HOME     Who We Are 04   Chairman's Message 04   Board of Directors 06   Board Committees 08   Management Team 09   OUR WORK - Managing Risks, Sustaining Growth     A MORE CHALLENGING POLICY ENVIRONMENT 12   Slowing in the G3 Economies 12   Asia Remains Resilient 13   Inflation Is On The Rise Globally 13   Singapore Is Not Immune To Global Growth and Inflation Risks 14     MONETARY POLICY - PROVIDING AN ANCHOR FOR PRICE STABILITY OVER THE MEDIUM-TERM 15   Enhancing Monetary Policy Research 16   Box Story 1 - Asia Decoupling? 18     MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY 20   International Financial Markets: Subprime Crisis 20   Asia: Resilient So Far But There Are Risks 23   Enhanced Surveillance and Supervision 24   Money Markets: Staying Vigilant 24   Business Continuity and Crisis Management 25   FATF Mutual Evaluation Exercise 2007/2008 26   AML/CFT Notice to SVF Holders 26   External Validation Performed Between Other Ministries' Internal Audit Departments and MAS 26   Box Story 2 - Audit Committee Guidance Committee 27   Risk Management Guidelines for Insurance Companies 28   Consumer Protection (Fair Trading) Act - Inclusion of Financial Products and Services 28   Corporate Governance of Listed Companies 28     A SOUND AND PROGRESSIVE FINANCIAL CENTRE 28   Banking 28   Lower Paid-up Capital for Incorporated Wholesale Banks 28   Changes to Minimum Liquid Assets and Minimum Cash Balance Requirements (Amendments to MAS Notice 613) 29   Developments in Islamic Finance 29   Box Story 3 - Basel II Implementation in Singapore 30   Insurance 30   Enhanced Governance and Disclosure Framework for Participating Insurance Business (MAS 320) 30   Revision to Rules for Investment-Linked Products (MAS 307) 31   Follow Up on Framework for Insurance-Linked Securities 31   Capital Markets 31   A More Globalised and Sophisticated Equity Market 31   Size of Debt Market 32   Assets Under Management 32   Strong Treasury Market 33   Proposed Legislative Amendments to Securities and Futures Act and Financial Advisers Act 33   Amendments to the Singapore Code on Take-overs and Mergers 34   Box Story 4 - Guidelines on Fair Dealing -Board and Senior Management Responsibility for Delivering Fair Dealing Outcomes to Consumers 35   Thematic Approach to Market Conduct Supervision 35   Enhancing Market Discipline 36   Box Story 5 - Singapore: The Premier International Real Estate Financing Centre 36   REITS 37   Revised Property Fund Guidelines 37   Licensing Framework for REIT Managers 37   Extension of the Singapore Code on Take-overs and Mergers to REITs 37   Regulatory Oversight of Commodity Futures 38     CURRENCY 38   Managing Dollars and Cents 38   OUR PARTNERS - Building Linkages, Leveraging Partnerships 42     WORKING WITH CENTRAL BANKS AND FELLOW REGULATORS 42   Executives' Meeting of East Asia-Pacific Central Banks (EMEAP) 42   Third Asian Forum of Insurance Regulators (AFIR) 42   Central Bank Information Technology Exchange (CBITX) 42   Exchange of Letters with CRBC Pertaining To QDII Business 42   Mutual Recognition of Market Professional Examinations with Thailand 42   Memorandums of Understanding (MOU) On Supervisory Cooperation 43   Box Story 6 - MAS Lecture by Toshihiko Fukui, Governor, Bank of Japan 43   Box Story 7 - Economic Society of Singapore (ESS) Annual Dinner 44   Participation in International Forums and Initiatives 44   Bank for International Settlements 44   Continuous Linked Settlement 45   International Organisation of Securities Commissions 45   International Association of Insurance Supervisors 45   Islamic Financial Services Board 45   Information Technology Supervisors Group 46   Regional Initiatives 46   Capital Market Development and Chiang Mai Initiative 46   Anti-Money Laundering/ Counter-Terrorism Financing (AML/CFT) 46   MAS Regional Banking Supervisors Training Programme 46   Regional Leadership Programme for Securities Regulators 46     WORKING WITH INDUSTRY 47   Box Story 8 - Seventh International Advisory Panel Meeting 47   Opening of Singapore Exchange Beijing Representative Office 48   ABS BCM Standing Committee 49   Building a World Class Talent Pool for Singapore's Financial Sector 50   Attracting Financial Talent 50   Box Story 9 - Finance Scholarship Programme and Doctorate Scholarship Programme 51   Educating Consumers to Beware of Bogus Investment Opportunities and Scams 52   Box Story 10 - Skit- Money Got Enough! 53   FIDReC-NIMA Scheme 53   Box Story 11 - Marina Bay Business and Financial Centre 54   Financial Conferences And Events 55     OUR PEOPLE - Grooming Leaders, Growing Expertise     ENHANCING CAPABILITIES 58   MAS Academy 58   Coaching Framework 58   Competency Framework 58     ENGAGING STAFF 59   Work-Life Effectiveness Initiatives 59   Employee Engagement Survey 59     ENHANCING KNOWLEDGE 59   Knowledge Sharing and Innovation 59   MAS Leadership Community Retreat 60     RECOGNISING OUR PEOPLE 60   Service Appreciation Award 60   National Day Award 60   Excellent Service Award 60     FOSTERING CLOSER TIES 61   Inter-Central Bank Games 2007 61   Family Day 2008 61   Inter-Group Games 2008 61     REACHING OUT TO THE COMMUNITY 62   Charity Drives - MAS with a Heart 62   FINANCIAL STATEMENTS 66   Highlights 66   Statement by Directors 67   Auditor's Report 68   Income Statement 70   Balance Sheet 71   Statement of Changes in Equity 72   Cash Flow Statement 73   Statement of Backing of Currency in Circulation 74   Notes to the Financial Statements 75     KEY ECONOMIC AND FINANCIAL STATISTICS - STATISTICAL ANNEX 94     STATISTICAL ANNEX 98   A. Monetary Statistics 98   B. Financial Structure 102   C. Commercial Banks 104   D. Finance Companies 109   E. Merchant Banks 110   F. Insurance Industry 112   G. Non-Bank Financial Institutions 113   H. Domestic Capital Market 114   I. Asian Dollar Market 115   GLOSSARY 120