12. Section 10 of the Banking Act is amended —
by deleting subsection (1) and substituting the following subsection:
“(1) The Authority may, by notice in writing, require any bank in Singapore or class of banks in Singapore to maintain capital funds in Singapore of such amount (not being less than the minimum prescribed in section 9 or 9A, as the case may be) and in such manner as the Authority considers appropriate, having regard to the risks arising from the activities of the bank or class of banks, as the case may be, and such other factors as the Authority considers relevant.”;
by inserting, immediately after subsection (2), the following subsection:
“(2A) The Authority may, if it considers appropriate in the particular circumstances of a bank incorporated in Singapore, having regard to the risks arising from the activities of the bank and such other factors as the Authority considers relevant, vary the capital adequacy ratio applicable to that bank.”;
by inserting, immediately after the words “subsection (2)” in subsection (3), the words “or (2A)”; and
by deleting the section heading and substituting the following section heading:
“Risk-based capital requirements”.