Lim Hwee Hua
Singapore
“Mr Chairman, Sir, I believe the Minister for Finance has actually addressed that quite adequately in the Budget Statement. I will encourage the Member to read the Hansard. As I recall, he did say that our projections for revenue have been made for the next five years and we do not target a particular source of revenue.”
“Mr Speaker, Sir, I would encourage the Member to file a question for MCYS, if she would like to discuss safeguards further. What I would comment here is that at the outset when we conceived the whole Integrated Resorts idea, there were many business risks: whether it is country risk or the timing of the business cycle and so on.”
“Mr Speaker, Sir, the supplementary questions raised by Ms Denise Phua have actually been debated to some detail under the different heads, in terms of the intended strategy – why we are having Integrated Resorts and casinos in the first place. This has been debated quite extensively by the Ministry of Trade and Industry.”
“Madam, I take the Member's point about the need for checks to be done professionally, and indeed this is the case, and that is why the officers would be sufficiently trained to conduct these checks in a professional manner.”
“The proposed amendments are necessary in order to effect the new financing framework, to allow for greater contestability to be injected into the RTS industry, as well as to ensure security and continuity of the RTS operations. Madam, I beg to move. Question proposed. 4.28 pm”
“Because of the complexity of the issues and the need for us to continue consulting other players who have already been operating in that space, as well as consulting the business community in greater detail, the study would take the better part of this year. OUTCOME OF 50PLUS EXPO 6.”
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“Unlike the conventional passenger ship, we Singaporeans on board are not mere passengers; we examine the opportunities for participation and equip ourselves with the necessary skills to fulfill our roles as best as we can. We are crew-cum-passengers. In the past, we were like small power-boats and were able to make nimble changes whenever a rock appeared unexpectedly or when we found a better route. Now that we are on a big ship, which requires substantial effort just to make a slight correction of our route, we need all Singaporeans on board to keep an ongoing interest in the course we are charting, ie, to help watch out for icebergs, rocks or other obstacles, or suggest ways of ensuring a smooth and enjoyable journey. In other words, we Singaporeans have to rise above being mere passengers on this journey. This means we cannot simply seek to just equip ourselves with enough skills and resources to stay on board. We should literally sink or swim with fellow Singaporeans. We cannot afford to have a situation where an unanticipated crisis emerges and all on board merely fold their arms and ask for the way out. Instead, we have to assume active ownership of the vessel and both the challenges and benefits. How do we assume active ownership and responsibility? Allow me, Sir, to touch on an analogy here, that of parenting or assuming active ownership of our children. As parents, we do not wait to be asked to be involved in our children's lives; we simply plan for the nurturing and care of our children in the context of the environment we are in. We are pro-active. We guide them in their educational and career choices as best as we can anticipate their roles in society. We plan our finances and accumulate enough resources to help them along.”
“Mr Speaker, Sir, let me now register my support for the Motion to thank the President. The importance of the role that all Singaporeans play in determining the future of Singapore cannot be overstated. As such, the focus in the President's Address on people, on Singaporeans, strikes a common chord in many of our hearts. Sir, as we know, Singaporeans today are already a much sought after human resource. Head-hunters have often found Singaporeans to be most suitable for plum jobs in the regional, and sometimes, even global market place. This is because Singaporeans have a reputation for being intelligent, reliable and diligent. This presents the challenge that has been discussed before - one of mobility and a potential loss of able Singaporeans to economies elsewhere. Sir, it can be argued that nurturing a sense of ownership would be the best mitigating factor against losing such Singaporeans. Once Singaporeans regard Singapore as home, mobility would translate into several postings overseas for a more rounded experience instead of a search for a permanent home. Singaporeans at all levels should be bringing home their experiences elsewhere to help enhance the overall well-being of the economy and, eventually, Singaporeans at large. But, Sir, the need to foster a sense of identity is not limited to the more able Singaporeans, but to all Singaporeans. For we are all on board the large Singapore Ship and we each have our own part to play. The Government, as captain, assesses the possibilities, identifies the challenges and constraints, and charts the course. The corporate sector, as crew, identifies the role each company organisation will and can play.”
“My view is that the NCMP should not firstly discount the substantial inputs by Singaporeans into the S21 and other consultations nor assume that all Singaporeans are waiting to be spoon-fed all the time. Many have bothered to take the time to read and discuss the S21 report and now the Addenda, and to make constructive suggestions. This is what we should be encouraging and not just expressions or cliches, as my colleague, Mr Davinder Singh has highlighted. On that note, Sir, the amendment by the NCMP simply cannot stand.”
“Mr Speaker, Sir, I am amazed that the NCMP regrets that the Presidential Address "is significantly silent on any measures to encourage citizens to take responsibility for the future of their country." As my colleagues have pointed out, a lot of details have been spelt out by the various Ministries in the Addenda to the Presidential Address which are clearly worthy of all our interest and attention as Singaporeans. And in addition, a lot of debate and discussion had already taken place through the whole S21 process over the last two years. Many concrete measures have been suggested on how Singaporeans can partner the Government either as individuals or collectively as the people sector as we progress into the next millennium. And these have been taken into account by the various Ministries. Sir, let me now turn to some of the charges made by the NCMP. Sir, the NCMP charges that the Government is unable to think rationally. I find this to be a very odd statement. For the recent financial crisis, the Singapore Government's quick response had received high marks from key observers and commentators and analysts as well. The NCMP's allegation is clearly unjustified. The NCMP also charges that the Government must be under the law. The Singapore Government has scrupulously governed by the rule of law. Our legal system and judiciary have been highly rated. In the recent CNB case cited by the NCMP, there is no doubt that the CNB carries out its duties according to the law. The NCMP has also charged that Ministers were openly flouting election rules during the GE in Cheng San. As the NCMP will remember, the matter was carefully investigated and the Attorney-General was of the view that the Ministers did not violate any law.”
“Overall, I am convinced that the banking services will remain affordable. Singaporeans are not poor, and the banks have a great incentive to reduce their costs and find more efficient ways of providing these services so that they can break even and collect all the little deposits which are available outside there, because there is benefit to them if they can reach out that way.”
