MAS failed miserably in restoring Sporean & foreign investors confidence in our banking system simply by being ARROGANT & adopting a HOLIER THAN THOU attitude that MAS is always right & never wrong!
Whereas HK did a splendid job in handling the Lehman crisis & recognizing the need to restore HK's pole position as the PREMIER banking center of Asia! HKMA, HK Monetary Authority, has ordered all banks to refund the money to the investors based on market rates. Whereas, in Spore its still on a CASE BY CASE basis.
Also, HKMA was the first Asian gahment to tell all its depositors that their money is ALL guaranteed for a few years. MAS here was damn slow in responding, it was a foot soldier simply watching what was happening elsewhere in the financial world before making a decision.
If MAS is interested in calling itself the premier banking center in Asia, then it has clearly forgotten the lesson in Economics 101 which spells out very clearly that in a financial or economic crisis, it is the gahment that has to restore full confidence in banking system. All the LAME MAS did was just to reassure all Sporeans & foreign investors including rich Indonesian tycoons who have their money here that you will only be guaranteed up to SGD20,000 per SGD in one bank account ONLY! A sizable portion of customers in Spore banks have more than this amount! It finally relented only when word got around to MAS honchos that big money was about to take flight then it took action to guarantee ALL depositors money!
So no guesses as to which is the premier banking finance center, HONG KONG RULES!
This goes to show the HOLIER THAN THOU attitude of this shitty PAP gahment that not only ties itself into knots in banking crisis but also in foreign relations with our nearest neighbours: Malaysia & Indonesia, too many to name!
Whereas HK did a splendid job in handling the Lehman crisis & recognizing the need to restore HK's pole position as the PREMIER banking center of Asia! HKMA, HK Monetary Authority, has ordered all banks to refund the money to the investors based on market rates. Whereas, in Spore its still on a CASE BY CASE basis.
Also, HKMA was the first Asian gahment to tell all its depositors that their money is ALL guaranteed for a few years. MAS here was damn slow in responding, it was a foot soldier simply watching what was happening elsewhere in the financial world before making a decision.
If MAS is interested in calling itself the premier banking center in Asia, then it has clearly forgotten the lesson in Economics 101 which spells out very clearly that in a financial or economic crisis, it is the gahment that has to restore full confidence in banking system. All the LAME MAS did was just to reassure all Sporeans & foreign investors including rich Indonesian tycoons who have their money here that you will only be guaranteed up to SGD20,000 per SGD in one bank account ONLY! A sizable portion of customers in Spore banks have more than this amount! It finally relented only when word got around to MAS honchos that big money was about to take flight then it took action to guarantee ALL depositors money!
So no guesses as to which is the premier banking finance center, HONG KONG RULES!
This goes to show the HOLIER THAN THOU attitude of this shitty PAP gahment that not only ties itself into knots in banking crisis but also in foreign relations with our nearest neighbours: Malaysia & Indonesia, too many to name!
