No, it is **not correct** that MAS Notice 649 *currently* requires banks in Singapore to maintain a minimum liquid asset ratio of 18%. Here's why: 1. **Historical Context:** MAS Notice 649, titled "Minimum Liquid Assets and Other Liquidity Requirements for Banks," **did historically** require banks in Singapore to maintain a minimum Liquid Assets Ratio (LAR) of 18%. This was the prevailing liquidity framework for many years. 2. **Superseded Notice:** However, MAS Notice 649 has been **superseded**. The Monetary Authority of Singapore (MAS) replaced it to implement the Basel III liquidity standards. 3. **Current Framework:** Banks in Singapore are now primarily subject to the **Liquidity Coverage Ratio (LCR)** requirements under **MAS Notice 651** and the **Net Stable Funding Ratio (NSFR)** requirements under **MAS Notice 635**. * The **LCR** requires banks to hold sufficient high-quality liquid assets (HQLA) to cover their total net cash outflows over a 30-calendar day stress period. The minimum LCR requirement is generally 100%. * The **NSFR** requires banks to maintain a stable funding profile in relation to the liquidity risk of their assets and off-balance sheet activities over a one-year horizon. The minimum NSFR requirement is also generally 100%. So, while the 18% LAR was a requirement under MAS Notice 649 in the past, that notice is no longer in effect, and banks operate under the LCR and NSFR frameworks today.