Sporting behaviour

Having benefitted from the EU's savings directive and the grief that measure has caused the private banking industry in Switzerland, it's good to see Singapore, in the form of GIC and a near USD10bn equity injection, come to the rescue of UBS. Hopefully Singapore can maintain banking secrecy indefinitely but one expects the EU to pressure Singapore to disclose european client details to EU tax authorities at some stage. Until then, Singapore can get a bit closer to the gnomes and cement its position as the leading AAA haven for fast money.