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MAS to have more powers to manage distressed financial institutions

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Singapore's current monetary policy stance remains appropriate, a senior official for the Monetary Authority of Singapore (MAS) said on Friday, after second-quarter economic growth was revised much higher and exceeded analysts' expectations.

[SINGAPORE] The Monetary Authority of Singapore (MAS) will soon be equipped with more powers and tools to resolve the position of distressed financial institutions in an orderly manner.

This will help enhance Singapore's resolution regime and bring it up to date with international developments, given that standards and good practices have evolved, said Mr Ong Ye Kung, Minister for Education (Higher Education and Skills) and Second Minister for Defence,in Parliament on Tuesday.

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