MAS guarantees all bank deposits

I am surprised this declaration did not come earlier. It is only a matter of time. No matter how strong we say our banks are, there will still be lingering doubts in the minds of depositors given the current fear in the market (and in banks).

The declaration may be a bit late, but it is still better to be late than never. I suppose there were signs of funds outflow in a flight for safety, as other governments in the region pledge their commitment to defend their banks. It is only common sense and logical. Meanwhile, we can take comfort and solace in this safety shield till it expires on 31 Dec 2010.

But why 2010? Reading between the lines, we can infer that that would be the estimated amount of time needed to repair the global financial system.