Singapore’s banks have ‘insignificant’ exposures to Credit Suisse

The Monetary Authority of Singapore (MAS) announced on Thursday that Singapore banks DBS, OCBC, and UOB have “insignificant” exposure to struggling banking giant Credit Suisse (Mar 16).

In response to media inquiries, MAS stated that Singapore’s financial sector is sound and resilient.

“Singapore banks are well-capitalised and undergo regular stress tests against credit and other risks,” the financial authority stated.

“Their liquidity balances are strong, supported by a solid and diverse funding source.”

According to MAS, while Credit Suisse has a branch in Singapore, its core activities are private banking and investment banking, and it does not service retail consumers here.

Keep Reading

Credit Suisse was obliged to seek a US$54 billion financial lifeline from the Swiss central bank after its shares fell precipitously on Wednesday.

The statement helped to reverse some of the stock market’s severe losses, pushing its equities up by more than 30% at the opening of trading in Zurich.

MAS stated that it has been in constant contact with the Swiss Financial Market Supervisory Authority (FINMA), Credit Suisse’s parent supervisory authority, about recent events and would continue to monitor the issue.

It was highlighted that FINMA and the Swiss National Bank released a joint statement confirming that Credit Suisse continues to meet the higher capital and liquidity criteria applicable to Swiss systemically important institutions, and that the SNB is ready to provide liquidity to the bank.

The MAS stated on Monday that Singapore’s banking system has similarly “insignificant exposures” to the recently bankrupt Silicon Valley Bank (SVB) and Signature Bank.

Noto

Jakarta-based Newswriter for The Asian Affairs. A budding newswriter that always keep track of the latest trends and news that are happening in my country Indonesia.

Recent Posts

Vietnam International Defense Expo 2024

The 2024 Vietnam International Defense Expo was inaugurated by the Prime Minister Pham Minh Chinh on December 19, 2024 and…

December 22, 2024

Shooting concludes: Stranger Things 5 to release on Netflix in 2025

Created by the Duffer Brothers, Stranger Things is one of the most popular sci-fi horror series globally. It is set…

December 21, 2024

China’s Hypersonic Expansion in Asia Raises Alarms for India

According to the US Department of Defense, China has now produced the most sophisticated supply of hypersonic weapons in the…

December 21, 2024

Melaka International Halal Festival 2024

The Melaka International Halal Festival 2024 aims to turn the city as the prime center of the Halal products and…

December 21, 2024

Chunichi Dragons Renews the Contract of Hiroto Takahashi with Annual Salary of 120 million yen

On Saturday, the stalwart of Chunichi Dragons Pitcher, Hiroto Takahashi attended the negotiation for his contract renewal for the next…

December 21, 2024

Biden-Harris administration cancels another $4.28 billion in US student loans

US President Joe Biden has cancelled another $4.28 billion in student loans for nearly 55,000 people across the country, the…

December 20, 2024

This website uses cookies.

Read More