Singapore statutory boards have no exposure to Lehman pdts
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SINGAPORE: Singapore government statutory boards are not exposed to the structured products and credit notes linked to bankrupt US investment bank Lehman Brothers.
Finance Minister Tharman Shanmugaratnam told Parliament that none are holding the Lehman Minibonds, Pinnacle Series, DBS High Notes Five, Merill Lynch Jubilee Series products.
Mr Tharman says four statutory boards - the Civil Service College, Singapore Land Authority, Infocomm Development Authority and the Professional Engineers' Board - have invested in other credit-linked notes.
He says the notes suffered a 14 per cent paper loss this year, not very different from the recent global market performance.
The exposure of the four boards to such notes make up only 0.05 per cent of the total investment portfolios of all of Singapore's statutory boards.
One of the statutory boards also has financial products linked to credit default swaps, but this makes up only 0.1 per cent of its portfolio.
Mr Tharman also says the government has advised all the statutory boards to maintain sound principles of diversification and risk management when investing.maybe not lehman but:
If they invest in CDS, this is another time bomb that chance of it going bust is higher than it is not.
Just look at AIG, CDS are dragging them into an almost insolvency. If without US treasury they are already DEAD AND BURY!
if ur wish list is reducing GST for coming budget, forget it. they are going to try various means to recover their lost and mistake thru no other than singaporeans!
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correct, may be what he didn't tell us could be worst!
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Wah.
Now people so smart already.
Know what the government means when they issue out statements like these.
Clearly the public is wising up.
