MP Halimah: The public do not have to worry...

[Singapaporean]

http://www.channelnewsasia.com/stories/singaporelocalnews/view/386016/1/.html

Going forward, town councils are expected to exercise even greater prudence when investing their sinking funds. But it's hoped that they will still be able to get up to 4 per cent of returns on their investments annually.

 

[Subok]

which Town Council used the sinking fund for lehman bonds? They should be named and executives that made the decision sacked.

If the PAP led town council can make such a silly investment such as lehman then wha much more to the ah peks and ah mas! The government must COME OUT strong and defend the people which...

I hope all these translate into VOTES!

 

[Singapaporean]

Going forward, town councils are expected to exercise even greater prudence when investing their sinking funds. But it's hoped that they will still be able to get up to 4 per cent of returns on their investments annually.

...unlike Minibonds investors who were accused of being greedy to expect 5%

 

[Singapaporean]

Town councils' sinking funds not substantially affected by financial turmoil
By May Wong, Channel NewsAsia | Posted: 28 October 2008 2029 hrs



SINGAPORE : The sinking funds under all 14 PAP-managed town councils are safe and not significantly affected by the failed Lehman Brothers products.

Town councils said only a small percentage of their total investments were spent on those affected products.

Town councils use their individual sinking funds to carry works such as repairing damages at HDB (Housing & Development Board) common areas or maintaining an HDB elevator.

Every PAP town council has between S$30 million and S$150 million in their sinking funds.

Under current guidelines, each town council can use 65 per cent of their sinking funds to invest in government bonds, while up to 35 per cent can be invested in other financial instruments like corporate bonds and equities.

Although some of the town councils have purchased Lehman Brothers-linked products, the investments are minimal.

"Maybe a couple of percentage out of the total investment portfolio (were used in those investments), so the exposure will not affect the overall investment portfolio or the sinking funds per se. There's definitely no fear that any of the PAP town councils' sinking funds will be wiped out. All the supporting PAP town councils' sinking funds are in safe hands," assured Dr Teo Ho Pin, Coordinating Chairman of the 14 PAP Town Councils. He is also the mayor of North West District.

For Jurong Town Council, it has not invested in any Lehman-linked products, but explains that it only spends about 18 per cent or S$15 million of its S$84 million sinking funds in slightly riskier products.

Even then, that investment guarantees the principal amount.

"The position that we've taken is really to be very cautious with our investments because we're very clear that these are public funds, and therefore we decided to err on the side of being conservative in our investment policy. The public do not have to worry... there will not be enough funds in order to take care of their needs," said Jurong MP Halimah Yacob.

Many agree the current financial turmoil has taught the town councils that they should further diversify their investments in the future.

Going forward, town councils are expected to exercise even greater prudence when investing their sinking funds. But it's hoped that they will still be able to get up to 4 per cent of returns on their investments annually. - CNA /ls

 

[Ah Guan]

No independent audit no talk

 

[Singapaporean]

Unlike retail investors who argued that they did not understood what they bought - - our Div 1/ A Team Town councils does

That's why we don't see them demanding MAS to act...or demand PUBLIC funds back

 

[Singapaporean]

Did wooden's TC bought some....that's life

 

[Naruto777]

Why the maintenance contractor tender at negative schedule of rate but our monthly SC&C no reduce?? If TC investment always safe and making profit then should use profits to offset SC&C or even better help those in need by not penalising them with fines and letters with legal actions?!

 

[makapaaa]

which Town Council used the sinking fund for lehman bonds? They should be named and executives that made the decision sacked.

If the PAP led town council can make such a silly investment such as lehman then wha much more to the ah peks and ah mas! The government must COME OUT strong and defend the people which...

I hope all these translate into VOTES!

No wonder the Papaya TCs need to hike s & c charges like nobody's biz!

 

[no_faith]

lol, when they say do not have to worry, you got to.

 

[JohnTT]

which Town Council used the sinking fund for lehman bonds? They should be named and executives that made the decision sacked.

If the PAP led town council can make such a silly investment such as lehman then wha much more to the ah peks and ah mas! The government must COME OUT strong and defend the people which...

I hope all these translate into VOTES!

Sack????

Terrorist Mas Selamat escaped, a national threat to all countries & yet DPM
Wong is still untouchable.


Votes????

I guess more GRCs are on the way. Election will be there but many people will not have the chance to vote. I know people who are in their forties & have yet to cast a vote 'til today.

 

[DOM the Clown]

No independent audit no talk

SINGAPORE cannot have independent audit one! Once everyone knows what we are doing our national security will be compromise one! Information like this and the fact that you can find kway in Geylang must be kept secret to protect our investors' confidence in our Singapore Inked.

Cheers!
DOM

ps: When is the pig hunting starting?? We don't seem to get many posts here from the filthy, father-basshing swine from Mei Ling Street.

 

[annexa]

The public do not have to worry... there will not be enough funds in order to take care of their needs," said Jurong MP Halimah Yacob.

Did I read wrongly, or did she really say that?!

 

[DOM the Clown]

Did I read wrongly, or did she really say that?!

You're right.......someone in that media is going to be BBQed!

 

[angie II]

hell ya she said dat or was it the webmaster error?

 

[myfoot123]

Unlike retail investors who argued that they did not understood what they bought - - our Div 1/ A Team Town councils does

That's why we don't see them demanding MAS to act...or demand PUBLIC funds back

I don't trust unaudited accounts too. They are self-produced, self-directed and self-acted. Typical PAP creative accounting. Profit can become loss to justify price hike, than when price hike is implemented, they suddently have billion dollars profit in the previous year statement. When they said don't worry, we should be very worried, when they said we should be worried, we should worry even more. The trust in them is no more.

 

[Ah Guan]

SINGAPORE cannot have independent audit one! Once everyone knows what we are doing our national security will be compromise one! Information like this and the fact that you can find kway in Geylang must be kept secret to protect our investors' confidence in our Singapore Inked.

Cheers!
DOM

Chey! Gahmen claim themselves as Sinkapore Inc. mah... They say must benchmark to private sector CEO pay and privatise state functions for efficiency... How come indie audit not allowed?

So are we the shareholders or employees or customers or vendors to Sinkapore Inc?

ps: When is the pig hunting starting?? We don't seem to get many posts here from the filthy, father-basshing swine from Mei Ling Street.

Heh heh... the resident gay pervert now writes as a third person. I think he finally gila babi liao...

 

[ksgd0717]

PM : I know that some singaporeans will be more than capable of looking after themselves...

Gan : Want to earn more interest?

PM : But ultimately, each person has to take responsibility...

Khaw : Are we ready to talk about it?

PM : What's the right way to resolve this?

Mayor : Why bother. It's generating a lot of public fun. Collected CPF oredi, you should know 2 go or not to go what.

Civil Minister = It's a morality tale really.

 

[johnny333]

No independent audit no talk

Do the town councils have so much independance that they can choose where to invest?

I suspect all the $$$ are going to Temasick. Putting all eggs in one basket is risky with a the clumsy Ms Ho.

 

[annexa]

you're right.......someone in that media is going to be bbqed!:d

faster screen cap before they edit!