It is important to intervene upstream in the process well before retrenchments take place. MAS  is working with financial institutions to identify early on jobs that might be at risk in the future. We then work with these financial institutions to proactively up-skill these workers through professional conversion programmes. These are all early efforts still and will take time to bear fruit. On the positive side of the jobs equation, we continue to see good demand for professionals in several areas of finance. These include compliance, risk management, insurance underwriting, and asset and wealth 9 / 10  BIS central bankers' speeches  management. Within the technology area, there continues to be strong demand for expertise in cyber security, data analytics, network architecture, artificial intelligence, and machine learning. MAS is working closely with the industry to build the relevant skills and competencies at all levels within our financial institutions. To ensure graduates are job-ready, we are partnering with institutes of higher learning to develop curriculum in new growth areas, for example risk analytics for insurance. To support mid-career finance professionals deepen their specialist skills so that they stay relevant, we have launched the SkillsFuture Study Awards, with a total of 170 awards to be granted this year. To equip capable Singaporeans to take on regional or global leadership roles in financial institutions, we are co-funding leadership programmes at NUS and SMU focusing on international exposure, Asian market insights, and professional networks.
The Sellers Stamp Duty (SSD) holding period was shortened and the rates lowered because speculative flipping of properties had declined significantly. Mortgage equity withdrawal loans (MWLs) with LTV ratios of 50% or less were excluded from the TDSR framework to give home owners greater flexibility to monetise their properties for retirement needs. - This is for a very small category of people: we estimate that MWLs excluded from the TDSR framework made up just 1% of new private housing loans granted in the last three months. Over the medium-term, property prices should be aligned with broader income trends in the economy. Ultimately, residential property purchases are financed out of buyers’ income. In turn, income growth depends on GDP growth. If property prices increase faster than nominal GDP growth on a sustained basis, buyers would end up taking on more leverage than they can reasonably repay out of their incomes. Such highly-leveraged households will be particularly vulnerable when interest rates rise or their incomes fall. Therefore, market participants – owner-occupiers, investors, developers – need to set realistic expectations regarding future property price increases. MAS, together with MOF and MND, will continue to keep a close watch over developments in the property market. MAS’ FINANCIAL PERFORMANCE After contribution to the Consolidated Fund, MAS made a net profit of $ billion for FY2016/17. This is a record profit but as I have often reminded at these briefings, MAS’ profit and loss outcomes are subject to sharp swings.