MAS' Response to Queries on Credit Suisse
Singapore, 16 March 2023… In response to media queries, the Monetary Authority of Singapore (MAS) said today that it has been in close contact with the Swiss Financial Market Supervisory Authority (FINMA), the parent supervisory authority of Credit Suisse Group AG (CS), on recent developments surrounding the bank.
2. CS operates a branch in Singapore whose main activities are private banking and investment banking. It does not serve retail customers. FINMA and the Swiss National Bank (SNB) have issued a joint statement on 15 March 2023 affirming that CS continues to meet the higher capital and liquidity requirements applicable to Swiss systemically important banks, and that SNB stands ready to provide liquidity to the bank.
3. Singapore’s banking system remains sound and resilient. Singapore banks
4. MAS will continue to closely monitor developments and remains in contact with FINMA.
MAS has imposed a six-month pause on DBS Bank Ltd’s non-essential IT changes to ensure that the bank keeps sharp focus on restoring the resiliency resilience of its digital banking services.
MAS' statement on Credit Suisse's operations in Singapore after the announced takeover by UBS Group AG.
MAS said Singapore’s banking system remains sound and resilient amid heightened volatility in global financial markets following the recent closure of banks in the US. The Singapore Dollar money market and foreign exchange market continue to function well.