“Sir, I would like to ask the Deputy Prime Minister whether the provision of more manpower intensive services such as teller services at branches constitutes a significant proportion of the cost of providing services to retail customers in general, and whether banks will move towards not only providing more cost efficient alternatives but also educating their customers. BG Lee Hsien Loong: These are costs which the banks will increasingly have to estimate, recognise and minimise as the environment becomes more competitive. When it is a protected environment and you are just operating in the old way, and everybody puts his money into the same few banks, big and small deposits, then the banks are not under pressure and they can provide services apparently free, which really cost a lot of money. Every ATM transaction costs maybe $1.50 to the bank, because you have to provide the software, the hardware, the telecommunications, the services, reconciliation and so on. Every counter transaction costs several dollars. Some people tell me that it may be even more than $10, because there are so many branches and some branches have very few customers per day, and you have to pay the rent, utilities, salaries and so on. And the bank manager meets only 10-20 customers per day. So the costs are very high. In America, there are teller charges. If you go to a counter in order to do some transaction, you have to pay for that service. If you use an ATM, you also have to pay for that ATM. One way or the other, the cost will finally have to be reflected. Banks do not have infinitely deep pockets with which to generate largesse all round. These are adjustments which we can take a little bit of time but which, eventually, we have to make.”
“Sir, besides providing venues, would the Minister devote more resources towards developing and promoting regular participation in sports that are popular such as netball, but which are not necessarily designated as core sports?”
“At one focus group discussion which my Subject Committee had, although there was consensus that society as a whole must widen the notion of success, there was some resignation to the inability to change collective mindsets. I believe this is not something a campaign can address, although obviously, the Government can help influence and change mindsets. It really begins in each and every one of us as we are the collective judge of how we view each other. Mindset changes may take a long time but raising awareness to the need for a change is definitely a good starting point. This brings me to the close of my speech where I would like to urge all Singaporeans to assume collective ownership and responsibility for the Singapore 21 movement. For it is when we feel responsible for our own destinies that, with some facilitation by the Government, we can hope to remain truly cohesive as a nation.”
“He reassured his son that, firstly, he was willing to forgo his monthly allowance, and, that secondly, his respect and love for his son remained the same as long as he had tried his best. This thoughtful father is prepared to adapt to changing circumstances and has done a great deal to relieve his son's stress. Sir, even without the crisis, most Singaporeans already experience a certain amount of stress brought on by the increasingly competitive global marketplace and fast changing technology. As we know, stress is not necessarily bad. An athlete will be quick to tell you that without subjecting himself to punishing goals, he would not be able to break records. Most of the causes of stress can be traced to a narrow definition of success. How often do we subconsciously look at others through glasses that count in dollars or through the houses that they own? As a society, our history has revolved around building a vibrant economy in a short period of time, thus leading to a lot of emphasis on economic and material achievements. Over time, we have unwittingly defined success very narrowly, only by good grades if you are a student and the ability to make a lot of money if you are a working adult. This narrow definition of success in turn affects our self-worth or self-esteem. And low self-esteem will lead us to think that we do not matter to our family, friends, community or even country. Sir, we all know that children can easily feel unworthy. For example, it is one thing for parents to encourage their children to work hard for good academic results; it is another to condemn them because they are not as bright as their cousins.”
“Sir, the cost-cutting measures were no doubt driven by the Government but they relied heavily on each and every Singaporean's conviction and will to, firstly, bear some pain in order to regain our competitiveness and, secondly, to contribute towards Singapore's ability to progress beyond the crisis by agreeing to be reskilled and upgraded. Of course, we are not out of the regional woods yet but a nation of mentally prepared and willing Singaporeans is a necessary and meaningful prerequisite. Secondly, the crisis has heightened our sense of responsibility towards each other. The people sector comprising many self-help, voluntary and community organisations are already in full swing, reaching out to Singaporeans in need in a variety of ways. For example, many Community Development Councils are already assisting retrenched workers in job searches while others help out with basic essentials such as meals and groceries. Most recently, on May Day, some 60,000 Singaporeans under the `Love Singapore' banner, walked to raise funds for some 24 charities as the crisis has made fund raising a challenge. This, to me, is a moving tribute to how when the going gets tough, the tough goes walking. Thirdly, the crisis has caused us to revisit the values we know so well. Sir, many a family is facing the pressure of coping with the crisis, particularly if there has been retrenchment or prolonged unemployment. Family members tighten their belts in a collective effort to reduce household expenses. Frequently, extended family members chip in with financial assistance and, more importantly, moral support. I was particularly touched by a retiree's response to how he reacted to his son's plight when the latter had to settle for a less-paying job.”
“Mr Speaker, Sir, I rise to register my whole-hearted support for the motion standing in the name of the Minister for Education. As both the Prime Minister and the Chairman have stressed, Singapore 21 is not the Government's concept of what Singaporeans should do in the next century. Neither is it an economic blueprint. It is what some 6,000 Singaporeans have expressed as the Singapore they want for the future. As the Minister has elaborated, Singapore 21 highlights five key ideas which initially appear to be so obvious. But are they really that obvious? Are these key ideas merely motherhood statements? I believe the acid test is the extent to which we apply these evergreen ideas as guiding principles for our lives as an individual, as a society and as a country. Sir, many may ask what is the relevance of Singapore 21 to the crisis. Is Singapore 21 a vision that can be discussed only when buoyant economic times allow us that luxury? No, it should be a set of guiding principles that we adopt regardless of the economic situation. I believe the challenge is to consistently live by these principles and not just during a crisis. In fact, we do not start from a zero base and the Singapore 21 spirit is already being felt. Allow me, Sir, to elaborate on how directly relevant this is to the current crisis. The recession from the regional turmoil has injected a sense of reality to the vision. Our response as a people illustrates beautifully how ideas and concepts can be translated into practice and demonstrates the extent to which we relate to each other, our community and Singapore at large. Firstly, the crisis has evoked a sense of national pride and collective will.”
“Sir, to the credit of EDB and PSB, many schemes have been put in place to assist SMEs. Although the intention is noble, the potential may not have been fully realised. Based on feedback gathered by the GPC, the following reasons were cited: Firstly, as Mr Singh has touched on briefly, the application process is frequently too bureaucratic and long drawn. Many SMEs simply do not have the resources to devote solely to the application for assistance. And many fail to apply, not from want of effort or interest, but from a lack of ability to cope with the rigours of the process. This difficulty is further complicated by the relatively high turnover of public sector staff handling the applications. Towards addressing the frustration of the SMEs so described, can the Minister review the application process with the aim of making it a simple and straightforward experience? In addition, can such assistance be granted in a timely fashion? Secondly, LEFS currently works on a fixed interest rate structure, as also referred to by Mr Singh, purportedly to provide some certainty to interest liabilities for SMEs. However, the interest rate has been fixed at a level that does not sit well with the current low interest rates. This unfortunately detracts from the benefits of LEFS. Can the Minister explain the method for determining this fixed interest rate and explore the possibility of a cheaper source of financing? Can flexibility be exercised to adjust rates to reflect more closely prevailing market trends?”
