Reserves of the Government of Singapore

rdf:langString Reserves of the Government of Singapore

rdf:langString The reserves of the Government of Singapore is a collection of assets after subtracting for liabilities, that is owned by the Government of Singapore and the entities listed in the fifth schedule of the Constitution, such as the Central Provident Fund (CPF), Housing and Development Board (HDB) and Temasek Holdings amongst others. This also includes the Official Foreign Reserves (OFR) accumulated by the Monetary Authority of Singapore (MAS) and the assets managed by GIC. Liabilities held by the Government include MAS-issued bonds such as Singapore Government Securities (SGS) and Government-issued Special Singapore Government Securities (SSGS) that are exclusively purchased by CPF with monies from CPF account holders. Regarding the relationship between the president and Government, the past reserves refers to a portion of the reserves that were not accumulated by the Government during its current term of office. The president's discretion to withhold assent to any transaction proposed by the Government or a fifth schedule entity that is likely to lead to a draw on the past reserves has been referred to as a second key and is meant to be a safeguard against a profligate and rogue government wanting to squander the country's hard-earned reserves. The total size of the reserves has been revealed to be well over S$1 trillion, based on publicly available data from MAS (S$514 billion), Temasek (S$403 billion) and GIC (well over US$100 billion). However, the Government has maintained that it is not in the national interest to publish the full size of the reserves as doing so "will make it easier for markets to mount speculative attacks on the Singapore dollar during periods of vulnerability."