemes, allowing banks to utilise liquidity buffers, adjustments to MAS’ supervisory activities, and deferring regulatory reforms and new policies.
Measures for SMEs include the Special Financial Relief Programme (SFRP (SME)), Enhanced Working Capital Loan, and the Temporary Bridging Loan Programme.
Measures for individuals include the Special Financial Relief Programme (SFRP (Consumer)) and insurance premium deferment or instalment payment.
This infographic provides an overview of these measures and their key features along with the implementation details. To read more, please click here.
Further information
Allen & Gledhill has a Covid-19 Resource Centre on our website www.allenandgledhill.com that contains knowhow and materials on legal and regulatory aspects of the Covid-19 crisis.
In addition, we have a cross-disciplinary Covid-19 Legal Task Force consisting of Partners across various practice areas to provide rapid assistance. Should you have any queries, please do not hesitate to get in touch with us at covid19taskforce@allenandgledhill.com.
This article has been updated. Please click here for the updated article.