There is not much to bail in at this stage.
Moody's noted that as a result of limited financial buffers provided by outstanding bail-in-able liabilities (Tier-2 and AT1 PONV securities), government support for the large banks will be forthcoming if needed.
"The MAS is of the view that while a broader bail-in scope would increase the loss-absorbing capacity of a bank, it would also raise the risk of contagion to the financial system and broader economy from a bail-in of bank liabilities and increase funding costs for banks," said Moody's.
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