## Singapore: Financial System Stability Assessment

_IMF Staff Country Reports, April 26, 2004_

## Source details

**Canonical URL:** [Singapore: Financial System Stability Assessment](https://www.imf.org/en/publications/cr/issues/2016/12/30/singapore-financial-system-stability-assessment-17332)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/30/singapore-financial-system-stability-assessment-17332/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/30/singapore-financial-system-stability-assessment-17332/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/30/singapore-financial-system-stability-assessment-17332/bundle-manifest.json)

## Bibliographic details
- Published: April 26, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451834222.002

---

### Executive summary and system-wide findings
- Singapore’s financial sector, which is dominated by the banking sector, remains robust despite a series of economic downturns and substantial asset price declines.
- Economic developments in the past few years have highlighted Singapore’s vulnerability to exogenous shocks, including the outbreak of Severe Acute Respiratory Syndrome (SARS).
- Systemic liquidity is well managed.
- Singapore has proactively implemented significant financial sector reforms since 1998.
- Although it has undergone major structural changes in recent years, Singapore’s financial sector is still dominated by the banking industry.

### Major themes and institutional coverage
- Banking sector dominance: emphasis on commercial banks, foreign banks, and local banks as central to system stability.
- Nonbank sectors referenced: insurance companies and corporate bond markets.
- Key risk factors identified: loan concentration, interest margin pressures, and sensitivity to external shocks.

### Subjects and keywords (as provided)
- Subjects: Banking, Commercial banks, Corporate bonds, Financial institutions, Foreign banks, Insurance companies, Loans
- Keywords: after-tax profit growth, bank, bank loan, Commercial banks, Corporate bonds, CR, Foreign banks, Global, Insurance companies, interest, interest margin, ISCR, loan concentration, Loans, local bank, Non-interest income, profits from Malaysia, weighted average capital adequacy ratio

---

## Content in this bundle

- **Singapore: Financial System Stability Assessment**
  - [Singapore: Financial System Stability Assessment (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2004/_cr04104.pdf.md){rel="alternate" type="text/markdown"}
  - [Singapore: Financial System Stability Assessment (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2004/_cr04104.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/30/singapore-financial-system-stability-assessment-17332_