Last year, MAS and the Ministry of Law ("MinLaw") conducted a joint public consultation on the proposed changes to the unsecured credit rules for financial institutions and the proposed application of these rules to moneylenders with appropriate modifications. MAS had also conducted another consultation this year on the exemption for financial institutions from the maximum credit limit when granting credit to individuals with greater financial means.  Pursuant to the feedback received, MAS and MinLaw have proceeded to draft respective rules applicable to unsecured lending by financial institutions regulated under MAS and moneylenders under MinLaw.

2 MAS and MinLaw would like to invite interested parties to forward their views and comments on these draft rules. Electronic submission is encouraged.  Please submit your written comments by 17 January 2008 to:

Prudential Policy Department                             

Monetary Authority of Singapore                                     

10 Shenton Way                                                                       

MAS Building                                                               

Singapore 079117                                                                     

Fax: 62203973                                                              

Email: policy@mas.gov.sg                                                         

Or

Legal Policy Division

Ministry of Law

100 High Street #08-02

The Treasury

Singapore 179434

Fax: 63328842

Email: ipto_romp@ipto.gov.sg

3 Please also note that all submissions received may be made public unless confidentiality is specifically requested for whole or part of the submission.