“Sir, we all know that the domestic economy of Singapore is by comparison small. It is therefore entirely logical for companies to grow an external wing, a process which has already begun and towards facilitating this expansion, many Government agencies have provided numerous assistance schemes. The bulk of these schemes, however, centre on or favour greenfield or start-up operations. This may not always be the ideal route, particularly at this time when opportunities may arise to acquire attractively priced and well managed businesses outside Singapore, and the window may not be open for very long. Acquisitions provide sufficient leverage and momentum to Singapore companies venturing abroad, frequently allowing an immediate penetration of other markets or securing expertise to complement operations back here. Can the Minister provide incentives for such acquisitions including perhaps extending similar tax concession to those for new businesses or capital?”
“Some of these persons have no means to buy on the resale market but are disallowed from applying for a rental flat under current rules. Can the consequences of their decision, in terms of debarment, penalty, or forfeiture be administered with flexibility? Finally, a comment on sale among ethnic grouping guidelines. Sir, allocation along ethnic grouping guidelines is well justified. Unfortunately, they pose a real challenge to resale potential during this crisis, owing to a much smaller market demand. Can the Minister comment on how the HDB can help Singaporeans cope with this crisis, specifically for the above scenarios?”
“Sir, let me begin by stating that this is not a critique of existing housing policies which have served us well. It is an appeal for an exercise of greater flexibility towards Singaporeans who may be caught unwittingly by the current economic crisis. Allow me, Sir, to now cite some live examples for the Minister's consideration. Scenario One The drop in HDB resale prices has correspondingly led to fluctuating valuation levels. This has given rise to cases where a Sale and Purchase Agreement is entered into at an older, higher valuation level, and transaction completed at a lower valuation level, leading to a shortfall in loan quantum eligibility. Such a situation places parties involved in the transaction in a dilemma and creates a cash squeeze. Can some kind of bridging finance be provided for the shortfall? Scenario Two Some Singaporeans need more time to dispose of their existing flats upon taking delivery of their new flats. The sluggish market has led to lower-than-expected resale prices, so both timing and price expectations frequently go out of whack. Consequently, pressure from having to meet the deadline to sell off the existing flat mounts and stress is felt, especially by the upgraders. Even if the grace period were extended, they would still frequently have to finance two flats during the interim period. Can some restructuring of the two mortgage schemes be allowed so as to enable them to cope financially during this time? Scenario Three Yet some other Singaporeans have no choice but to withdraw their applications or reject allocations for new flats. Others are forced by business or financial woes to downgrade from private properties or existing HDB flats.”
“Thirdly, can Electronic Road Pricing, especially into the Central Business District, be temporarily suspended on Saturdays to give the retail sector a boost? Sir, there has been a lot of debate over how much Government should bear, whether it should be an equal burden or in equitable proportions. Unlike other countries, we at least have the luxury of such a debate. It is a luxury that did not happen by accident, but one that has resulted from strong fundamentals and good Government. Although both arguments are equally compelling, I think we should refrain from distorting the cost structure too much in order to gain more moral authority. We all understand that wage and CPF cuts are hard to stomach, but we all recognise that unless companies can survive, jobs cannot be preserved. On that note, I would like to urge the Government to consider the additional recommendations outlined above and to implement the CSC proposals as soon as possible.”
“Thirdly, although various assistance schemes such as LEFS have been widened to benefit more companies, many non-manufacturing concerns, such as trading companies, still do not qualify. They seek the availability of some form of Government-assisted trade financing scheme to help offset reduced credit lines by banks. Fourthly, whilst many applaud the emphasis on training and upgrading, companies would like existing schemes to be more generously applied to executive, managerial and general training. This will allow for smoother progression into managerial roles within the same organisation or industry. Fifthly, most companies realise the importance of technology and are willing to invest in spite of the high capital costs. However, they usually find maintenance to be a very heavy burden to bear, especially during this period of slowing, if not contracting, revenues. Can the Minister for Finance consider allowing deductions for maintenance costs, for tax purposes? Mitigate against dampening effect on consumption Sir, many of my colleagues have commented on the dampening effect on consumption of wage reduction. There is recognition by retailers that consumption is closely linked to disposable income, confidence and consumer psychology. As much as we can wish that the media would not be overly negative or pessimistic, I would like to suggest the following as well: Firstly, can some temporary relief be provided for individuals, for example, as has been raised by several Members, by reducing the foreign maid levy by, say, $100 per month, in response to the impending reduction in household income, but with the Ministry of Manpower still maintaining control administratively? Secondly, can the Minister for Finance consider granting a bigger personal tax rebate?”
“Mr Speaker, Sir, I rise in full support of the motion by the Minister for Trade and Industry. Sir, there is wide consensus that the Committee on Singapore's Competitiveness has carried out a comprehensive analysis and made well constructed recommendations. Many of my colleagues have dwelt at length on the strategic issues. So I will confine my comments to the short term measures. Feedback by the various industry groups that the GPC spoke to highlighted two observations. Firstly, there is a sense that many of the recommended interim measures are weighted towards manufacturing and construction. Secondly, sectors such as retail and food and beverage are worried that the proposed reduction in wages will dampen consumption, which will more than overwhelm the benefits from a reduction in operating costs. Generally, companies, especially the smaller operators in trading and services, are seeking help as they face a cash flow crunch in the short term and would like to better position themselves after the downturn. Sir, I would like now to propose specific recommendations to achieve the following two objectives: Firstly, to help improve the cashflow for companies and, secondly, to mitigate against the inevitable dampening effect on consumption. Improve cashflow for companies Firstly, in the interim, in order to provide maximum impact, as well as send a strong message to private sector landlords, can the proposed reduction in rentals be extended beyond the JTC and HDB to all statutory boards and wholly-owned Government-linked companies? Secondly, various statistics have pointed to much lower commercial property values. For property tax purposes, can these benefits be felt in a more timely fashion by reducing the lag in pegging valuation levels?”
“No. It is more a signal of how management itself feels about the value of the prevailing share prices. They may think it is undervalued.”
