DBS Group comfortable with their exposure to US mortgage debt.
In late August 2007 Singapore's central bank, the Monetary Authority of Singapore, issued a second warning to banks to appraise their exposure to US mortgage debt.
The warning was prompted by the DBS Group's announcement that its direct exposure to collateralised debt obligations (CDOs) was nearly double that previously announced.
DBS emphasised in their statement of 27 August that of their total SG$2.4bn holding in CDOs only 12% were directly exposed to US sub-prime mortgages. Their total CDO exposure amounted to only 1% of overall assets.
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