GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION

Mr Steve Chia Kiah Hong asked the Deputy Prime Minister and Minister for Finance (a) if the Government of Singapore Investment Corporation (GIC) has any investments in Enron, the collapsed American energy trader; and (b) if so, what is GIC's investment level and percentage holding in Enron.

Mr Lee Hsien Loong: Previously, when Enron was an index stock on the MSCI World Index, GIC held a small proportion of its assets in Enron shares and bonds, like most other major fund managers. GIC has since divested these securities, and no longer holds any Enron securities.

Enron was just one of the many investments in GIC's well-diversified portfolio. GIC's performance is evaluated on an entire portfolio basis against equivalent market benchmarks, such as the MSCI, as well as against its peers from the world's top financial institutions and fund management companies. GIC's portfolio managers continue to perform creditably compared to market benchmarks.