For strange reasons, the PAP has refused to disclose the size of our past reserves.
For stranger reasons, past reserves could be depleted/kosong but Singaporeans will still be informed that the funds are still there.
According to MOF:
Assuming past reserves to be $300 billion and $4 billion the realized loss in UBS, how could there not be any draw when the balance is now $296 billion?
A draw is understood to be a decrease in balance, be it the result of a realized investment loss or funds used for other purposes.
So, does this mean that if GIC has $100 billion in realised investment losses and has used another $100 billion to fund infrastructure construction, Singaporeans will be told by PAP that the government did not draw on past reserves and that the balance is still $300 billion?
It’s about time President Halimah does her job and disclose the tens of billions that have quietly left our reserves. Or have been lost.
Failure to do so will likely suggest we have ‘1GIC’ in our own backyard.
likedatosocanmeh 
All along for investment funds, portfolios are always “marked to market” and show gains or losses for even unrealized basis. For realized losses, it is even more critical to show & record.
Even Warren Buffett now kena whacked by latest GAAP accounting rules where he need to report unrealized gains/losses on quarterly basis. This is now applicable not just for investment funds or investment houses, but also for normal companies & organizations.
PAP ownself account ownself is the 1st in the world to have accounting rule that REALISED loss is NOT a loss or drawdown.
We need conscientious whistleblowers in the government and GLCs to blow the lid off the largest Ponzi scheme in the world.