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Government Deposit Guarantee
"Need a Government Deposit Guarantee for our Singapore-based retail bank covering deposits up to SGD 75,000 per depositor, with specific provisions for foreign currency accounts and overseas branches effective from March 2025."
1. Parties: Identifies the guarantor (Singapore Government) and beneficiary institution
2. Background: Context and purpose of the guarantee
3. Definitions: Key terms used throughout the guarantee document
4. Scope of Guarantee: Specific deposits covered and coverage limits
5. Duration: Term of the guarantee and renewal provisions
6. Conditions Precedent: Prerequisites for guarantee effectiveness
7. Claims Process: Procedures for making and processing claims
1. Foreign Currency Provisions: Additional provisions for guarantees covering foreign currency deposits, applicable for institutions holding significant foreign currency deposits
2. Cross-Border Provisions: Provisions addressing overseas branches and subsidiaries, applicable for institutions with international operations
3. Special Institution Provisions: Specific requirements for certain types of financial institutions, applicable for specialized financial institutions
1. Schedule 1: Covered Deposits: Detailed list of deposit types covered by the guarantee
2. Schedule 2: Exclusions: Specific deposits or circumstances excluded from coverage
3. Schedule 3: Claims Procedures: Detailed procedures and documentation requirements for claims
4. Appendix A: Forms: Standard forms for claims and notifications
5. Appendix B: Contact Details: Key contact information for all parties
Authors
Banking Day
Claim
Covered Deposit
Deposit
Deposit Account
Depositor
Effective Date
Eligible Financial Institution
Event of Default
Excluded Deposits
Financial Institution
Guarantee
Guarantee Period
Guaranteed Amount
Insolvency Event
Maximum Coverage Limit
MAS
Notice
Payout Event
Protected Deposit
Qualifying Balance
Regulatory Authority
SDIC
SGD
Singapore Dollar Equivalent
Specified Institution
Term
Trigger Event
Working Day
Coverage Limits
Eligibility Criteria
Term and Duration
Conditions Precedent
Representations and Warranties
Payment Obligations
Claims Process
Trigger Events
Notification Requirements
Reporting Requirements
Record Keeping
Compliance Obligations
Regulatory Cooperation
Information Rights
Subrogation Rights
Assignment and Transfer
Confidentiality
Force Majeure
Default Events
Termination Rights
Currency Provisions
Set-off Rights
Dispute Resolution
Governing Law
Notices
Amendments
Severability
Entire Agreement
Counterparts
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