Circular Letter on SMEC and KfW Credit


DATE : August 14, 2004

FOR : ALL MEMBER BANKS


FROM : (SGD.) SENEN D. GLORIOSO, President


RE : CIRCULAR LETTTER ON SMEC AND KfW
CREDIT FACILITIES



Kindly be advised that the applicable interest rate for new loans under the SMEC and KfW Credit Facilities during the month of August 2004 and all outstanding variable rate loans is 7.9% p.a.

Further, the applicable interest rate for new loans or loans credited from variable to fixed rate for the month of August 2004 is 7.9% p.a. plus premium based on the following remaining term:

Term Premium

1-3 years 2%
Over 3 to 5 years 2.5%

The above shall be subject to conditions as stated in the attached letter by PBSP dated August 2, 2004 for your reference.

For your guidance.














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