By Francis Chan

THE Government has guaranteed all bank deposits of individuals and corporates here with immediate effect.

The guarantee, which runs till Dec 31, 2010, will cover all Singapore dollar and foreign currency deposits in banks, finance companies and merchant banks licensed by the Monetary Authority of Singapore (MAS).

It will be backed by $150 billion worth of Government reserves, said the MAS and the Ministry of Finance (MOF) in a joint statement yesterday.

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