THE FINANCIAL SECTOR:
PERFORMANCE AND GROWTH
     
Content Page
Modest Recovery in 2003
Financial Market Activity
 
MODEST RECOVERY IN 2003
 
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Structure of Financial Sector    
 
Box 11
MAS’ FINANCIAL SURVEILLANCE WORK
 
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.