Asia bank capital series: Singapore Basel III implementation explained

Abstract

Earlier in 2013, the Basel Committee said that Singapore is compliant with the Basel framework. It was only the fourth jurisdiction to be assessed; Singaporean banks are well capitalised, and its central bank's implementation standards are higher than those specified in the Basel III framework; United Overseas Bank has already issued an additional tier 1 (AT1) bond, while DBS has established a programme to issue contingent convertible bonds. They had been required to meet the country's Basel III minimum capital requirements - plus some other requirements that go beyond what is specified in the Basel framework - by January 1 of this year.