Singapore Sets Bank Capital Ratios Above Basel III Levels

Singapore said it will set capital levels for local lenders above the global minimum to solidify the city’s position as a financial hub after regulators tightened norms for the world’s largest banks.

Lenders incorporated in Singapore will need to meet a minimum common equity Tier 1 capital adequacy ratio of 6.5 percent from Jan. 1, 2015, the Monetary Authority of Singapore said in a statement yesterday. That’s 2 percentage points more than the so-called Basel III rules announced last year.