SINGAPORE - Singapore's central bank said on Friday it has lifted an additional capital requirement imposed on DBS Group Holdings following the breakdown of DBS's online and branch banking systems last year.
'The Monetary Authority of Singapore (MAS) announced today that we have lifted the operational risk multiplier imposed on DBS Bank Ltd following the service outage of its online and branch banking systems on July 5, 2010,' the central bank said in a statement.
MAS said it has reviewed the measures taken by DBS to address the gaps highlighted by the central bank and said it had 'met all the key deliverables'.
DBS, Southeast Asia's biggest bank by assets, had to set aside about S$230 million (US$184 million) in extra regulatory capital after it was punished by MAS last year. -- REUTERS
Investing in stocks is a lot like lending your friend money - Note: This article is a collaboration between The Good Investors and The Woke Salaryman. It was written by me and edited by He Ruiming. An earlier version ...
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