Comments by MAS Spokesperson on Market Conditions:

"MAS continues to closely monitor developments in the global financial markets and their impact on financial stability. 

Singapore's domestic money and foreign exchange markets have generally functioned in an orderly fashion today.  Interest rates in Singapore remain stable.  No extraordinary measures have been needed. Nonetheless, MAS stands ready to inject additional liquidity if the situation so warrants.

Financial institutions in Singapore are functioning normally.  The three local banks, DBS, OCBC and UOB remain well-capitalised and have disclosed earlier today that they have insignificant exposures to Lehman. They have also enhanced their risk management measures given the uncertain market conditions.

MAS continues to be in close contact with the financial institutions here, and with central banks and regulators in key jurisdictions."