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'Because of the very open economy that we have, obviously a lot of what happens in the global marketplace will be of significance to us. Look at the way the stock markets have unravelled. It affects investor confidence, which will ultimately spill over to consumer confidence. So, in a way, although our banks are in a good shape and have been largely shielded from a direct impact, they will nonetheless feel the indirect impact of a slowing global economy.
'The Government is therefore tracking this very closely, and the Government is standing ready to see what help we can in a way design to help both the citizens as well as businesses. It is obviously going to be a challenge because we need to identify which are the areas where help will be most effective and crucial.

'The changes over not just the last few days, but over the last few months, have taken on a magnitude I don't believe anyone could have planned for. Because if you look at the way that the other governments are also in a way having to put together a rescue plan and the way people are debating how much help should go to whom, I suppose that illustrates how complicated this issue is and how extensive the impact can be.'

Mrs Lim Hwee Hua, Senior Minister of State for Finance and Transport, at the Institute of Certified Public Accountants of Singapore annual dinner and dance last night

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