Media Releases
Published Date: 25 September 2008

Comments by MAS' Spokesperson on Bank of East Asia

Comments by MAS' Spokesperson on Bank of East Asia:

"MAS has been in touch with the Hong Kong Monetary Authority (HKMA) and the Bank of East Asia (BEA) in Hong Kong and Singapore. HKMA has assured the public that rumours questioning the stability of BEA were unfounded.  HKMA also said that BEA’s “asset quality is good and their operations have been strong. BEA's capital adequacy and liquidity ratios are well above regulatory requirements.” BEA has confirmed that the bank's financial position is sound and stable.  BEA Singapore has confirmed that it does not have any exposure to Lehman and also said that it will extend its operating hours if necessary.

MAS advises depositors not to act hastily in response to unfounded rumours."