Singapore slaps biggest bank with extra capital requirements after technical glitch

mas

The Monetary Authority of Singapore (MAS) on Wednesday castigated the country's largest bank, Development Bank of Singapore (DBS), and ordered it to set aside additional capital to cover operational risk costs, after a technical failure that resulted in shut down of its online and automated teller machine services on 5 July.

The glitch, which arose when the bank's data storage system went into automatic shutdown due to a faulty cable, lasted about seven hours. The central bank censured the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.