Finance Minister Tharman Shanmugaratnam gave assurance yesterday that Singapore’s banks remain sound and stable despite the worldwide financial turmoil. Unlike some other countries’ banks, banks in Singapore have adequate capital and they depend on the core deposits (deposits they collect from you and me) for liquidity instead of the wholesale funding markets which are currently frozen.
With regards on the possibility of Singapore guaranteeing all bank deposits, Mr Thaman doesn’t rule it out completely but he finds it not necessary as there is confidence in Singapore’s financial system.
Sex with a Minor – First Woman in Singapore to be Charged
A 32-year old married woman who is a former school teacher has been hauled to court for having sex with a 15-year old male teenager.
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