Defaults for Singapore’s three biggest banks

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With the oil and gas sector taking a huge hit, the default rates for business loans from Singapore’s three biggest banks (DBS,OCBC and UOB) have risen and are set to continue to rise. Bank profits have come under pressure and there has been a slump in the inter-bank rate. Dark clouds are roaming around in the¬†economy in Singapore and skies don’t seem like they are going to brighten up anytime soon.

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