The Financial Stability Board (FSB) published today its peer review of Singapore.
The peer review examined two topics relevant for financial stability in Singapore: the macroprudential policy framework, and the framework for resolution of financial institutions. The review focused on the steps taken by the authorities to implement reforms in these areas, including by following up on relevant International Monetary Fund (IMF) Financial Sector Assessment Program (FSAP) recommendations and G20/FSB reforms.
The peer review finds that good progress has been made in recent years on both topics, reflecting Singapore’s strong adherence to international standards and focus on financial stability. Legislative amendments to the Monetary Authority of Singapore (MAS) Act in July 2017 prioritise MAS’ supervision and financial stability objectives vis-à-vis its developmental objective. The active use of macroprudential policies by MAS in close collaboration with relevant government agencies, supported by a comprehensive risk assessment framework, has helped to mitigate housing price appreciation and moderate household leverage. The resolution regime has a broad scope covering all financial institutions and their holding companies, while recent amendments to the regime incorporated additional elements of the FSB Key Attributes for Effective Resolution Regimes for Financial Institutions.
Notwithstanding this progress, the review concludes that there is additional work to be done:
The peer review report includes recommendations to the Singaporean authorities in order to address these issues.
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