During the yea
r, MAS maintained close working relationship and dialogue with foreign regulators on supervision of both foreign and local financial institutions in Singapore. Home regulators from US, UK, Germany and Netherlands as well as from the Asia region met with MAS. They conducted inspections and thematic reviews of financial institutions from their jurisidictions. MAS also carried out its own inspections of Singapore banking groups' overseas' operations, as well as engaged intermediate home supervisors on the Basel II implementation progress of Singapore banks’ significant subsidiaries overseas. We participated in several supervisory colleges organised by home supervisors of foreign banks with operations in Singapore.