Did I expect an independent Singapore, with a GDP of $ billion in 1965, to grow 15 times to $ billion in 1997 at 1965 dollars and to have the 8th highest per capita GNP in the world in 1997 according to the World Bank? I have often been asked this question. The answer is ‘no’.
I believe the best solution is one that promises to be effective and enforceable in a crisis event while at the same time avoiding potential conflicts of interest on the part of the resolution authority from the outset. It is clear to me, too, that the SRM for banks should be launched as soon as possible after the SSM.