MAS says banks' exposure to foreign property loans 'low'

[SINGAPORE] Singapore banks' exposure to foreign property loans has remained low, comprising 2 per cent of their total housing lending, the Monetary Authority of Singapore said on Friday.

"Overseas property purchases by Singaporeans transacted by real estate agencies in Singapore continue to be on a moderating trend, as Singaporeans adopt a more cautious attitude towards overseas property investments," the MAS said.

It did not break down exposure of Singapore banks to the London property market.

The comments come a day after United Overseas Bank (UOB) became Singapore's first lender to temporarily halt issuance of new mortgage loans for London properties in the wake of Britain's vote to leave the European Union.

REUTERS