“Tax implications Sir, currently, a retail investor who sells his shares on the market for a profit does not pay any capital gains tax. Will this remain the same when he sells his shares as part of a buy-back scheme? Recently, a listed company, Singapore Press Holdings, embarked on a capital reduction exercise, which sought to return $1.22 per share held. It then transpired that out of the $1.22 capital returned, 52 cents were deemed as capital, and hence tax free, while the remaining 70 cents were treated as a distribution of dividend, and hence taxable. Although this exercise is different from a buy-back scheme, it is nonetheless instructive for us to study the tax angles. If part or all of the share buy-back proceeds are deemed taxable, how will the retail investor know the difference? Even if it were so, would this unwittingly lead to a two-tier market? Or will companies have to bear the tax burden, which implicitly raises their purchase costs? It would appear that the simpler and more tax-consistent it is for the retail investor, the more successful and well-accepted the scheme will be. Sir, the issues raised above are more details to be ironed out than grounds against the scheme. Apart from putting in the necessary safeguards, investor education will be equally important. In fact, I believe that once minority shareholders understand the rationale behind the scheme and are assured that there are enough safeguards, they would embrace the buy-back scheme readily, as it would add another exciting dimension to their investments. On that note, Sir, I wish to support the Bill.”
“Given the significance of this interpretation, several questions arise as to the provision of sufficient safeguards for minority shareholders against any abuse or manipulation by management and/or majority shareholders. Need to provide enough safeguards I would like to urge the Minister to ensure that enough safeguards are provided against the following possibilities: Firstly, manipulation by company insiders to manage reported earnings-related benchmarks, such as earnings per share, so as to detract from or mask unsatisfactory business performance. Secondly, possibility of management spending too much time and attention on managing share prices rather than the actual business itself, particularly in times of prolonged market volatility and depressed share prices such as now. The temptation to buy back "undervalued" shares would be too great to resist. Thirdly, the possibility of collusion between major shareholders and company at the expense of minority shareholders. Although there is a provision to specify a maximum price, should there be a cap on the premium on the price to be paid for shares to be bought back? For example, the 5% limit in the UK? Or do we want to employ a one-broker rule, similar to that in force in the US? Fourthly, any timing differences which will disadvantage minority shareholders - the obligation to cancel shares bought back is helpful but is there still room for possible manipulation? Ultimately, the key is efficiency in the dissemination of information and transparency. Fifthly, utilisation of distributable profits earned in earlier years. Should there be a time bar or will the 10% limit to shares to be purchased be sufficient?”
“Mr Deputy Speaker, Sir, I would like to begin by declaring my interest as a director of a securities company. I shall, however, be making my comments from the perspective of the retail investor and minority shareholders. The proposed amendments to legislation, to allow for the purchase or acquisition of their own shares by companies, will pave the way for companies, particularly the listed ones, to better manage the return on equity, or, in today's jargon, to "create more value". It will constitute another milestone in the development of the Singapore stock market. Before I raise two sets of issues regarding the buy-back scheme, namely of safeguards and tax implications, I would like to make some general comments. Firstly, companies embarking on such a scheme may send mixed signals about business direction and growth potential. Except for the inaugural exercise with the passage of this Bill, we would implicitly be expecting the investor at large to be able to understand why a company is using its surplus funds to buy back its own shares instead of deploying these funds to further business expansion. It is entirely possible for a company to use surplus funds to buy back shares, only to go back to shareholders later on for new capital for expansion. This has been the experience of companies in the other markets. How will the Singaporean-based investor interpret such actions which, when taken together, may appear somewhat ironical? Unlike reported earnings and the requisite announcements for major corporate developments, share buy-backs can provide a very strong signal to "outside" investors of what management thinks of the prevailing share values.”
“I would like to ask the Minister if the ringgit deposits held by the Singapore Government can be deployed towards these or similar purposes for projects, say, in Malaysia and, if not, what is the status of Singapore's ringgit deposits in light of the recent capital control measures undertaken by the Malaysian government?”
“There is no doubt in my mind that only when Singaporeans rally behind the Government and make the necessary adjustments, can we all cope with this crisis, emerge more cohesive, better prepared to tackle new challenges and realise further growth potential.”
“We should not allow pessimism to drag us down the economic spiral. For we are a small economy and if we continue to wallow in self-pity, we will miss out on the opportunities to reposition ourselves. We should try to resist the temptation to pour our reserves into repairing depressed sectors per se, but to instead focus on how we can deploy them towards consolidating our position economically. This would have favourable long-term implications and will help ensure that we have sufficient growth impetus beyond this crisis. For example, there is feedback that many Singaporeans feel that instead of pledging the $5 billion to Indonesia as trade financing assistance, the Government should redirect this sum towards helping Singaporean companies that are going under. This is perhaps a good example of how difficult it is to strike a balance between competing demands. Ultimately, what is the swinging factor has to be the longer term value of each competing course of action, for we have limited resources. Seeking the Government's assistance to avert bankruptcy or a shake-out may seem to be a perfectly reasonable request. Deciding which companies or individuals to help, and help constructively, is however extremely difficult. It is inevitable that some may drop out of the economy in the course of this downturn, and this is something which is of course hard to accept. Sir, this economic crisis is both a test of political leadership and the robustness of Singaporeans. It calls for mutual trust and assurance that all parties, the Government, the economic sector and the population at large, will respond in a responsible manner. Whilst the Government should continue to show empathy, Singaporeans should be prepared to endure.”
“So far, the matching has worked well, which has made job placement a fairly straightforward, if not easy, task for employees. Therefore, the sense of competition for jobs and the need to make oneself presentable, skill-wise especially, is seldom felt. This is perhaps our greatest challenge - to understand the need to stay relevant and flexible at all times, so that in trying times such as these, we can make the necessary adjustments, both mentally and physically. Sir, this is therefore not an issue of what else the Government should be doing to reduce unemployment. Certainly, there is no question that the Government should drive retraining efforts, with the necessary funding and placement assistance, to help those who are seeking to stay employable. But the response of Singaporeans must be compatible in order for the whole exercise to be a constructive one. For example, as Mr Lim Swee Say has alluded to, Singaporeans have, justifiably, called on the Government to reduce reliance on foreign labour and divert jobs to locals instead, in a bid to lower unemployment. However, will there be enough Singaporeans to fill these jobs, for example, in the construction industry? So the question really is: will Singaporeans be prepared to make adjustments to their expectations and take on jobs which may not always be ideal but which will nonetheless reduce unemployment and the related financial problems? Thirdly, do not allow pessimism to overwhelm us. Daily headlines just do not make for pleasant reading nowadays - they merely reinforce some of our greatest fears that the whole region is plunging into a recession. Acknowledging how badly even the Singapore economy has deteriorated is necessary and painful, but we should try to look beyond this crisis.”
