Tue Headlines – Why Guarantee Bank Deposits in SG?

October 21st, 2008 · No Comments

Minister of Trade & Industry Lim Hng Kiang explained the reasons behind guaranteeing all bank deposits in Singapore in the Ministerial Statement issued on 21 Oct 2008. Firstly, it is to ensure that banks in Singapore are not disadvantaged and reduce the risk of depositors shifting their money to banks in other countries which guarantee deposits. Secondly, to boost public’s confidence in Singapore’s financial system.

These two points in turn, will allow the financial sector to function as usual and this is key to prevent complicating the current worrying economic situation. Finally he reiterated that Singapore’s banks remain sound and stable despite the worldwide financial turmoil.

New ERP Gantry and Rates Revision

From 3 Nov 2008, a New ERP Gantry at PIE (West Bound) before Eunos Link [See location here] will be turned on. The rates are: S$2 for 7.00am – 7.30am and S$1 for 7.30am – 8.00am.

On the same day, rates at 2 gantries will be increased by S$0.50 between 6.30pm – 7.30pm. The 2 ERP gantries are situated at Eastbound ECP (Marina South) and on slip road from Ophir Road. The new rates at these 2 gantries is S$1.50.

For more info on ERP Charges & Avoiding It?.

112 More MRT Train Trips During Weekdays

With effect from 24 Oct 2008, SMRT will increase train frequencies on weekdays by a total of 112 extra trips per week.