Singapore, 8 January 2013…The Monetary Authority of Singapore (MAS) announced today that Singapore will participate in the International Monetary Fund’s Financial Sector Assessment Programme (FSAP)1 in 2013. Singapore last participated in the programme in 2004.
2 The FSAP is a comprehensive and in-depth external assessment of a country’s financial sector. The assessment contributes to a deeper understanding of the stability and resilience of the financial sector. As an international financial centre, Singapore is committed to undergoing periodic financial stability assessments. Singapore will be assessed against international standards for the banking, insurance and securities sectors, in order to benchmark itself to these prescribed standards. MAS is working closely with the financial sector in preparation for the assessment.
3 The FSAP mission will visit Singapore in April and May 2013 for the standards and financial stability assessments.
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1 The FSAP was established in 1999. The financial stability assessment comprises three components: (i) An evaluation of the source, probability, and potential impact of the main risks to macro-financial stability in the near-term for the relevant financial sector; (ii) an assessment of the authorities’ financial stability policy framework; and (iii) an assessment of the authorities’ capacity to manage and resolve a financial crisis should the risks materialise. Assessments of compliance with international financial sector standards are an optional but useful component of the FSAP.