According to monthly data released by the Monetary Authority of Singapore (MAS) on Wednesday, loans to non-bank customers in November slowed slightly as compared to October.

Total loans for November hit S$273 billion, a dip of one per cent compared to the previous month’s figure of S$276 billion.

According to MAS’ figures, banks remain well capitalised.

Total deposits for November stood at S$345.9 billion, 21 per cent more than outstanding loans for the month.

Loans to the transport and communications sector saw the biggest fall with a S$2.2 billion drop in November.

General commerce firms took out S$26 billion in loans, down S$1.3 billion from last month.

Historically, periods of negative GDP growth have had a knock on effect on loan growth, with similar contractions in loans seen during the 1997 Asian financial crisis.

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