reported unlicensed moneylending and related harassment cases has declined 23 % from 10, 840 cases in 2012 to 8, 306 in 2013. bis central bankers ’ speeches campaign will use multiple media channels to reach out to different segments of singaporeans. ( b ) we will reach out to singaporeans where they work and live. the institute for financial literacy, a collaboration between moneysense and singapore polytechnic, will reach out to employers and the unions to conduct free debt management talks at workplaces. free public talks will also be organised from next year at convenient locations across the island for the general public. ( c ) the institute for financial literacy will continue to conduct financial education programmes for social workers and counsellors so that they are better equipped to provide support to those who seek help from them. this is a useful way to help lower - income households who face difficulties. conclusion 21 in conclusion, the consumer credit situation in singapore is on the whole in good shape, because we have taken pre - emptive regulatory actions. we are, however, concerned about a small group of borrowers who have over - extended themselves, and are addressing it in three ways : ( a ) encouraging prudent lending practices ; ( b ) providing targeted help to those who are already indebted ; and ( c ) empowering people with the knowledge and skills to manage their own finances. 22 this is ultimately a social mission. it is about helping people avoid getting caught in a spiral of borrowing, and avoid the major difficulties that they and their families face when they are saddled with a pile of debts. ccs is on a noble mission. you have had a remarkable story over the last ten years, and i wish you every success in the years to come. bis central bankers ’ speeches

tharman shanmugaratnam : credit counselling singapore – ten years of helping individuals recover from debt problems address by mr tharman shanmugaratnam, chairman of the monetary authority of singapore, at credit counselling singapore 10th anniversary, singapore, 28 october 2014. * * * mr kuo how nam, president of credit counselling singapore, pioneers of ccs, distinguished guests, ladies and gentlemen, 1 good afternoon. i am very happy to be part of ccs ’ 10th anniversary celebrations today. i commend ccs and its pioneers for your contributions in helping distressed borrowers over the past 10 years. 2 ccs has come a long way from its modest beginnings in 2004. it has grown in strength, winning the confidence and trust of the people it has counselled as well as the banking industry. this is the result of the dedication of ccs ’ leaders, staff and volunteers. 3 i would like especially to thank mr kuo how nam, who as ccs president led and inspired the ccs team, and worked doggedly to establish partnerships with banks and other organisations. he has shaped the ccs of today – a credible source of inputs to government on matters to do with individual credit, and a valuable partner for the financial and social services sectors. 4 as we celebrate ccs ’ achievements, it is also timely for us to take stock of the consumer credit situation in singapore, and consider how the government, ccs, the banks and the social service sector can continue to work together to encourage financial prudence and help singaporeans in need. consumer credit situation in singapore household balance sheets in singapore 5 the consumer credit situation in singapore is on the whole healthy. household balance sheets are generally strong. the net wealth of the household sector, or their assets net of liabilities, has grown significantly over the past 10 years, and stands at about four times of gdp. but while we are in a good position overall, there are some individuals and families who have over - extended themselves and are especially at risk when interest rates rise. 6 the government has taken a multi - pronged approach to encourage financial prudence. we introduced several rounds of property - related measures to avoid a boom - bust cycle and hence anchor financial stability, and to ensure that individuals and households do not overstretch themselves. these measures include the total debt servicing ratio ( tdsr ) framework and tightened loan - to - value ( ltv ) ratios for housing loans. 7 these measures have helped