Organisational Initiatives INFORMATION TECHNOLOGY DEPARTMENT IT Systems Over the year, MAS continued to develop new IT applications to support our business priorities and operational needs. A new Capital Markets Supervisory System for the risk-based supervision of capital markets intermediaries is being developed. This web-based, integrated information portal allows comprehensive access to vital financial statistics, corporate ratings, issues tracking and MAS’ regulatory plans for capital market firms. We are also implementing a new Front, Middle and Back-office System (FMBS) to enhance our reserves and monetary management functions. This integrated system will provide significant benefits such as Straight-Through-Processing capability, comprehensive data capture and improved management reporting as well as enhanced risk management and risk monitoring. The FMBS mandate was awarded in early November 2004 and will be implemented by end 2005. Another system that is also scheduled for launch in the fourth quarter of 2005 is the MAS Electronic Payment System, a new generation real-time gross settlement system. Prior to its launch, the system will undergo independent and industry testing.