Banks' relief measures for Covid-19 in line with corporate debt restructuring guidelines: MAS

THE Monetary Authority of Singapore on Friday said the relief support announced by banks thus far to support customers affected by the ongoing 2019 novel coronavirus (Covid-19) outbreak, are in line with guidelines on corporate debt restructuring by the Association of Banks in Singapore.

"MAS supports these efforts by financial institutions to work constructively with customers affected by Covid-19 while adhering to prudent risk assessments," said the financial regulator on Friday.

"The various measures will help corporates and individuals facing short-term cash flow constraints and provide timely insurance coverage for policyholders affected by Covid-19. Taken together, these measures should help to buffer some of the impact on corporates and individuals from the Covid-19 outbreak."

Singapore and regional banks this week rolled out virus relief measures for businesses and retail customers. DBS, OCBC and Standard Chartered on Thursday rolled out their respective relief packages - a day after UOB said it had allocated S$3 billion to provide Singapore-based companies, especially small- and medium-sized enterprises (SMEs), with relief assistance. Meanwhile, some insurers have extended additional benefits to life insurance policyholders diagnosed with Covid-19.

Insurers in Singapore have also clarified that Integrated Shield Plans (IP), IP riders and most other personal and group health insurance policies will cover hospitalisation expenses related to Covid-19, MAS said.