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<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>Apart from being traitors, it also goes to show that the BEST PAID govt in the world possesses 0 helicopter vision is made up of nothing more than a bunch of leegally corrupt JIAT LIAO BEES and CHOR BOH LANS!
Published February 18, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>President acted on urgency of situation
Nathan and advisers alerted to economic storm in mid-2008
By CHUANG PECK MING
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(SINGAPORE) President S R Nathan and his council of advisers had been alerted to the fast-approaching economic storm as early as mid-2008. And it was the urgency of the situation that prompted him to agree to the government's request to unlock past reserves, he said yesterday.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Mr Nathan: Had been kept in the loop about the fast-deteriorating global and domestic economic situation since the middle of last year through periodic briefings by the Ministry of Trade and Industry, Ministry of Finance, MAS, GIC and Temasek </TD></TR></TBODY></TABLE>The president was not surprised when Prime Minister Lee Hsien Loong informally sounded him out some days before the Budget on getting his consent to dig into past reserves to finance part of the $20.5 billion economic package that was eventually unveiled.
President Nathan and the Council of Presidential Advisers (CPA) could quickly see the need to release money from past reserves to combat what he described as 'a dire situation'.
'The Council of Presidential Advisers and myself were already aware of the circumstances prevailing - and how it was impacting on us. So I agreed at that stage to give every consideration to the proposal (for the Jobs Credit Scheme and the Special Risk Sharing Initiative) when it was submitted to me,' said Mr Nathan yesterday in his first public comments on the issue.
Relating to reporters at the Istana the 'context' in which he gave his 'in-principle approval' for the government to withdraw $4.9 billion from the reserves to finance the jobs rescue package, Mr Nathan said that he and the CPA, headed by J Y Pillay, the Singapore Exchange chairman, have been kept in the loop about the fast-deteriorating global and domestic economic situation since the middle of last year.
'I had asked for periodic briefings by the Ministry of Trade and Industry, Ministry of Finance, MAS, GIC and Temasek on prevailing economic trends worldwide and what is happening in the financial markets,' he recalled. 'Through these meetings and briefings with the government agencies, the CPA was kept abreast of the rapidly changing and deteriorating economic situation.'
President Nathan, who is Singapore's first elected president to use the second key to unlock past reserves, said that he and the CPA could thus recognise the importance of giving their backing to the government's request - because a speedy decision was needed to stem the tide of the economic downturn.
'I recognised the importance of giving confidence to go ahead with the measures proposed in the Budget for the particular reference to past reserves, bearing in mind if the situation prolongs or worsens, negative consequences would have kicked in, making any measures too late to be of any effect to stem events,' he said.
He added that the process of seeking and securing his in-principle approval - a formal approval would only be given after Parliament passed the Budget and the Supply Bill was sent to him - took about 11 days, from the time the matter was first broached at the official level to the day the President put his signature on the approval.
'The urgency was quite evident and I think 11 days was reasonable,' Mr Nathan said.
After Prime Minister Lee had informally raised the matter, Finance Minister Tharman Shanmugaratnam approached President Nathan with information on the Jobs Credit Scheme and Special Risk-sharing Initiative. The CPA then met the same day to consider Mr Tharman's proposal.
At the meeting, the president and CPA also received two briefings - one on the economic and financial situations from the Ministry of Trade and Industry and the Monetary Authority of Singapore; and another on Jobs Credit and Special Risk-sharing by the Ministry of Finance.
President Nathan disclosed that Mr Tharman's formal request seeking his in-principle approval to unlock past reserves, which was dated Jan 19, arrived at the Istana on Jan 20. The CPA met immediately and, after deliberation, unanimously recommended that the president give his in-principle approval.
President Nathan signed the approval on Jan 21, a day before Budget 2009 was presented in Parliament.
The President stressed that the Constitution does not prescribe the process for dealing with a request for using past reserves. All it spells out is the need for the president to consult the CPA and to publish his view when he gives the green light for dipping into past reserves.
Despite this - and the swiftness with which the in-principle approval was given - President Nathan said that the approval process was rigorous.
'It is not easy to say 'yes' in so far as (for) the withdrawal of the reserves,' he said. 'There must be compelling reasons why we have to resort to withdrawing from past reserves.'