“However, if we see this as a means to remaining employable, on account of our continual upgrading of skills, then we will fully realise the benefits of the various schemes put in place by employers, unions and the Government. As Mr Lim Swee Say has elaborated, a change of mindset is crucial at this stage, otherwise those who have been retrenched and who have gone onto training schemes, will emerge more disappointed, when they are still unable to find jobs. In the final analysis, our sustainable edge will be knowledge-driven, which implies that Singaporeans would always have to be ahead. This is only possible if we constantly upgrade ourselves for our own sake. The Government should help by constantly raising awareness amongst the workforce and companies of the changing skill-sets needed over time. More incentives for individuals to upgrade themselves should also be made available. Secondly, be prepared to make adjustments. We feel helpless or even frustrated when we have just been retrenched or have failed to find a similar-paying job for the last nine months. But, we should all ask ourselves the question - whose responsibility is it to secure jobs for us? Somewhat, ironically, the very same factor, that is, a tight labour market, which has led to strong income growth in the past decade, is also the cause of our mental unpreparedness in coping with unemployment during this crisis. To a large extent, this reflects our vulnerability as an economy with no natural resources and one which is so dependent on the human factor. Government agencies, such as the Economic Development Board, slog hard to garner foreign investments which will in turn create jobs for us. This has been accompanied by judicious manpower planning for the necessary skills.”
“Even though we have a relatively sound financial system and competitive business infrastructure, we are still adversely affected. Estimates on how long this crisis will plague us have not been encouraging. This means that for us in Singapore, the pain, particularly from unemployment and extremely challenging business conditions, is likely to intensify over the next year. How we react to this monumental crisis will determine how we will fare in the medium, if not, longer term. The current crisis resembles a mighty earthquake, which unfortunately has many epi-centres within the Asian region, each capable of triggering equally damaging aftershocks. The role of the Government is therefore to help prepare people to cope with the devastating effects and we have to recognise that there is very little, if at all, that it can do to prevent another aftershock from happening. So how do we cope with this crisis? Do we begin by shifting blame, say, to our employees or the Government? Understandably, this may be a reaction triggered by despair for those who have been retrenched, or badly affected by the plunge in property or stock market values, or financially crippled by higher interest rates. However, once we start drawing lines of division and forming separate camps, we will not be able to be on top of the situation. Reaction to the current call to stay employable may be a good illustration of how we can view these challenges, literally, as one people or as different parties. Do we see the need to be constantly trained and upgraded as a necessary survival skill for all Singaporeans or is it simply an end unto itself, the road to another job? If we see training as an obligation of employers or the Government, then the motivation to get trained will not be high nor sustainable.”
“Mr Speaker, Sir, I rise in support of the motion exhorting the Government and the people to rally together so that Singapore will emerge from this regional crisis even more competitive and resilient. Having a strong, able and honest Government in Singapore is necessary under any circumstance. But it is not a sufficient condition for the survival of our nation, whether economically or socially. A resilient and equally strong population is just as important. During this crisis, there is no doubt that the Government's role as a leader and facilitator of changes is crucial to Singapore's ability to not just survive the crisis, but also to emerge the stronger for it. To do so, Singaporeans should support the Government constructively and should not despair nor be overwhelmed by pessimism. Sir, the Government should rally the people in the following ways: Firstly, view challenges collectively. Reflecting on our own past, as we struggled through the last three decades, there can be no denial that both the Government and the people worked hand-in-hand as there was a sense of ownership of a common destiny and a common vision. There was mutual trust that everyone would strive towards the common good. This did not mean that there was no suffering, no pain nor adjustments. But it did mean that everyone was prepared to work towards a longer term goal even though there was going to be hardship in the interim. This was again evident as we rode out the downturn in the mid-80s. Painful decisions were taken. Singaporeans rallied behind this Government and we emerged better able to tap growth potential. The financial and economic crisis that we are now confronted with has no precedent. It has hit all Asian countries with such ferocity that it would be quite impossible to be spared.”
“However, a great deal of attention must be paid to educating the public and business community on the effects and economic implications of such transactions.”
“Understandably, there do not appear to be stringent statutory nor other specific requirements to be met before one can be registered as a subscriber. This brings me back to the point of education again. Will subscribers understand the obligations upon registration or the significance of digital signatures? Or will this result in unwanted transactions by a family member who has been entrusted with the subscriber's private key? Sir, apart from the above points raised, the introduction of the Bill also presents some important economic considerations. Now that the Government has lent its full support to electronic commerce, what impact will this have on our local economy, particularly the small and medium businesses? Does this mean that more business will be diverted to those who have the presence on their net, or who can facilitate electronic transactions or even to suppliers overseas? There is no looking back now. On the other hand, the signal is not for businesses to jump on to the Internet band wagon. How best can we prepare companies, especially the small and medium businesses, for such new but inevitable developments? With the advent of electronic commerce, middlemen of any size will potentially be squeezed out. They may then be forced to concentrate on the one area which they triumph over the electronic medium, ie, the human factor. You cannot put a friendly human touch across electronically. In contrast to a computer screen, non-electronic services can provide a personalised touch, a friendly smile and a generally feel-good sentiment. In conclusion, Sir, the introduction of this Bill is timely, as it anticipates the legal issues that may arise with an increasing undertaking of electronic commerce.”
“Understanding the legality of an electronic transaction When electronic commerce takes on greater significance, more individuals are likely to transact through the Internet. Doing one's shopping over the Net would soon become common place. However, will there be enough education to help ensure that the public understands the legality of such electronic transactions? That, once the transaction has been completed, neither the purchaser nor the supplier may change their minds and rescind from the contract nor vary the terms unilaterally. Even though one may never have met the other party with whom one is signing this contract, the clicking of the mouse or the keying in of the credit card details and the necessary digital signatures will have the same effect as putting one's pen to paper. This brings to mind the question: which is the appropriate body to turn to when one has enquiries or complaints with regards to electronic transactions? Does one turn to CASE or the Small Claims Tribunal or the Certification Authorities for answers to one's questions? Responsibility of a subscriber The public must note that once they have registered themselves as subscribers, they have a legal duty under clause 39 "to exercise reasonable care to retain control of the private key and prevent its disclosure to a person not authorised to create the subscriber's digital signature." As no specific penalty was prescribed, it would appear that contravention of this will render them liable under clause 56 to a maximum fine of $20,000 or a maximum of six months' imprisonment or both. For electronic commerce to be truly successful and effective, it would appear that the more users, and therefore subscribers, we have, the better.”
