Content       HOME       OUR MISSION       OUR OBJECTIVES     A INTRODUCTION       Board of Directors   08   Chairman’s Statement   10   Board Committees   14   Organisation Chart   15   Management Team   16   Our Achievements and Work in Progress   17   » Click to Top         B THE FINANCIAL SECTOR: KEY SUPERVISORY AND REGULATORY INITIATIVES       Supervision   32   Common Risk Assessment   Framework Techniques   32           Inspections and Supervisory Reviews   32   BASEL II Implementation   32   Box 1 – BASEL II Implementation in Singapore   33   Thematic Inspections Relating to Anti-Money   Laundering/Countering Financing of Terrorism 34   Thematic Inspections on Asset-Liability   and Capital Management for Life Insurers 35   Box 2 – Monitoring Hedge Funds in Singapore   36   Thematic Inspections of Corporate Finance Advisers   37   Thematic Inspections on E-trading of Futures Contracts   37   Inspections of Fund Management Companies   37   Box 3 – Developing and Enforcing Supervisory   Regimes for Real Estate Investment Trust   38   Box 4 – Thematic Supervisory Work on Financial Advisers   39           New Legislation   41   Strengthening Corporate Governance Regulations   & Guidelines   41   Box 5 – Enhancing Corporate Governance Framework   41   Box 6 – Deposit Insurance Scheme   42   Box 7 – Nomination of Beneficiaries Framework   43   Box 8 – New Framework for Trust Companies   to Facilitate Wealth Management   44           Enhancing Regulatory Frameworks   45   Regulations for Islamic Finance   45   Revision to Requirements on Submission of   Annual Audited Accounts   45   Revision to Regulatory Framework for Money   Changers/Remittance Agents   46   Box 9 – Policy Owners’ Protection Fund Scheme   46   Phase II Amendments to the Securities   Futures Act and Financial Advisors Act   47   Keeping Pace with Product Innovation   49   Reviewing the Authorisation Framework for Representatives   49   Establishing Sound Risk Management Guidelines   49   Box 10 – Enhancing Internet Banking Security   50           Market and Business Conduct   51   Enhancing Market Discipline   51   Survey on Establishment and Maintenance of   the Insurance Broking Premium Account   51   Box 11 – MoneySENSE   52   Enhancing Consumer Recourse   54   Financial Industry Disputes Resolution Centre Launched   54   Box 12 – Investigating Across Borders   55           Risk Management   55   Financial Crisis Management Exercise   55   Industry-wide Business Continuity Exercise-Exercise Raffles   56   » Click to Top         C THE FINANCIAL SECTOR: PERFORMANCE AND GROWTH       Financial Market Activity   58   Active Corporate Debt Market   58   Box 13 – Introduction of Electronic Bond Platform for   Trading of Singapore Government Securities   59   Growth in Asset and Wealth Management   60   Trading in the Equities and Futures Market   60   Strong Growth in the Treasury Market   61   Box 14 – Islamic Finance Development in Singapore   62   Box 15 – Regional Commodity Derivatives Trading   64           Building a World Class Talent Pool   65   Building a Deep Pool of Quality Workforce   65   Attracting Global Financial Talent   66   Building a Hub for Financial Knowledge,   Innovation and Learning   66           Forging Alliances with the International Financial Community   67   International Advisory Panel   67   » Click to Top         D ECONOMIC DEVELOPMENTS AND MONETARY POLICY           The World Economy: Robust Growth on   the Strenght of the US Economy   70   International Financial Markets: Resilience   in the Face of Uncertainties 71   Singapore Financial System   Remains Sound   74   Singapore Economy: Ending on a High Note   74   Monetary Policy Amid Continued Growth   and Emerging Inflationary Pressures   77   Strengthening the Monetary Policy   Formulation Process   77   Pushing the Frontier of Monetary Policy   Research and Analysis   78   Box 16 – Assessing Market Response to   MAS’ Monetary Policy Statements   79   » Click to Top         E MAS IN THE INTERNATIONAL ARENA           Box 17 - Singapore on the World Map –   IMF-World Bank Annual Meetings   82           Strengthening Regulatory and Regional Financial Cooperation   83   Banking   83   Insurance   84   Capital Markets   84   Anti Money Laundering, Countering the Financing of Terrorism   85           Promoting Information Exchange and Technical Assistance   86   Box 18 – MAS and IMF Jointly Host High - Level Seminar   87   » Click to Top         F ORGANISATIONAL INITIATIVES       Corporate Services Department   89   Ensuring A Safe and Secure Work Environment   89           Currency Department   89   Dollars and Cents Management   89           Finance Department   90   Raising Awareness of Risk Management   90           General Counsel’s Office   91   Dealing with Legal Matters   91           Human Resource Department   92   Developing Our People   92           Information Technology Department   92   Enhancing Supervision and Payment Systems   92   Promoting International Collaboration – EMEAP   93   Enhancing MAS’ Websites   93   Maintaining a Secure IT Environment   93           Internal Audit Department   94   Assessing the Control Environment in MAS   94           Strategic Planning Office   95   Enhancing Integration and Providing Strategic Focus   95   » Click to Top         G MAS FINANCIAL STATEMENTS         Statement by Directors   98   Financial Statement Highlights   99   Auditor’s Report   100   Income Statement   101   Balance Sheet   102   Statement of Changes in Equity   103   Cash Flow Statement   104   Statement of Backing of Currency in Circulation   105   Notes to the Financial Statements   106   » Click to Top         H CALENDAR OF MONETARY AND FINANCIAL EVENTS   127   » Click to Top         I KEY ECONOMIC AND FINANCIAL STATISTICS   133   » Click to Top         J STATISTICAL ANNEX   137     Money Supply   137   Official Foreign Reserves   138   Exchange Rate   139   Domestic Interest Rates   140   Number of Financial Institutions in Singapore   141   Assets & Liabilities   143   Loans and Advances by Industrial Classification   145   Types of Loans and Advances to Non-Bank Customers   146   Types of Deposits Including S$NCDs   147   Liquidity Position   148   Assests & Liabilities   149   Consolidated Assets and Liabilities   150   Assets and Liabilities of Domestic Unit Operations   151   Assets and Premiums   152   Central Provident Fund Board   153   Net Funds Raised in the Domestic Capital Market   154   Assets and Liabilities   155   Maturity Transformation by Asian Currency Units   156   » Click to Top         K GLOSSARY   157   » Click to Top