Singapore, 15 February 2005...The Monetary Authority of Singapore (MAS) announced that Deputy Managing Director Mr John Palmer will leave MAS at the end February 2005 on completion of his contract. Thereafter he will play an advisory role to MAS on a part-time basis.
Mr Palmer joined MAS at the beginning of 2002 and has been responsible for the supervision of banks and insurance companies. He brought with him a wealth of experience from his time as head of the Office of Superintendent of Financial Institutions in Canada. In his three years here, Mr Palmer oversaw MAS' continuing transition from prescriptive regulation to risk-based supervision and helped intensify MAS' commitment to ongoing professional development.
Mr Koh Yong Guan, Managing Director, MAS, said, "As a senior member of the MAS management team, John's sound judgement and advice on a variety of issues have been greatly valued. We thank John for his significant contributions to MAS."
With effect from 1 March 2005, Ms Teo Swee Lian, currently Assistant Managing Director, Complex Institutions Department, will replace Mr Palmer as Deputy Managing Director, Prudential Supervision. Ms Teo will concurrently hold the position of Banking Supervision Department head. She will relinquish oversight for the Strategic Planning Office.
Mr Ong Chong Tee will assume the position of Deputy Managing Director, overseeing the functions comprising Monetary Policy, Investment & Research as well as Development & External Relations. Mr Shane Tregillis will assume the position of Deputy Managing Director, Market Conduct.