the new Basel framework, MAS initiated a supervisory
validation process for banks that intend to use more
sophisticated forms of credit risk measurement.
In May 2005, MAS organised a supervisory college
meeting with host supervisors from jurisdictions
where Singapore banks have substantial operations.
This meeting addressed home-host issues that may
affect the banks’ plans for the implementation
of the New Basel Capital Framework. To facilitate
cross-border implementation of this framework by
major foreign banks operating in Singapore, MAS
also participated in 11 supervisory college meetings
organised by the banks’ home supervisors.