“Mr Speaker, Sir, given the increasingly large role that technology plays in our everyday lives, the introduction of this Bill is timely. The Bill provides a comprehensive framework for electronic transactions in general and focuses on electronic commerce. An important feature of this Bill is that electronic transactions will be given their due legal effect, and a transaction conducted electronically, for example, over the Internet, is now deemed to be a valid and enforceable contract, as provided for in clause 11. However, I would like the Minister to clarify the following issues, especially those pertaining to transactions involving the individual as an end consumer who is a party to an electronic transaction. Scope of coverage, especially cross border transactions The Minister seems to imply that not all cross border transactions involving a party outside Singapore would fall within this legal framework. If so, would the public know how to differentiate between the transactions that are and those that are not covered? For example, when the Act comes into effect, will an individual, who runs into a problem with his purchase from a company overseas, have any legal recourse? Will he know that, even before he puts his order across? On a broader scale, will there be enough public education on matters that are excluded, as elaborated in clause 4, for example, the creation or execution of a will, or any contract for the sale of immovable property? This is to ensure that the public will not be misled by fraudulent representations. The importance of a comprehensive public education programme cannot be overstated.”
“Sir, like Mr Peh Chin Hua, I applaud the recent move by the Ministry to liberalise the publishing of school textbooks. This should allow yet more innovation into the education process and enrich learning in schools. There are, however, two key issues for which I would like the Minister to consider. The first is whether textbooks would become more costly as a result of the move, and the second pertains to quality control of supplementary materials. Sir, the concern over possible upward pressure on the cost of textbooks stems from two observations. Firstly, the burden of developing and publishing textbooks hitherto is shouldered by the Ministry, providing therefore an indirect subsidy. Private sector publishers will naturally find it difficult not to pass on the associated developmental cost. Secondly, there is every possibility that niche groups of textbooks may emerge in due course. These, however, given the size of our market, will not be able to enjoy the economies of scale necessary to check price pressures. How would the Minister ensure that textbooks would not become too costly for the school-going population? Sir, with regard to the second issue, we are aware of a continuous proliferation of supplementary materials in use by schools. With the advent of yet more multi-media educational aids for schools, will the Minister endeavour to exercise similar quality control to ensure consistency?”
“Sir, I would like to reinforce what Mr Loh Meng See has highlighted. As he has mentioned, recent statistics continue to point to an adverse trend in the making - that of the rise in participation of females in juvenile related crimes. Teenage girls now reportedly account for more than 10% of youths jailed, about double the 5% rate in 1989. There is also anecdotal evidence that a number seems to be running away from their homes and frequently end up involving themselves in gang-fights or drug abuse. Sir, this is a disturbing trend that requires immediate attention. Whilst remedial action is obviously important, preventive measures would be far better. At a forum organised by the PAP Women's Wing, participants made the following suggestions, which I would like to forward for the Minister's consideration. Firstly, that schools complement parental efforts by providing the necessary discipline, especially with regard to those who have wilfully misbehaved. Secondly, that schools provide more pastoral care, especially for girls who find it difficult to cope with either the school or home environment or relationships. Counselling by teachers or professionals can help prevent problems from emerging if troubled students can have someone outside the home to talk to as well. Sir, the school can indeed be an extremely effective medium for identifying potential delinquency and, more importantly, for reducing the incidence of such delinquency.”
“Mr Kenneth Chen Koon Lap: Sir, early last year, the problem of juvenile delinquency had often been highlighted. Concern for the deteriorating situation had caused several measures to be introduced, one of which was the banning of teenagers under the age of 16 to attend any tea dances. Assistance also is sought from grassroots organisations to organise more activities for youths to keep them out of problems. Teacher-cop was also introduced to the schools which I understand has worked very effectively. Since then, not much has been reported on the activities of juvenile delinquency. But of late, again, there have been some cases of gang fights being brought to our notice. Only a few days ago, a teenager was brutally attacked by a group of youths. So it appears that all is not well with our youths. I would therefore like to ask the Minister to give us an update on the situation and inform us whether more measures would be introduced to address the problem.”
“Sir, early this month, the Police reported that juvenile crimes showed a smaller increase of 1.8% to 2,147 youngsters arrested in 1997. The moderation is due mainly to a drop in the number arrested for fights in public and the Police noted that the banning of tea dances may well have well checked such incidence. What is disturbing is the rise in stealing offences by youths, as such acts are probably a manifestation of an underlying problem - a lack of self-esteem and the need to seek attention. What is equally disturbing from a separate analysis of trends in recent years is the increase in more violent crimes and a higher female participation rate. Sir, the small increase in overall youth crime of 1.8% in 1997 is not cause for celebration as juvenile delinquency remains a social problem, one that concerns parents, schools and society at large. Currently, a multi-organisation approach, involving the Police, MCD, schools, home and the community, is in place to tackle juvenile delinquency, both in terms of corrective and preventive measures. However, to avoid overlapping and poor monitoring, especially of recalcitrants who might slip through the cracks, either a single agency should be set up or an existing agency be made responsible for the coordination and follow-through of all efforts, in an exhaustive manner, to help delinquents and even teens-at-risk. This agency should ideally facilitate an exchange of information between the different implementing bodies, perhaps through the creation of a central database. The focus should be on youths as individuals, and this agency should ensure that all efforts are made to help them rehabilitate. Would the Minister consider putting in place such an arrangement?”
“I would therefore like to reiterate my GPC Chairman's request that the Government considers investing more in innovative tourism promotion, including the design of packages and programmes that takes into account a generally more budget conscious clientele.”
