than during the previous 12 months. new housing loans over the last twelve months have risen by 34 % year - on - year. the recovery in the property market is welcome but it should not decouple from economic fundamentals. 5 / 11 bis central bankers'speeches if property prices rise too rapidly, they will outpace the growth in income. households will have to take on more leverage than they are able to manage ; this risk will be compounded as interest rates rise over time. a rapid increase in prices also raises the risk of a destabilising market correction later when additional supply comes on - stream. mas, the ministry of national development, and the ministry of finance, are closely monitoring developments in the residential property market, and remain committed to ensuring a sustainable market. financial industry transformation map : a mid - term report card i will now move on to the financial services sector. the financial services industry transformation map ( itm ) sets out strategies co - created by mas and the industry to make singapore a leading global financial centre in asia. we have set ambitious targets over the 5 - year period from 2016 to 2020 : value - added growth in financial services of 4. 3 % p. a. and creating 3, 000 net jobs in financial services and 1, 000 net jobs in fintech p. a.. we are now exactly at the half - way mark of the itm ; let me give a report card on how the industry has fared so far. financial services — defined as the finance and insurance industry excluding holding companies, slightly different from the dos definition — grew an average of 3. 3 % per year during 2016 and 2017. this is below the 5 - year target of 4. 3 % per annum. financial services growth was very weak in 2016, at just 1. 8 %, reflecting slower regional growth and trade. growth rebounded strongly to 4. 9 % last year, driven by the strong performance of the fund management segment and steady growth in financial intermediation. the growth momentum has been sustained in the first half of this year and we are looking at another good year for financial services. we remain confident of meeting the 5 - year average growth target of 4. 3 %. we saw a net increase of 7, 800 jobs in financial services and fintech over 2016 and 2017, close to our itm target of 8, 000 jobs. job growth was mainly driven by the insurance and fund management industries, and to a lesser extent by the

jwala rambarran : trinidad and tobago strengthens information exchange address by mr jwala rambarran, governor of the central bank of trinidad and tobago, at the signing of a memorandum of understanding between the trinidad and tobago securities & exchange commission and the central bank of trinidad and tobago, port of spain, 6 january 2014. * * * good morning ladies and gentlemen, economists typically have a penchant for numbers so i ’ ll start with a few : today is the 6th of the 1st month of 2014 and the 12th and last day of christmas 2013. so i hope the next 360 days of 2014 are productive and fulfilling for you, your families and our country. today is also a historic day. effective supervision of our financial system requires us as regulators to see both the forest and the trees. we need to improve our understanding of individual financial institutions ( the trees ) and their intricate connections to the forest ecosystem of financial markets and the macro - economy. today ’ s signing of this memorandum of understanding ( mou ) between the sec and the central bank is about advancing this process of better managing systemic risk. this is not about ego or territory ; it ’ s about ensuring the protection of every citizen who trusts their bank, securities firm, or financial institution with their money. this is why we are here and why this piece of paper matters. as regulators, we need to remember who are at the heart of the financial system. we need to remember it is real human hearts : a teacher with a loan, a market vendor with a savings account in a bank, a bus driver with an insurance policy, or a doubles vendor with an investment in a mutual fund. our duty to these market participants, who all rely on us, means that we must find common ground as fellow regulators, we must collaborate more systematically, and we must craft together a regulatory network that offers protection, consistency, and stability. i think this should answer the question, why this mou is important. ladies and gentlemen, i want to emphasize that the central bank and sec do have frequent contact with each other as regulators. the chairman of the sec and i often consult each other on matters of mutual regulatory concern. the central bank has a representative on the board of commissioners of the sec. our financial institutions supervision department speaks regularly to the sec ’ s enforcement personnel. from a legal perspective, however, when the paths of the central bank and the sec intersect in the conduct of our duties, as it often does, we are