Singapore role in the international financial arean Date: 7 Jul 1999
FACT SHEET 2
HOSTING MAJOR INTERNATIONAL EVENTS
EDI Seminar on Lessons in Banking Crisis Resolution for East Asia
OECD Conference on Insurance Regulation and Supervision in Asia
IAIS Seminar on Insurance Supervision
EMEAP Seminar on Y2000 issue
Global 2000 meeting on Y2000
Meeting of the Asian Growth and Recovery Initiative
CONTRIBUTING TO FINANCING AGREEMENTS
The IMF New Arrangements to Borrow (NAB)
When the IMF's NAB was activated for in December 1998 to provide a credit line to Brazil, Singapore contributed a maximum of SDR99.4 million (about US$140 million). The IMF has repaid the amounts provided.
PARTICIPATING IN REFORM OF THE INTERNATIONAL FINANCIAL ARCHITECTURE
Group of 22 Meeting
At the suggestion of PM Goh Chok Tong, the US convened a special meeting of Finance Ministers and Central Bank Governors from 22 industrial and emerging economies in April 1998. This G22 formed three working groups to (a) study options for increasing transparency and accountability; (b) strengthening financial systems; and (c) sharing the burden of preventing and resolving financial crises with the private sector. MAS participated in the deliberations of the latter two working groups.
Financial Stability Forum
At its February 1999 meeting, Finance Ministers and Central Bank Governors of the G7 countries endorsed Bundesbank President Tietmeyer's proposal to establish a Financial Stability Forum (FSF) tasked with identifying and addressing vulnerabilities in the global financial system. The FSF set up three working groups to (a) recommend actions to reduce the destabilising potential of highly-leveraged institutions; (b) evaluate measures to reduce the volatility of capital flows; and (c) evaluate the impact on global financial stability by market perticipants operating in offshore financial centres. Singapore has been invited to participate in the FSF and is a member of the working group on offshore financial centres.
PARTICIPATING IN EFFORTS TO STRENGTHEN FINANCIAL SYSTEMS
Bank for International Settlements (BIS) and Basel Committees
The BIS Committee on the Global Financial System has set up two working groups to identify the additional information required from private market participants, including highly leveraged institutions, at both the aggregate and individual institutional levels. MAS has been involved in this process.
MAS is a member of the Basel Committee's Core Principles Liaison Group which is working on the Core Principles Methodology paper which sets out harmonised standards for assessing compliance with each of the 25 Core Principles for Effective Banking Supervision.
MAS also contributed to the work of the BIS Committee on Payment and Settlement Systems, to establish a common regulatory policy framework on payment systems.
International Y2000 Readiness Efforts
MAS is a member of the Joint Y2000 Council, the primary international regulatory agency which coordinates and recommends Y2000 initiatives.
Securities and Futures
MAS is a member of the International Organisation of Securities Commissions (IOSCO)'s Asia Pacific Regional Committee and Emerging Markets Committee.
MAS also attended the Futures and Options Market Regulators Meeting in September 1998 and the International Regulators Meeting in March 1999.
MAS was re-elected to represent the Asia region on the International Association of Insurance Supervisors (IAIS) Executive Committee for another two years.
PARTICIPATING IN REGIONAL FORA ON RESPONSES TO THE CRISIS
ASEAN and Manila Framework Meetings
The ASEAN Finance Ministers adopted common positions on reform issues in March 1999. The ASEAN Leaders' meeting in December 1998 also endorsed the Hanoi Plan of Action to strengthen economic and financial cooperation for restoring sustainable growth to the region.
Asia-Europe Meeting (ASEM)
Asia-Pacific Co-operation Conference (APEC)
Singapore hosted the first meeting of the Asian Growth and Recovery Initiative (AGRI) in April 1999, following its formation at the APEC Leaders' Summit in November 1998. AGRI complements the financial package under the New Miyazawa Initiative.
PROVIDING TECHNICAL ASSISTANCE
MAS played a leading role in the development of an enhanced technical assistance initiative, announced by PM Goh at the APEC Leaders' Summit in November 1998, to help capacity building in finance and healthcare in the region.
At the ASEAN Summit in Hanoi in December 1998, Singapore offered a new ASEAN training programme worth $12 million to provide about 30 undergraduate scholarships a year for higher education in Singapore.
MAS hosted training attachments and study visits by officials from several countries, including Thailand, Vietnam, China, Nepal and Eritrea. We also provided training for supervisors from Thailand and Brunei on the Y2000 issue.