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| MODEST RECOVERY IN 2003 |
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| Box
11 |
| MAS’
FINANCIAL SURVEILLANCE WORK |
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| As part of
MAS’ systematic surveillance of the financial system,
we monitor Financial Soundness Indicators recommended
by the IMF and conduct stress testing to test the resilience
of systemically important institutions to economic and
financial shocks. To augment our regular financial surveillance
work, we carry out in-depth studies of issues with financial
stability implications. They include the impact of equity
market fall in the second half of 2002 and early 2003
on financial institutions, negative housing equity, risk
in interbank activity, banks’ exposure to the property
sector, credit card charge-offs and the IPO market. We
produced our first issue of the Financial Stability Report
(FSR), in line with the practice of some major central
banks. Going forward, we will prepare the FSR on a semi-annual
basis, to provide a regular assessment of Singapore’s
financial stability. |
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