, the sources of assets managed in singapore as well as their investment destination remains diversified. the asiapacific region continues to be a key driver of growth for the industry. more than 80 % of the total aum was sourced from outside singapore with asia - pacific accounting for 44 % of the total. almost 60 % of the funds managed in singapore are invested in the asia - pacific region. 27. the asset management industry has also seen a greater diversity in terms of players, strategies and products. large traditional managers continue to expand and anchor their investment capabilities here. singapore has also grown in importance as a centre for alternative investments such as hedge funds, private equity and real estate. the strong growth of the asset management industry has in turn drawn in several ancillary service providers such as fund administrators and prime brokers. all these developments reflect singapore ’ s ideal position for asset managers to deepen and broaden their activities in the asian time - zone. annual accounts 28. on our financial statements, mas recorded a net profit of s $ 7. 44 billion for the financial year. the profits comprised mainly interest income, as changes in the valuation of foreign assets and the foreign exchange effects of a stronger singapore dollar largely offset each other. total assets, including the currency fund, grew by s $ 35. 58 billion during the year to s $ 253. 79 billion at end - march 2008. remaining vigilant 29. we need to remain vigilant in the face of a number of risks in the global economic and financial environment. we will continue to work closely with the industry to identify vulnerabilities and threats to financial stability through macro surveillance and stress testing. mas ’ work in the coming year will continue to be driven by our mission of supporting noninflationary economic growth, and fostering a sound and reputable financial centre. 30. thank you.

, where a phaseout transaction perversely encourages more coal power generation in order to later benefit from a potential coal phaseout plan. second, optimising meaningful outcomes across climate impact, financial viability and socio - economic considerations. there are several measures financial institutions can take to achieve this. one, prioritise projects that align with a science - based pathway that is consistent with timelines set by internationally recognised bodies ; two, ensure measures are in place to support access to secure, reliable, and affordable clean energy ; three, assess the programmes that are in place to mitigate adverse socioeconomic impacts, such as social cost assessments, stakeholder engagement, land repurposing plans, and worker and community transition plans ; and four, conduct a holistic financial viability assessment of the project including the cost of socio - economic support measures. the third and final step in the gfanz framework – provide transparency and accountability for coal phaseout plans in line with the gfanz net zero transition plan framework. this entails ensuring : an implementation strategy that is in line with net - zero objectives ; an engagement strategy that reaches relevant stakeholders ; metrics and targets that support disclosure and monitoring of progress ; and a governance structure to oversee and support the implementation of the plan. we hope that the gfanz guidance will serve as an important, ambitious and practical tool to help catalyse coal phaseout transactions in the coming years. we hope it will be useful for other regional initiatives to encourage coal phaseout, such as the asian development bank's energy transition mechanism and country - led platforms such as the just energy transition partnerships, or jetps, in indonesia and vietnam. the managed phaseout of coal cannot be achieved solely by the financial sector or through innovative financing structures. technology will play an important role. so will supportive government and regulatory policies, such as removing fossil fuel subsidies, implementing carbon pricing, setting emissions standards, extending social safety nets and worker re - training programmes. the managed phaseout of coal is not easy to do. it is a system - wide challenge that requires a system - wide approach – an approach that involves the public, private, and people sectors. but to achieve a just transition to net - zero, it is critical that we do this, and do this well and do this right. thank you very much, i wish you all the best for the summit ahead. 3 / 3 bis - central bankers'speeches