DBS 01 (May 08 - Jul 10)

[LenaHuat]

Hi MM
They hve to get their b/s ready for Basel III by end 2011.

[iam802]

Hi Lena,

Does this 'Basel III' affects all banks operating in SG (including foreign banks) ?

What's the implication if a bank can't meet the requirement?

Is there a possibility that the banks will move out of SG?

[millionairemind]

Hi MM
They hve to get their b/s ready for Basel III by end 2011.

Lena,

The banks are lobbying (thro the Institute of International Finance) to paint an apocalyptic picture of the economic cost of Basel 3.

The implementation date is 2012 latest, but I am not sure if they would all be ready by then.

Cheers,
mm

[LenaHuat]

Hi iam802
Honestly, I have no special knowledge abt Basel. I understand almost all countries' supervising authorities are signatories to the treaty, administered by BIS. Even the Chinese banks have to comply with the requirements. And that's why so many banks are strengthening their b/s by either equity/debt arrangements. The supervising authorities should revoke the banking license of any that fails the requirements.

[LenaHuat]

Hi MM
Yes, the implementation date is 2012, the latest. In the light of the global fin crisis, many watchers expect it by end 2011. That's why I'm watching this weekend's G20 summit at Toronto closely.

[LenaHuat]

Hi MM , u're right abt Basel III. G20 at Toronto has taken the position that 2012 will be the beginning and not the completion of the implementation of Basel III requirements. That means G20 thinks the world economy is still feeble and they need to ease credit conditions.

[iam802]

Oh my... heard that DBS/POSB services is DOWN islandwide. (have been restored by now)

But, pretty quick thinking of them to use Twitter to update people on the status.

http://twitter.com/dbsbank

[kennynah]

quite unacceptable.... what happened to contingencies for such critical services?

relevant head of IT services should be sacked, as an example to others to stay vigilant of one's responsibilities... otherwise, we become a nation of "honest mistakes" that go unpunished...

[iam802]

Long long time back... I close my bank account with DBS.

Personally, I do not know why there is a need to keep an account there.

I can get better and faster service with other banks.

Perhaps this IT services failure will send more people flocking to alternatives.

I think it may be a 'FAT FINGER mistake'.

'Honest mistake' is passé already.

[millionairemind]

I closed my DBS account more than 12years back cos' I realized that UOB's service is better... and the Q at the ATMs is almost non-existent, unlike DBS's ATM Q