Monetary Authority of Singapore: Ready to provide liquidity to ensure stability, Credit Suisse clients will continue to have full access rights

According to reports, the Singapore Monetary Authority has stated that it is prepared to provide liquidity to ensure stability, and Credit Suisse customers will continue to have full access rights. The domestic financial system will continue to be closely monitored, and UBS’s main business in Singapore is not retail. The Credit Suisse incident will not affect the stability of Singapore’s banking industry. Currently, Credit Suisse continues to operate continuously in Singapore. During the takeover process, close contact will be maintained with the Swiss Financial Market Supervision Authority, Credit Suisse and UBS.

Interpretation of this information:

The Singapore Monetary Authority has announced that it is willing to provide liquidity to maintain the stability of the financial system, in light of the Credit Suisse incident. This statement comes after recent reports of the bank’s involvement in a major scandal regarding its relationships with clients in a number of countries, including Singapore. The authority has assured Credit Suisse customers that they will continue to have full access rights and that the incident will not affect the stability of Singapore’s banking industry.

It is important to note that UBS, which is also mentioned in the statement, is not a retail bank in Singapore but instead focuses on other areas of business. This suggests that the regulatory focus is primarily on ensuring that the financial system as a whole remains secure, rather than on any particular bank or institution.

Moreover, the statement also mentions that the domestic financial system will continue to be closely monitored. This reinforces the commitment of Singapore’s central bank to maintaining a stable financial system despite any external shocks, which is consistent with the country’s reputation as a financial hub in Asia.

Overall, this message suggests that the Singapore Monetary Authority will take a proactive approach to ensuring the stability of the financial system. Despite the negative news surrounding Credit Suisse, the authority has emphasized its readiness to provide liquidity and support to maintain the stability of the financial system. Furthermore, it is reassuring that Credit Suisse continues to operate without any disruptions in Singapore, and regulatory coordination with the Swiss Financial Market Supervision Authority will be maintained throughout the takeover process.