“Sir, it is common knowledge that tourism has been and will continue to be a challenging sector, not least within the Asian region, given the confluence of several negative trends. The currency and economic turmoil will seriously dent tourism prospects. Singapore is not spared. Industry players here are already struggling with a sharp downturn in tourist arrivals, particularly from the ASEAN region, less spending power and rising operating cost. Given the threat of a shrinking pie, competition has intensified, if not, turned ferocious. We have already witnessed the adverse impact these negative trends have on airline companies and almost certainly the wave will hit the hospitality and retail sectors equally hard. While most players have accepted certain eventualities such as slowing demand from the economic crisis, they are concerned that the situation might be aggravated if the following issues are not addressed. Firstly, the adverse impact of a severe haze similar to that that Singapore experienced last year. A repetition of this health hazard would erode Singapore's credibility as a tourist destination and would put to waste all the past promotional efforts, especially those made in the wake of last year's haze. Any pre-emptive or preventive effort would therefore be most critical to the fate of the entire tourism industry. Secondly, that if tourism promotion efforts were to be curtailed by the overall austerity intent of this new Budget, then some players, especially the smaller hoteliers and retailers, would be rendered non-viable. In fact, on the contrary, it is felt that the Government should all the more pump in extra resources at this time to sustain the promotion of Singapore as a tourist destination.”
“Sir, as my GPC Chairman has alluded to, the number one gripe of the business community has to be the rising, if not high, cost of doing business in Singapore. The attendant issue of the erosion of our competitiveness is fundamental to our survival. These concerns have been made more pronounced in the light of the current economic and financial crisis. At our GPC's various feedback sessions, complaints and concerns range from expensive real estate to high manpower cost to a heavy burden of Government fees and charges. Most seem to accept that with the limited manpower resources available, there is little room to artificially raise supply without affecting work quality. Yet, on the other hand, the Economic Development Board has managed to clinch record investment commitments year after year, which is a feat not to be scoffed at. What is it that draws multi-national corporations to Singapore from the wide range of choices that they have? Political and economic stability is obviously an important prerequisite, but this must be matched by a viable business cost profile. For at the end of the day, it is still dollars and cents that speak loudest. My question to the Minister is, therefore, a fundamental one. What is our operating cost profile, for the country as a whole or by sectors, in terms of the various components, including real estate, manpower, Government fees and charges? And how does this breakdown or profile compare with our competition? More importantly, is the real estate component disproportionately high as felt by many? Finally, does our cost structure resulting from the free market forces in play for real estate and manpower inherently disadvantage the smaller operators?”
“The Minister for Finance has promised that the Government will monitor the current regional turmoil vigilantly and implement off-Budget measures should the situation deteriorate even further. This is a promise which I believe many, especially the smaller companies, are clinging on to. There is concern, Sir, however, that the speed of deterioration is such that we do not have the luxury of reaction time to anecdotal evidence. Swift measures may have to be taken to counter anticipated untoward effects. To ensure the timeliness of these measures, a proactive stance is necessary to prevent problems from being full-blown. I would therefore like to urge the Government to consider extending more assistance, especially towards easing cash flow for companies. This could take the form of allowing companies to defer tax payments for a specific period or increasing the quantum of rebates on property tax. On that note, Sir, I support the financial policy of the Government.”
“This may raise the cost of funds for banks and, similarly, squeeze their spreads again. Given both these projected trends, there may then be pressure to keep loan volumes up by changing the loan mix towards more real estate or property, or by simply assuming more risk. If this were so, the resultant bias in asset quality is something we would have to be vigilant about. Local banks can and should capitalise on their strong market presence in Singapore to extend more, if not new, products and services. There needs to be, to borrow the cliche, "a paradigm shift", in terms of redefining the reliance on the traditional bread-and-butter lending business. They should also not shy away from importing the necessary talent to make this quantum leap. Whilst it is inevitable that for Singapore to realise the benefits of these reforms, we would have to tap foreign expertise, the Government should ensure a sufficient supply of manpower resources, suitably trained, to support the larger financial role envisaged. This is to enable more Singaporeans to partake of the growing significance of the financial services pie. Proactive stance towards assisting troubled sectors and companies Sir, like my fellow GPC members and Parliamentary colleagues, I would like now to dwell a little on the issues at hand, particularly the plight of the smaller local companies who are bearing the full brunt of the regional crisis. As you have heard, not only are they experiencing a drastic drop in demand, but also are they saddled with bad debts and a credit squeeze, which all conspire to result in a serious cash flow crunch.”
“Once we have formed a critical mass, we will find it easier to sustain stability in growth. At the industry level, financial institutions can innovate to a greater degree in products and services, thereby enlarging their business potential. Companies, in turn, will have more avenues of raising funds for business needs and consequently realise an enhanced return on their investment. What about the individual? As retail customers, we can enjoy more choices and newer, more sophisticated investment opportunities. We will no longer be restricted by a lack of choice to leaving savings as idle deposits. Instead, we can gradually choose to diversify across different investment instruments, other than just stocks, or even across the region, if we so wish. We can also avail ourselves of more innovative loan schemes for our different needs. For our local financial institutions, I believe the reforms can cut both ways. Competition from non-local institutions who have expertise gained elsewhere will no doubt intensify, but Singapore banks can capitalise on their long-standing track record and intimate local knowledge to consolidate their positions. The changing landscape means that Singapore banks will increasingly find the traditional banking businesses more challenging, as companies, especially the bigger ones, no longer rely solely on direct borrowings. They may choose to raise capital on a wider scale, via, say, convertible bonds or borrow in foreign currency for offshore needs. The availability of alternatives will increase competition for bank loans and, consequently, lower spreads on these loans that the banks make. Neither will companies nor individuals simply leave their surplus cash as fixed deposits, which have hitherto been a major source of funding for banks.”
“Mr Speaker, Sir, it is usually difficult to speak of long-term plans when the issues at hand appear overwhelming. There are numerous illustrations of this around us. It was under such an uncertain economic climate that the budget was presented. The virtues of planning for a sound economy cannot be over stated. It has been this constant push towards identifying key areas and then providing a conducive business environment to facilitate growth that has enabled us to have a stable economic framework. The Government has added yet another boost to the financial services sector amid concerns that some quarters may be experiencing extremely tough business conditions. In fact, the current economic crisis is testimony to the importance of charting longer-term growth paths that are sustainable, and also the cost of not doing so. For us in Singapore, where we are small and we have no natural resources, we simply cannot wait till the storm is over to resume long-term planning. Incentives for the financial sector Sir, it is with this perspective that I support the thrust of the financial sector reforms, as manifested in the comprehensive range of initiatives, including the incentives contained in the Budget Statement. In the short-term, although business prospects look daunting within the Asian region, and concerns mount over the viability of major financial institutions, Singapore continues to be well-positioned to play a significant role in regional finance. The financial sector reforms will pave the way for an even bigger role, particularly when regional economies begin to recover. The benefits can be tremendous. At the national level, there is further growth impetus to the financial services sector and together with multiplier effects, to the economy at large.”
