The Monetary Authority of Singapore, MAS, has published a press statement in view of the recent developments surrounding Credit Suisse Group AG and potential effects upon the Singapore banking system.
In its statement, MAS notes that it has been in close contact with the Swiss regulator overseeing Credit Suisse Group AG, the Financial Market Supervisory Authority (FINMA), and that FINMA and the Swiss National Bank (SNB) have reaffirmed that they will stand ready to provide any additional liquidity to the Group, if so needed. As of now, Credit Suisse Group AG still meets all capital and liquidity requirements of systemically important banks.
As far as possible effects on Singapore institutions and the Singapore banking system are concerned, MAS states that Singapore financial institutions have very limited exposures to Credit Suisse Group AG. Furthermore, the Credit Suisse branch operating in Singapore does not serve retail customers, as its focus is on private banking and investment banking.
MAS will closely monitor the developments and stay in close contact with FINMA.
Other Features
banks
credit
financial stability
liquidity
own funds
resilience
risk
stress testings
Date Published: 2023-03-16
Regulatory Framework: not applicable
Regulatory Type: information
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