TREASURY DEPOSIT RECEIPTS

Parliament of Singapore · 28 March 1972 · 2nd Parliament

Official Report, 28 March 1972, Vol 31, Issue 18 · Open in the reader (summaries, search, filters)

2.51 p.m.

The Minister for Finance (Mr Hon Sui Sen): Mr Speaker, Sir, I beg to move,

That this Parliament, in accordance with subsection (1) of section 3 of the Treasury Deposit Receipts Act (Chapter 73 of the Revised Edition), resolves that the Treasury be authorised to accept on behalf of the Government, in the manner specified in the said subsection (1), a total sum of money on deposit and not repaid that does not exceed five hundred million dollars at any one time.

Sir, on the 26th of February, 1960, Parliament resolved, by the Treasury Deposit Receipts Act (Chapter 73 of the Revised Edition), that the Government be authorised to accept deposits up to a sum riot exceeding $75 million in amount. As at January 1972, the total amount of Treasury Deposit Receipts issued was $38.05 million.

It is proposed that Treasury Deposit Receipts be issued to Statutory Authorities to replace their Treasury Bills and be made available to the banking sector. There is a sufficiently large quantity of surplus funds which are available for investment, and money placed on deposit is on the increase. It is essential that Statutory Authorities as well as other financial institutions be provided with a secure medium-term investment outlet for such funds.

In order to meet the anticipated demand for Treasury Deposit Receipts, it is now desirable to raise the limit from $75 million to $500 million on the total sum of money which the Treasury may accept on deposits. The authority of Parliament is, therefore, requested to enable the Government to accept deposits to an amount not exceeding $500 million.

Sir, I beg to move.

Question put, and agreed to.

Resolved,

Source: Singapore Parliament Official Report (Hansard) for 28 March 1972. Republished on SGParliament.