Respondents were supportive of the proposed hike, and a minority of them suggested having a higher coverage level beyond $100,000, according to the report. The increase will restore the percentage of fully-covered insured depositors to 91%, from 89%, the MAS said.
The move comes amid concerns over the global banking industry after the failures of US lenders including Silicon Valley Bank, Signature Bank and Switzerland’s Credit Suisse. US officials had been reviewing their own deposit insurance scheme, which safeguards deposits of up to US$250,000 ($341,588.75) on most accounts, Bloomberg News reported earlier this year.
