Singapore: Financial System Stability Assessment

IMF Staff Country Reports, November 14, 2013

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Singapore: Financial System Stability Assessment

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Bibliographic details

• Published: November 14, 2013
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781475513431.002

Executive summary

• The paper discusses key findings of the Financial System Stability Assessment on Singapore.
• The Singapore financial system is described as highly developed, and well regulated and supervised.
• Singapore’s current regulation and supervision are characterized as among the best globally.
• The Monetary Authority of Singapore (MAS) oversees the entire financial system, and has the analytical and operational capabilities to do so effectively.
• Singapore is exposed to a broad array of domestic and global risks, especially in light of its interconnectedness with other financial centers.
• Stress tests suggest that these risks are manageable.
• The manageability of risks reflects the decisive macroprudential actions taken by MAS to address the threat of a bubble in the housing sector.

Key findings and analysis

• Financial system characteristics:
  • Highly developed financial system.
  • Well regulated and supervised; regulation and supervision are among the best globally.
  • MAS provides system-wide oversight with analytical and operational capabilities.
• Risk environment:
  • Exposure to a broad array of domestic and global risks.
  • Interconnectedness with other financial centers increases exposure to global risks.
• Stress testing:
  • Stress tests suggest that identified risks are manageable.
• Macroprudential policy:
  • Decisive macroprudential actions by MAS targeted the threat of a housing sector bubble.

Subjects, keywords, and scope

• Subject areas listed: Banking, Basel III, Capital adequacy requirements, Commercial banks, Credit, Financial institutions, Financial regulation and supervision, Foreign banks, Money.
• Keywords provided: Asia and Pacific, banking sector, banking system, Basel III, Capital adequacy requirements, capital base, capital ratio, central bank, Commercial banks, CR, Credit, credit risk, Foreign banks, foreign currency, Global, housing market, hurdle rate, interest rate, ISCR, market share, nominal GDP, parent bank, U.S. dollar.

Content in this bundle

• Singapore: Financial System Stability Assessment; IMF Country Report 13/325; October 24, 2013
  • Singapore: Financial System Stability Assessment; IMF Country Report 13/325; October 24, 2013 (Markdown version)
  • Singapore: Financial System Stability Assessment; IMF Country Report 13/325; October 24, 2013 (PDF)