which want to issue green bonds can avail themselves of mas'grant schemes to help defray the additional costs of third - party verification when issuing green bonds in singapore. chongqing and singapore can do more to simplify the application process for qualified companies in the western region to raise sustainable finance overseas. this can leverage on the trials that chongqing and chengdu have done earlier this year to facilitate such issuance. third, we can do more together to align our green taxonomies. asean has embarked on developing a taxonomy to define sustainable and transition activities in six focus sectors as a start. china has also developed a taxonomy. china and asean can work towards greater inter - operability across their taxonomies, especially for transition activities. this will help attract greater cross - border green financing to the region. fourth, we can explore together innovative structures to help scale up transition financing for the asean region. this includes financing structures that blend finance from the public sector, private sector and multilateral development banks to de - risk and fund projects that would otherwise be unable to attract pure commercial funding. in short, there is much that chongqing and singapore can potentially do together in the green finance space. let me wish all participants a fruitful summit, with good exchanges of insights and new opportunities for collaboration. 3 / 3 bis - central bankers'speeches

the inadequate capital requirements that basel i placed on banks in respect of their securitisation activities. on 1 january 2008, all singapore - incorporated banks have adopted basel ii, a more risksensitive capital framework. the greater focus on enhancing internal risk management required under this new framework is especially timely given the volatile and uncertain environment. 14. second, mas has been working on improving liquidity risk management of banks before the current crisis. events in recent months reinforced the critical importance of liquidity management. to enable banks to better manage their liquidity risk, mas has put in place a revised minimum liquid assets framework. banks can apply to adopt a more risk - sensitive methodology for determining their regulatory liquidity reserves, which takes into account their risk management capability. 15. third, at the macro - level, to enhance liquidity management in the system, we will be making some changes to the mas standing facility that has been in place since june 2006. 16. the standing facility allows banks to place excess funds with or borrow from mas against singapore government securities collateral. this has helped to moderate intra - day volatility in interest rates as banks can avoid any undue scramble to square large, and potentially destabilising, positions in the market. the standing facility is currently open to the 11 primary dealer banks which are the most active banks in the singapore dollar money market. non - primary dealer banks could access the facility through the primary dealer banks. 17. while the existing arrangement has worked well, experience in other developed markets has also demonstrated that such a facility is particularly useful in times of unusual market volatility, as this enhances confidence that liquidity needs in the banking system will be met. 18. hence, to enhance the robustness of the system, mas will widen participation in the standing facility to meps + participating banks, subject to necessary documentation. the psa / isma global master repurchase agreement continues to be a requirement for banks to access the borrowing facility which will remain collateralised against singapore government securities. we will provide more details on this to the banks over the next few weeks. corporate governance, market conduct 19. apart from dealing with issues relating to the safety and soundness of banks, and the stability of financial system, mas has also been working on improving the responsiveness of our rules, as well as on improving corporate governance and market conduct. 20. mas is proposing amendments to the securities and futures act and the financial advisers act. the amendments aim to