, but also the rush away from risk altogether. in short, it was this seizing up of the credit intermediation process that was of most fundamental concern to us as central bankers. what we learned as a result of this experience was, among other things, that years of historic data on fixed - income market yields and spreads could not have anticipated the size of the movements in credit spreads that in fact occurred in august and september. we also learned that markets that did not previously move together can suddenly do so, that trends that were under way for several years can abruptly come to an end, and that spreads that have been consistently narrow for years can suddenly widen. in the wake of these events, we have become all too aware that liquidity can be illusory – that individual traders may be able to exit a position when they wish but that not all traders can exit their positions at the same time. for many, these lessons have been humbling. going forward, it is important to bear in mind that there most certainly will be further instances when the credit intermediation process is disrupted, when we will face other threats to the wellbeing of our market positions, our institutions and the global economy. these risks are in the nature of the intermediation process itself. as the global capital markets continue to grow and become ever more sophisticated – as i believe they will – what is most important for us as central bankers is to operate with a disciplined sense of priorities. it is clear that we as central banks cannot be responsible for any single bond holder, any single bank or any single financial institution. nor can we control the functioning of the global debt markets or become the regulators of all financial market intermediaries. what we as central bankers can do, however, is to understand the dynamics of the global debt markets – how they are evolving and whether they are sufficiently liquid and transparent. we can also ensure that banks perform their proper role in supporting the trading process through making sound credit decisions. furthermore, we can enhance the price discovery process by promoting transparency in our own actions. finally, and most importantly, we can help create conditions in – 5 – our own economies that will support sustainable, non - inflationary growth. in these ways, we as central banks can encourage the efficient functioning of the credit intermediation process in our countries, and in so doing, promote the welfare of the world economy, of which we are all a part. * * *

make it easier to give by handling the administrative work and research. and finally, to provide a conducive climate for your climb. we have introduced tax policies to encourage donations both locally and overseas. singapore has been granting 250 % tax deductions on donations to local institutions of public character for more than a decade. for overseas donations, we have seen growing interest from family offices in the philanthropy tax incentive scheme launched at the start of this year to provide qualifying donors with a 100 % tax deduction. philanthropy is a long journey, but we believe that with skilled mountain guides, likeminded companionship, good climbing gear, and a conducive climate, you will be successful in your philanthropic ascent. and i hope that you will tap on these resources and be a part of our journey as we develop singapore into a global centre for philanthropy. beyond philanthropy, we also want to give wealth owners the best opportunities in preserving and growing your wealth. as i mentioned earlier, we need to do well so that we can continue to do good. to achieve this, singapore is home to more than 300 private equity and venture capital fund managers, many who are keen to partner family offices like yourselves on co - investment opportunities. mas has been working closely with the industry to develop singapore's private markets over the last few years. we enhanced the operating environment for vc investments through calibration of our regulatory framework for vc managers. 4 / 5 bis - central bankers'speeches singapore currently has four private market platforms that are established in singapore, such as addx and capbridge, and we are working to anchor more of such players here. and to further strengthen linkages between family offices and the local investment and innovation ecosystem, the economic development board and mas will continue to work closely with enterprise singapore and sginnovate, and we have set up several platforms to connect local companies to potential investors like family offices. this is another area which you can deploy your wealth, which is to help grow the start - up ecosystem. and hopefully, you can also get good investment returns. skills development for the industry and finally, we believe that good talent is the bedrock of a successful family office ecosystem. i am pleased that wmi is supporting the development and upskilling of singapore's family office - related workforce. with over 5, 000 enrolments since 2020, feedback of the programmes have been positive and have provided valuable networking opportunities for learners with educators and other industry professionals. now importantly,