Singapore, 15 Aug 2002. MAS will be making some changes to its organisational structure and appointing several new senior management members with effect from 1 Sep 2002 as part of the ongoing process of organisational review.  Taken together, the changes better integrate MAS' functions, and more closely align the organisation's resources and objectives.

Key Organisational Changes

The key changes are as follows:

Integrating Prudential, Capital and Market Conduct Policies

Prudential policy functions for banking, securities, and insurance that are currently carried out by different units within MAS will be integrated under the Prudential Policy Department (PPD).  PPD will be responsible for formulating risk-based capital and other prudential policies across financial industries.  The integration of these policy functions will help achieve a more harmonised regulatory framework that will minimise gaps and arbitrage, and facilitate a more integrated risk-based supervisory approach.

The newly formed Market and Business Conduct Department (MCD) will be responsible for formulating and implementing market and business conduct policies in the interests of depositors, investors, and policyholders.  It will be responsible for formulating MAS' positions on competition issues, corporate governance standards, and accounting practices, as well as administering the Financial Advisers Act and licensing insurance brokers under the Insurance Act.

Integrating and Enhancing Supervisory Oversight of Complex Institutions

The Complex Institutions Supervision Department (CI) will take an integrated and risk-focused approach to supervising systemically-important financial groups, assuming responsibility for their supervision on a whole-of-group basis across their banking, insurance and securities activities. MAS will also work towards developing integrated supervisory methodologies across financial industries.

Integrating BCCS as the Currency Department

The Board of Commissioners of Currency, Singapore (BCCS) will be fully integrated with MAS as the Currency Department from 1 Oct 2002.  Most of the existing BCCS staff will join the Currency Department.  The rest of the staff will be redeployed to other functions in MAS. 

Sharpening Focus on Monetary Policy and Financial Surveillance

The Economics Department will be re-organised into the Economic Policy Department (EPD) and Macroeconomic Surveillance Department (MSD) to give sharper focus to two of MAS' key functions, namely monetary policy and financial surveillance.

New Assistant Managing Directors

Mr Ravi Menon and Mr Ong Chong Tee will be appointed Assistant Managing Directors.  Mr Ravi Menon will head the new Complex Institutions Supervision Department and continue to oversee the Prudential Policy Department in the meantime.  Besides overseeing the Monetary Policy and Investment functions, Mr Ong Chong Tee will also oversee the Currency Department and the Human Resource Department. 

New Department Heads

MAS will also make the following new department head appointments with effect from 1 Sep 2002:

  Mr Ho Kwen Chan, currently Deputy CEO of BCCS, will be appointed Executive Director (Currency).

  Dr Andrew Khoo, currently on secondment to the BIS, will be appointed Executive Director (Market and Business Conduct).

  Mr Lee Boon Ngiap will be appointed Executive Director (Banking Supervision).

  Mr Low Kwok Mun, currently on secondment to the IMF, will be appointed Executive Director (Prudential Policy).

  Mr Ng Nam Sin will be appointed Executive Director (Financial Centre Development).

  Ms Chang Su Hoong will be appointed Director (Internal Audit).

  Mr Leo Mun Wai will be appointed Director (External Department).

"The changes to our organisational structure will strengthen MAS' ability to more effectively carry out its core functions amidst a challenging external environment.  They will bring together departments with existing and potential synergies, and facilitate a more integrated approach to economic research, monetary policy formulation, and financial regulation and supervision," said Mr Koh Yong Guan, Managing Director of MAS. "They will also provide opportunities for MAS officers to broaden their exposure while harnessing the expertise and experience of the more senior officers."

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