"The government is very sympathetic to the plight of retail investors. We have been in close contact with the related trustees and distributors since last week," Tsang HKMA.
'What really frustrates me is the subdued response from MAS. As the financial watchdog, I think it has been extremely reactive and it has so far distanced itself from blame'
MAS? MAS has decided to do nothing and asked investors to sort it out themselves with the bank : [Link]. See how calm MAS is in its response to the situation compared to the HKMA. Afterall, there is hardly any "sound" made by Singapore investors compared with Hong Kongers who organised a weekend protest. Now you know why protests are banned in Singapore - protests pushes authorities to take immediate and strong action....rather than reacting calmly and gradually to a situation. MAS asking individual investors to go to the bank to met a customer relationship officer to explain why is his life savings is now lost and that the bank has done no wrong etc after that he is suppose to accept the bank's explanation and go home satisfied?
Tan Kin Lian is organising a forum to gather everyone to find a way to move forward on this issue :[Link]. Please attend if you or your parents/relative have lost money in the minibonds or the more exotic DBS High Notes - spread the word. I'll probably be there.
I've been looking at the DBS High Notes 5 for a few days. It is really baffling. It was marketed as a safe product ....but the principal is completely wiped out if one of 8 reference entities go bust over within a period of 5 yrs. It is the risk of a bond multiplied by 8 times and liquidity is lost for 5 years. If this is safe, then crossing the road with your eyes closed is also safe.
Watch MAS' response to the unfolding saga of losses from these structured products. It will tell a lot about how this govt operate, where its interest lies, and whether it is a govt for the people. You will begin to find out how world class it is when it comes to regulating the banks and protecting the interests of the people.