“I have told the banks this. I have told the Government officials and department this. We will help within our capabilities. We have the Local Enterprise Finance Scheme. We are looking to see how we can perhaps adjust the terms and widen the eligibility conditions. That is feasible. But if you tell me, "I am a very deserving case, and a very big sob story, please help", I will first ask, "I will introduce you to the bank. Come, let us have a heart-to-heart talk." If it works out, that is good. If not, that is the way business is done. We are operating a system of free markets. I think the Government has been accused more often of being more interventionist than it should be, rather than not interventionist enough. Now we are being asked why we are not intervening sooner.”
“If we tell them that it is not very good, you make it anyway, the banks too have bottom lines to safeguard and have shareholders to answer to. And as I have explained, their profits are going to be down 30% this year. Banks are not charitable institutions. Local banks and foreign banks will probably take different attitudes towards their relationships. For some foreign banks, it is known that they come in very quickly when the market is up, and there is good business to be done. But when the market is down and conditions look grimmer, they pull back, perhaps because of orders from the head office. But I do not think all foreign banks are like that. But it has been said that some are. Assuming that it is so, everybody knows this, it is not a new phenomenon, it has happened, we have been through the business cycle of up and down every so many years, the last time in 1985, anybody, who after knowing this, goes to a bank like that, to get a favourable rate during good times, then when there is difficulty, he comes running back to a more tolerant lender to say, "No, I have just been chopped, please help me." These are calculations which you have to make. I believe that the banks which have longer term stakes in the region, both foreign banks and of course the local banks, will take longer term views of their relationship with their borrowers. If you cut people off like that, you will gain a reputation which will not help you to get customers in the next upturn. So they have to decide, and I think that they will decide with a longer term point of view in mind, and if with that longer term point of view, they decide, "No, this is not a loan which they can make", I think we will have to abide by their decision. We are not in a position to second guess that.”
“Sir, I would like to ask the Deputy Prime Minister that in the event of a severe liquidity crunch for companies, especially the smaller ones and those which do not qualify under the various assistance schemes, would the Government be prepared to deviate from its usual non-interference philosophy and persuade banks to consider restructuring or rolling over some of the short term domestic loans? BG Lee Hsien Loong: Firstly, on a macro point of view, the tightness or the looseness of the monetary policy cannot be determined by whether or not we want to help particular companies. That is an overall parameter. If you loosen the monetary policy, it impacts your exchange rate. You cannot say you want your exchange rate to move one way and your monetary policy to move the other way. Many countries have got into trouble trying to do that. So the tightness of the monetary policy depends on market conditions. As for leaning on banks, on individual cases, even in difficult circumstances, I think this is not wise. The banks have to judge the risks because they have to bear the risks. They know the customers, they know the history, they have criteria which are good borrowers, which are doubtful borrowers, which loans are good, which loans are doubtful, which are sub-standard, which are loss. What does the Government know, which the bank does not, for us to be able to tell the bank, "No, you do this." Are we saying, "You are wrong, this is a good loan, make it." Or are we saying, "You are right. This is a doubtful loan, but make it anyway." I think both put us in difficulty. Because if we say it is a good loan, you may hit, but if it turns out not to be a good loan, MAS will be the first one on their back asking them to make provisions for the bad loan.”
“Firstly, if he could give an assessment of the ranking of schools scheme since its inception, vis-a-vis the original objectives. Secondly, whether he can consider banding schools in groupings of, say, 5, Top 5, Next 5, instead of assigning discrete individual positions? Thirdly, can the Minister state what measures are in place to ensure that students would not be advised to opt for subjects or combinations which would serve solely to maximise their examination scores? And finally, will the Minister also ensure that sufficient assistance and, where necessary, counselling is available to both principals and teachers to counter the pressure exerted by the ranking exercise?”
“Sir, thank you for allowing me to join in the debate. Sir, I realise much has been said and debated on the topic of ranking of schools, both inside and outside the House, but I would like to revisit the topic again with a view to assessing whether there are significant negative side-effects and with a discussion on the refinements that can be made. The Ministry of Education has maintained that the ranking of schools is meant to provide a guide to parents and to let them know how schools compare and particularly to point to the existence of many good neighbourhood schools. Sir, I would like to state from the outset that I am in complete agreement with the objectives. However, the repercussions appear to be worthy of attention. Sir, we all know that too much MSG (or monosodium glutamate) in our food will lead to undesirable side-effects to our bodies. In the same way, too much of a preoccupation with the Mean Subject Grade (also MSG) by schools and parents would, I fear, distract principals and teachers from their basic role of educating pupils. An obsession would lead schools to drop certain subjects, such as Literature, in favour of easier-to-score ones. It is also suspect that qualitative factors, like ECA, can be successfully incorporated as ranking critieria. For what do we measure - achievements or level of participation? Short of quantifying a school's ECA score satisfactorily, there would always be more emphasis on examination results. As such, it is almost inevitable that schools will tend to maximise their examination scores. Sadly so, this might have been an end unto itself in some schools. Sir, I would like to ask the Minister four questions.”
“Sir, various measures and acquisitions within the global financial industry, including North America, have led to mega institutions being formed which are structured to offer a wider spectrum of financial services and which are backed by a bigger capital base. In the quest to ensure that Singapore remains a major financial centre in the region, the Government has proactively designed incentives to attract bigger players to locate in and operate from Singapore so as to form a critical mass of such institutions. The Minister has assured the House yesterday that in handing out tax benefits to bigger financial institutions, the smaller operators have not been forgotten. Aside from granting equally attractive tax rates to our smaller operators, will the Minister also be adopting other non-tax measures to ensure that our home-grown institutions will continue to play a meaningful and important role in our financial and economic systems? This is particularly so in the light of implementing monetary policies and integrity preservation. Will the Minister help reduce the risk of smaller institutions being relegated to a second tier of operation by virtue of their smaller sizes? Will he also help to ensure that local institutions are developed at the same time so that they can participate effectively in the ever increasing scope of financial activity out of Singapore? 2.30 pm”