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SINGAPORE: Last month, the Singapore government announced that it would guarantee all bank deposits, backed by some S$150 billion from its reserves.
It marks the first time the elected president is exercising his custodial powers to approve a potential draw on reserves.
Speaking to the media for the first time on the issue, President S R Nathan said he gave the go-ahead as a contingency plan, but the need to draw on the reserves has not come about yet.
He said: "If it does come, I've got a Council of Presidential Advisors, all of whom are knowledgeable, who know the economy (and) finance... who will have to see through and see justification for the draw. And that's the procedure we will follow."
- CNA/yt
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