THE Government may not have to use much - if any at all - of the $150 billion it has set aside to guarantee bank deposits in Singapore, said Minister of Trade and Industry Lim Hng Kiang yesterday.

But Mr Lim said the blanket guarantee the Monetary Authority of Singapore (MAS) issued last week was necessary to keep local banks competitive and to prevent a flight of deposits overseas.

MAS announced last Thursday that it would guarantee all the bank deposits of individuals and corporates here with immediate effect until the end of 2010.

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