DEPOSIT INSURANCE FUND
—(1) For the purposes of this Act, the Deposit Insurance Fund shall continue and be reconstituted in accordance with this Act.
(2) There shall be paid into the DI Fund —
all premium contributions, additional premium contributions and late payment fees paid by DI Scheme members under this Act;
all moneys borrowed by the Agency for the purpose of performing its functions in respect of the DI Scheme under this Act;
all moneys recovered by the Agency from, or out of the assets of, failed DI Scheme members;
any interest, dividend and other income derived from the investment of the moneys in the DI Fund;
all moneys paid to or recovered by the Authority as a financial penalty under section 8; and
all other moneys lawfully paid into the DI Fund.
(3) The DI Fund shall be used for the objects and purposes of the DI Scheme as provided in this Act.
(4) The DI Fund shall, subject to the directions of the Minister, be controlled and administered by the Agency, and shall be maintained by the Agency separately and apart from the PPF Life Fund and the PPF General Fund.
(5) For the avoidance of doubt, the DI Fund shall not be a fund of the Agency or the Authority.
—(1) In carrying out the objects and purposes of DI Scheme, the moneys in the DI Fund may be withdrawn and applied as the Agency considers proper for all or any of the following purposes only:
the payment of all expenses incurred in or incidental to —
the reconstitution and maintenance of the DI Scheme;
the administration and management of the DI Fund;
the administration and management of the Agency and the performance of the duties and functions of the Agency in respect of the DI Scheme under this Act; and
the conduct of any investigation by the Agency for the purpose of determining the entitlement of insured depositors to any compensation;
the payment of any fees to agents appointed by the Agency for the purposes of carrying out any services in respect of the DI Scheme under this Act;
the withdrawal of all other moneys authorised or determined to be paid out of the DI Fund in accordance with this Act.
—(1) The Agency may invest any moneys in the DI Fund in all or any of the following:
any security issued by the Government or by the Authority;
Singapore dollar deposits placed with the Authority;
any debenture or debt security issued by Singapore Sukuk Pte. Ltd.;
such other investments, with the objects of capital preservation and maintenance of liquidity, as may be approved by the Minister.
(2) The Agency may delegate, subject to such conditions or restrictions as it thinks fit, all or any of its powers and functions under subsection (1) to such employee or agent as it may appoint.
(3) The Agency may pay to any person appointed under subsection (2) a reasonable fee for any service rendered in exercise of any power and function delegated to that person under that subsection.
(4) The Agency may continue to exercise any power conferred upon it or perform any function under subsection (1) notwithstanding the delegation of such power or function to an employee or agent under this section.