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 my 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.]
Prime Minister’s Office
9 May 2023
https://sprs.parl.gov.sg/search/#/sprs3topic?reportid=written-answer-na-13506
Office of the Leader of the Opposition 