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MAS releases first issue of Financial Stability Review


The Monetary Authority of Singapore (MAS) released a new semi-annual publication, the Financial Stability Review (FSR).
The FSR analyses the risks and vulnerabilities arising from developments in Singapore and the global economy and its implications for the soundness and stability of the financial system.
Specifically, it assesses the health of the financial and non-financial sectors and their ability to withstand potential macroeconomic and financial shocks.
The FSR aims to contribute to a greater understanding among market participants, analysts and the public on issues affecting Singapore's financial system.
This issue highlights the following:
(i)  The strong balance sheet positions of domestic financial institutions and the corporate and household sectors suggest that these sectors would remain resilient in light of the expected moderation in economic growth this year;

(ii)  There are several downside risks to this relatively favourable assessment, including the risks of a sustained increase in oil prices and a severe downturn in global electronics industry. A stress-testing exercise based on specific scenarios and assumptions was conducted. The results are reassuring as they show that the local banks are well-placed to weather shocks arising from the risks mentioned above.
The next issue of the FSR will be issued in June 2005.

Source: MAS Press Release 4 Jan 2005


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11 January 2005