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MAS Standing Facility

The MAS Standing Facility (“SF”) is a discount window that allows eligible counterparties to borrow Singapore dollars ("SGD") on an overnight and collateralised basis, or deposit SGD on an overnight basis. The SF promotes SGD interest rate stability by setting a cap and floor on the SGD overnight interest rate, and enhances market confidence that liquidity needs will be met in times of payment gridlocks and liquidity tightness.

MAS Standing Facility Daily Rates

Facility

Rate

Date

MAS Standing Facility

Standing Facility Deposit Rate: %

Standing Facility Borrowing Rate: %

Historical rates

For historical SF rates, please click here

Key Details

Eligible Counterparties
A Financial Institution that is a participant of MEPS+, or any other Financial Institution as may be approved by the Authority. An Eligible Counterparty may borrow SGD funds via the SF if it has entered into a Global Master Repurchase Agreement (GMRA) with MAS.
Note: A Financial Institution intending to enter into a GMRA with MAS should contact MAS at sgddiv@mas.gov.sg .
Transaction Type
  • Loan transactions: Repurchase transaction, foreign currency swap, or collateralised loan.
  • Deposit transactions: Clean deposit.
Tenor
Overnight
Rate
  • Loan transactions: Reference rate plus 50 basis points.
  • Deposit transactions: Reference rate minus 50 basis points, floored at zero.
Note: The reference rate is the weighted average of successful bids for MAS’ S$500m overnight clean borrowing conducted during Money Market Operations on the same day, rounded to two decimal places.
Eligible Collateral
Category A1: SGD collateral settled in MEPS+ SGS, MAS Bills, MAS FRN.

Category A2: other SGD collateral S$ debt securities (including sukuk) issued by any Singapore statutory board and AAA-rated or AA-rated public sector entity, Supranational, sovereign, sovereign-guaranteed company or non-financial company. The indicative list of issuers whose S$ debt securities may be eligible as collateral under Category A2 can be found here.

Category B: Foreign currency collateral
Certain foreign currencies and foreign currency government and central bank securities under cross-border collateral arrangements ("CBCAs") that MAS has established with other central banks. These central banks include Bank Negara Malaysia, the Bank of England, Bank of Thailand, Banque de France, De Nederlandsche Bank, Deutsche Bundesbank, and the Federal Reserve Banks. Please contact the Monetary and Domestic Markets Management Department for eligibility.
Initial Haircuts
Category A1
Time to maturity Haircut (%)
0 - 1 year 1
> 1 - 5 years 1
> 5 - 10 years 2
> 10 years 4

Categories A2 and B
Please contact the Monetary and Domestic Markets Management Department.

Operating Window

Deposit
6.00 pm to 6.45 pm.

Loan: Category A1
5.00 pm to 6.45 pm.

Loan: Categories A2 and B
2.30 pm to 3.30 pm.

 

Cash Settlement
  • Categories A1 and A2: Same day, after the settlement of collateral.
  • Category B: Upon confirmation of settlement of collateral with the corresponding foreign central bank. Please refer to the Terms and Conditions for more details.
Contact Information
Terms and Conditions
  1. Main Agreement (with effect from 08 June 2023)
  2. Appendix A: Operational Procedures and Additional Guidance for Depositing SGD Funds (Automated)
  3. Appendix B: Operational Procedures and Additional Guidance for Obtaining SGD Funds Using SGS and MAS Bills (Automated)
  4. Appendix C: Operational Procedures for Obtaining SGD Funds Using S$ Debt Securities and Sukuk issued by:
  5. Appendix D: Operational Procedures for Obtaining SGD Funds using Foreign Currency (FC) and Foreign Currency Denominated Securities (with effect from 14 June 2018)
  6. Appendix E: Contingency Procedures for the SF Automated Processes
Note: The above Terms and Conditions (inclusive of the Main Agreement and all its appendices listed in this table) shall govern the use of the MAS Standing Facility. By using the MAS Standing Facility, the Eligible Counterparty (as defined in the Terms and Conditions) is deemed to have agreed to the Terms and Conditions.