BRIEF-Singapore's MAS Says Country's Banking System Remains Sound And Resilient

Monetary Authority of Singapore :

* BEEN IN CONTACT WITH FINMA, PARENT SUPERVISORY AUTHORITY OF CREDIT SUISSE GROUP AG ON RECENT DEVELOPMENTS SURROUNDING THE BANK * SINGAPORE BANKS HAVE CONFIRMED THAT THEIR EXPOSURES TO CS ARE INSIGNIFICANT

* SINGAPORE’S BANKING SYSTEM REMAINS SOUND AND RESILIENT * BANKS IN SINGAPORE ARE WELL-CAPITALISED AND CONDUCT REGULAR STRESS TESTS AGAINST CREDIT AND OTHER RISKS

* CS OPERATES BRANCH IN SINGAPORE WHOSE MAIN ACTIVITIES ARE PRIVATE BANKING AND INVESTMENT BANKING; DOES NOT SERVE RETAIL CUSTOMERS * SINGAPORE BANKS' LIQUIDITY POSITIONS ARE HEALTHY, UNDERPINNED BY A STABLE AND DIVERSIFIED FUNDING BASE

* WILL CONTINUE TO CLOSELY MONITOR DEVELOPMENTS AND REMAINS IN CONTACT WITH FINMA