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

have benefitted both regions. for example, the recognition of lch. clearnet and the singapore exchange derivatives clearing by mas and eu authorities, respectively, provide local market participants and european financial institutions a choice of where to clear their transactions. more importantly, the recognition will allow market participants to comply with their respective jurisdiction ’ s central clearing requirements when they are effected, thus avoiding duplicating or conflicting requirements. beyond clearing, mas also recognises europe - based exchanges such as ice futures, london metal exchange, and eurex deutschland, which allows financial institutions, 1 / 4 bis central bankers'speeches traders, and finance and treasury centres based in singapore to have access to a wide range of risk management instruments. with this experience, mas has fine - tuned our approach to the recognition and regulation of overseas players, including european exchanges and clearing houses, in our markets. in setting our standards and the methodology to determine equivalence, we have aligned ourselves with international standards such as principles of financial market infrastructures ( pfmi ). we have also clarified the factors that we will take into consideration in determining whether an overseas player has “ substantial and reasonably foreseeable effect in singapore ” and hence requires recognition by the mas4. however, beyond just standards and rules, regulatory cooperation can promote appreciation for each other ’ s regulatory framework, and to lay the foundation for an outcomes - based approach in equivalence assessments. i am pleased to note that this has been the spirit guiding the interaction among regulators, including with our european colleagues. for instance, in, 2014, the ec recognised the central counterparty ( ccp ) regulatory regimes of several asia - pacific jurisdictions – australia, hong kong, japan, singapore and korea - as equivalent on the basis of an “ outcomes based approach ”. this was also seen in september 2016 with the positive opinion issued by esma on the grant of the aifmd passport to singapore and other asia - pacific jurisdictions. i am confident that this constructive engagement in which regulators across our regional blocs have worked together will continue in other equivalence assessments, such as in the areas of financial benchmarks and organised markets or trading platforms. as we have learnt from past experience, greater clarity in equivalence assessments, including in relation to timing, can help provide greater certainty and thereby support the continued participation of european market participants in overseas markets and vice versa. international standards and peer assessments as basis for equivalence assessment allow me to highlight one area where international standards and peer assessments have allowed a good basis