MAS issues statement on Minibond distributions

On 3 February 2010, MAS issued a statement on Minibond Distributions. In their statement MAS welcomed the announcement by the three partners of PricewaterhouseCoopers LLP appointed as receivers for the Minibond notes, and HSBC Institutional Trust Services (Singapore) Limited, the trustee for the notes, that distribution of the recovery values of the Minibond notes to investors will be made on 12 February 2010.

All investors holding the Minibond notes will receive the recovery value for the notes they hold (which is based on the series of notes that were purchased). The total amount received by each investor will depend on the recovery value, as well as the outcome of the dispute resolution process.  This is in line with the approach for financial institutions that distributed the notes to review complaints on a case-by-case basis, and to make settlement offers according to the facts and circumstances of each investor and transaction.

MAS reported that taking into account the recovery values of the notes and the settlement offers that have been accepted, 80% of retail investors will receive 50% or more of their investment back. 

For further information please see MAS Minibond distribution release