HOME Chairman’s Message 04 Board of Directors   06 Management Team   08 Board Committees   10 Organisational Structure   11 Our Work - Staying Resilient, Sustaining Growth     EMERGING FROM THE GLOBAL RECESSION 14 G3 Exit the Steepest Post-war Recession   14 Asia ex-Japan Leads the Global Recovery   15 Financial Markets are Improving but Vulnerabilities Remain   15 Rising Inflationary Pressures in Faster-growing Economies   15 Singapore: A Year of Strong Recovery   16 Upward Pressure on Consumer Prices and Wages   17 MONETARY POLICY 18 Box Story 1: Sources of Singapore’s Economic Growth   20 LIQUIDITY MANAGEMENT 21 Streamlining the Standing Facility   21 US Dollar Swap Facility   22 Box Story 2: A Central Bank’s Role in an International Financial Centre   22 ENSURING SAFETY AND SOUNDNESS OF FINANCIAL INSTITUTIONS AND FINANCIAL SYSTEM 23 Prudential Supervision and Surveillance   23 Fostering a Sound and Reputable Financial Centre   23 Review of Deposit Insurance Scheme in Singapore   24 Property Market Measures   24 Insurance Resolution and Policy Owners’ Protection Fund (PPF)   25 Box Story 3: Monograph on Tenets of Effective Regulation   25 Box Story 4: Framework for Nomination of Beneficiaries   27 Enhancing Safeguards for Retail Customers   27 Achieving Fair Dealing Outcomes   28 Enhancing Corporate Governance Standards   28 Enhancing Market Conduct   29 Box Story 5: Review of Regulatory Regime for Fund Management Companies   29 SINGAPORE AS AN INTERNATIONAL FINANCIAL CENTRE 30 Singapore’s Financial Sector – Positioning for the Upturn   30 Singapore’s Debt Markets   30 Risk Management in Over-the-Counter (OTC) Derivatives Market   31 Facilitating the Growth of Infrastructure Financing   31 Box Story 6: World Bank-Singapore Infrastructure Finance Summit   32 Facilitating the Growth of Islamic Finance   33 Box Story 7: The World Islamic Banking Conference: Asia Summit 2010   33 Building Manpower Capabilities Amid the Downturn   34 Box Story 8: Establishment of Financial Research Institutes and the Financial Research Council   34 ENHANCING OPERATIONAL CAPABILITIES AND RESILIENCE 35 Enhanced Business Continuity Management   35 Enhanced Risk Management   35 Enterprise Risk Management   35 Continuous Auditing   35 Enhancing Operational Capabilities and Supervisory Processes Through IT   35 CURRENCY AND PAYMENT SYSTEM 36 Enhancing MEPS+   36 Managing Dollars and Cents   36 Our Partners - Valuing Partnerships, Building Cooperation     ENHANCING STRATEGIC PARTNERSHIPS IN AN ENVOLVING FINANCIAL LANDSCAPE 40 Enhancing Global Financial Stability and Regulatory Reform   40 Contributing to International and Regional Crisis Lending and Surveillance   40 Facilitating International Financial Crisis Discussions   41 Enhancing the Anti-Money Laundering and Counter Terrorism-Financing Regime   41 Strengthening Regional Surveillance and Capital Markets Development   42 Pursing Closer Bilateral Engagements   42 Box Story 9: MAS Lecture   43 Strengthening Cooperation with Industry Partners   44 Enhancing Payment Card Security   44 Government Securities (Amendment) Bill 2009   44 Financial District Security Programme (FDSP)   44 Partnership with Academia   45 Financial Conferences and Events   45 Box Story 10: MoneySENSE - Promoting Financial Literacy Through Creative Platforms   46 Our People - Growing Expertise, Grooming Leaders     BUILDING HIGH PERFORMANCE TEAMS AND A STRONG MAS FAMILY 50 Expertise Development   50 Professional Requisites and Outcomes Framework   50 MAS Academy   50 MAS Case Studies e-Collection   50 Box Story 11: A Mark of Distinction: Financial Industry Certified Professional (FICP)   51 Box Story 12: MAS Peer Groups – Honing Specialist Knowledge   51 Leadership Development   52 Coaching   52 Young Professionals Programme   52 People Leadership Programme   52 Engaging Staff   52 Employee Engagement Survey   52 Enterprise Knowledge Management   52 Leadership Community Retreat   52 MAS Staff Seminar 2010   53 Recognising Our People   53 Service Appreciation Awards   53 National Day Awards   53 Conclusion of New Collective Agreement   53 Box Story 13: The One MAS Family   54 FOSTERING CLOSER TIES 56 Inter-Central Bank Games 2009   56 Inter-Group Games 2010   57 Family Day 2010   57 REACHING OUT TO THE COMMUNITY 56 Gift-Collection Christmas Charity Drive   57 FINANCIAL STATEMENTS 60 Financial Statement Highlights   60 Statement by Directors   61 Auditor’s Report   62 Consolidated Statement of Comprehensive Income   64 Consolidated Balance Sheet   65 Consolidated Statement of Changes in Equity   66 Consolidated Cash Flow Statement   67 Statement of Backing of Currency in Circulation   68 Notes to the Consolidated Financial Statements   69 KEY ECONOMIC AND FINANCIAL STATISTICS 90 STATISTICAL ANNEX 94 A. MONETARY STATISTICS   94 B. FINANCIAL STRUCTURE   98 C. COMMERCIAL BANKS   100 D. FINANCE COMPANIES   105 E. MERCHANT BANKS   106 F. INSURANCE INDUSTRY   108 G. NON-BANK FINANCIAL INSTITUTIONS   109 H. DOMESTIC CAPITAL MARKET   110 I. ASIAN DOLLAR MARKET   111 GLOSSARY 114 back to top