</TD></TR></TBODY></TABLE>
Published February 18, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>President acted on urgency of situation
Nathan and advisers alerted to economic storm in mid-2008
By CHUANG PECK MING
<TABLE class=storyLinks cellSpacing=4 cellPadding=1 width=136 align=right border=0><TBODY><TR class=font10><TD align=right width=20>
</TD><TD>Email this article</TD></TR><TR class=font10><TD align=right width=20></TD><TD>Print article </TD></TR><TR class=font10><TD align=right width=20></TD><TD>Feedback</TD></TR></TBODY></TABLE>(SINGAPORE) President S R Nathan and his council of advisers had been alerted to the fast-approaching economic storm as early as mid-2008. And it was the urgency of the situation that prompted him to agree to the government's request to unlock past reserves, he said yesterday.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Mr Nathan: Had been kept in the loop about the fast-deteriorating global and domestic economic situation since the middle of last year through periodic briefings by the Ministry of Trade and Industry, Ministry of Finance, MAS, GIC and Temasek </TD></TR></TBODY></TABLE>The president was not surprised when Prime Minister Lee Hsien Loong informally sounded him out some days before the Budget on getting his consent to dig into past reserves to finance part of the $20.5 billion economic package that was eventually unveiled.President Nathan and the Council of Presidential Advisers (CPA) could quickly see the need to release money from past reserves to combat what he described as 'a dire situation'.
'The Council of Presidential Advisers and myself were already aware of the circumstances prevailing - and how it was impacting on us. So I agreed at that stage to give every consideration to the proposal (for the Jobs Credit Scheme and the Special Risk Sharing Initiative) when it was submitted to me,' said Mr Nathan yesterday in his first public comments on the issue.
Relating to reporters at the Istana the 'context' in which he gave his 'in-principle approval' for the government to withdraw $4.9 billion from the reserves to finance the jobs rescue package, Mr Nathan said that he and the CPA, headed by J Y Pillay, the Singapore Exchange chairman, have been kept in the loop about the fast-deteriorating global and domestic economic situation since the middle of last year.
'I had asked for periodic briefings by the Ministry of Trade and Industry, Ministry of Finance, MAS, GIC and Temasek on prevailing economic trends worldwide and what is happening in the financial markets,' he recalled. 'Through these meetings and briefings with the government agencies, the CPA was kept abreast of the rapidly changing and deteriorating economic situation.'
President Nathan, who is Singapore's first elected president to use the second key to unlock past reserves, said that he and the CPA could thus recognise the importance of giving their backing to the government's request - because a speedy decision was needed to stem the tide of the economic downturn.
'I recognised the importance of giving confidence to go ahead with the measures proposed in the Budget for the particular reference to past reserves, bearing in mind if the situation prolongs or worsens, negative consequences would have kicked in, making any measures too late to be of any effect to stem events,' he said.
He added that the process of seeking and securing his in-principle approval - a formal approval would only be given after Parliament passed the Budget and the Supply Bill was sent to him - took about 11 days, from the time the matter was first broached at the official level to the day the President put his signature on the approval.
'The urgency was quite evident and I think 11 days was reasonable,' Mr Nathan said.
After Prime Minister Lee had informally raised the matter, Finance Minister Tharman Shanmugaratnam approached President Nathan with information on the Jobs Credit Scheme and Special Risk-sharing Initiative. The CPA then met the same day to consider Mr Tharman's proposal.
At the meeting, the president and CPA also received two briefings - one on the economic and financial situations from the Ministry of Trade and Industry and the Monetary Authority of Singapore; and another on Jobs Credit and Special Risk-sharing by the Ministry of Finance.
President Nathan disclosed that Mr Tharman's formal request seeking his in-principle approval to unlock past reserves, which was dated Jan 19, arrived at the Istana on Jan 20. The CPA met immediately and, after deliberation, unanimously recommended that the president give his in-principle approval.
President Nathan signed the approval on Jan 21, a day before Budget 2009 was presented in Parliament.
The President stressed that the Constitution does not prescribe the process for dealing with a request for using past reserves. All it spells out is the need for the president to consult the CPA and to publish his view when he gives the green light for dipping into past reserves.
Despite this - and the swiftness with which the in-principle approval was given - President Nathan said that the approval process was rigorous.
'It is not easy to say 'yes' in so far as (for) the withdrawal of the reserves,' he said. 'There must be compelling reasons why we have to resort to withdrawing from past reserves.'
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