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Tapping International Expertise
International Advisory Panel
Set up in 1998, the IAP provides valuable advice on Singapore’s financial sector reforms and strategies. The panel also provides important feedback to help Singapore and MAS keep abreast of market developments and policies in major international financial centres. The panel held its fourth meeting on 13 October 2003.

The IAP considered the impact of global trends such as financial dis-intermediation, where companies bypass middlemen like banks, and directly tap the markets for funds. Other topics discussed were outsourcing by financial institutions and the increasing popularity of alternative investments, as well as regional developments, such as the emergence of China and India.
The IAP members are:

Lim Hng Kiang
Minister, Prime Minister’s Office and Second Minister for Finance

Dr Josef Ackermann
Spokesman of the Board of Managing Directors and Chairman
of the Group Executive Committee, Deutsche Bank AG

Claude Bebear
Chairman of the Supervisory Board, The AXA Group

Sir Andrew Crockett
Former General Manager, Bank for International Settlements

Michael Diekmann
Chairman of the Board of Management, Allianz AG

Thomas H. Glocer
Chief Executive Officer, Reuters Group PLC

Rijkman Groenink
Chairman, ABN AMRO Bank NV

William B. Harrison, Jr.
Chairman and Chief Executive Officer, J.P. Morgan Chase & Co

John Mack
Former Chief Executive Officer, Credit Suisse First Boston

Sir Peter Middleton
Chairman, Barclays Bank PLC

Shigemitsu Miki
Chairman, Bank of Tokyo-Mitsubishi, Ltd

Marcel Ospel
Chairman, UBS AG

Henry M. Paulson, Jr.
Chairman and Chief Executive Officer, Goldman Sachs Group Inc

Michel Pebereau
Chairman, BNP Paribas

Philip Purcell
Chairman of the Board and Chief Executive Officer, Morgan Stanley

Robert Rubin
Chairman of Executive Committee, Citigroup Inc

Dr Junichi Ujiie
Chairman, Nomura Holdings, Inc