ANNUAL REPORT 2002 / 2003
SECTOR - PERFORMANCE AND GROWTH
of the Financial Sector
liberalisation measures as well as market forces have led to some consolidation
of the sector. The number of banks declined to 117 in March 2003 from 152 in
March 1997. The number of merchant banks also saw a decline from 80 to 53 over
the same period. A similar trend was also observed in insurance and finance
companies. (See Statistical Annex B1.)
total assets of financial institutions1
rose to S$1.34 trillion at end 2002 from S$1.31 trillion at end 1997. This was
due to an increase in insurance companiesí and capital markets
intermediariesí assets and, to a smaller extent, domestic banking assets.
These increases were partially offset by a decline in the assets of the Asian
Dollar Market (ADM) and finance companies.
1 and 2 show the distribution of assets. The share of total ADM assets has
shrunk 7.7 percentage points since the Asian financial crisis. (See Box 8.) In
contrast, the share of insurance companiesí assets increased by 2.7 percentage
points, due to the liberalisation of the Central Provident Fund (CPF) Investment
Scheme in January 2001, while that of capital markets intermediaries rose
These include banks, merchant banks, insurance companies, finance companies and
capital markets intermediaries.
|A More Resilient Financial Sector||Structure of Financial Sector||Financial Market Activity|
|Singapore Government Securities Market||Corporate Debt Market|
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