22 For example, while it may be sensible supervisory practice to inquire of a growing $ billion bank if it has begun thinking about how it would meet DFAST requirements should it reach the current $ billion statutory threshold, that bank does not need to start meeting those requirements until it has actually crossed the threshold.
At present, government papers dominate the local capital market with minimal alternative for other financial instruments. A marked difference with other countries where private debt issuance is far more significant. Also, the 1997 Asian financial crisis was a painful reminder of our vulnerability to external shocks due to our excessive dependence on the local banking system.