CLEARING HOUSE (Statement by the Minister for Finance)

The Minister for Finance (Dr Goh Keng Swee): Mr Speaker, Sir, last Tuesday this House passed the Banking Bill on a Certificate of Urgency. During the debate, I announced that I intended to establish a clearing house under the Ordinance by Friday, that is, today. Members will be glad to know that the clearing house has been established on time, and clearing operations began at 2 o'clock this afternoon.

I am sure that Members of the House will join with me in recording our thanks to the officers of my Ministry who had to work long hours to establish this clearing house at short notice.