So, please don't blame him anymore on how fast he approved the use of the reserves when the govt sought his approval. 
PM Lee pays tribute to President Nathan
Share AsiaOne
Wednesday, Aug 31, 2011
Prime Minister Lee Hsien Loong hosted a dinner for outgoing President S. R. Nathan at the Istana this evening.
In his farewell speech, he paid tribute to President Nathan, saying that he brought to the Presidency a wealth of experience built up over a lifetime.
Here is the full text of his speech:
Mr President
Colleagues and friends
Thank you for attending this evening's farewell reception for President S R Nathan. Tonight, we pay tribute to President Nathan's distinguished service to Singapore.
Mr President, your life story has been an inspiring one. You came from humble beginnings. Your father died when you were just a boy, and you survived World War II and the Japanese Occupation as a young adult. You worked hard to overcome these difficult circumstances. You started your civil service career as a social worker and served in a wide range of appointments before retiring as Permanent Secretary of the Ministry of Foreign Affairs. In 1999, you were elected President, occupying the highest office in the land.
You brought to the Presidency a wealth of experience built up over a lifetime - in government, the unions and the private sector. In your twelve years as President, you raised the standing of the office, both domestically and internationally.
Singaporeans will remember you as a warm and approachable President. You treated everyone with respect, and went out of your way to meet different groups and understand their challenges and aspirations.
You mixed easily with people from all strata of society, from CEOs and professionals to students to hawkers. You reached out to unions, businesses, community organisations, as well as ethnic, religious and cultural bodies. You were Patron to more than 30 organi¬sations, including the Special Olympics, Singapore Children's Society, Scouts and Boys' Brigade. You continued to take daily walks along East Coast Park, striking up conversations with fellow citizens you encountered. You called this your "meet the people" sessions.
Your schedule would have worn out many younger persons. You often had at least one major event a day, sometimes more. You hosted receptions for nurses, teachers, social workers, civil servants and diplomats. You kept up this pace even till your very last week, hosting a Teachers' Day reception and the annual Hari Raya Istana Open House. Through these events, you showed your support and appreciation to the many groups which have contributed to Singapore.
Beyond meeting people and making them feel valued, you often quietly rendered help when you detected a need. For instance, you personally sponsored needy students through universities or polytechnics to fulfil their potential. You helped obtain special medical care for accident victims who were unable to afford full treatment or rehabilitation. Not all these activities were in the public eye or known to Singaporeans, but the many whose lives you touched will always remember your support.
You have been a strong advocate for the social service sector. You raised public awareness of social work by strongly supporting Community Chest and VWOs. One of your first initiatives was the President's Challenge in 2000. This encouraged Singaporeans of all ages and from all walks of life to "strengthen our philanthropic tradition and the spirit of community caring and volunteerism". With your support, participation in the President's Challenge has grown steadily. It has raised over $100 million since its establishment, benefitting 500 charities.
You also helped to expand Singapore's international space. Knowing the importance of Singapore staying connected with the world, you helped foster friendly ties with many countries. On your overseas visits you brought along business delegations, thus opening opportunities for our companies in new markets, especially SMEs which find it hard to venture abroad on their own.
Foreign visitors who met you were always impressed with your grasp of international affairs. You would often recall a relevant personal anecdote from your vast store, to break the ice and connect at a personal level. These personal links enhanced our foreign relations and opened up new opportunities for cooperation.
Mr President, an important and unique role that you have is to be the custodian of the second key, on decisions concerning reserves, key appointments and a few other areas. When you assumed office, this system of a second key was less than a decade old. You worked closely with the Government to refine the rules regarding the President's custodial powers, in particular on a major Constitutional amendment to enable government spending of earnings from past reserves on a longer-term, sustainable basis.
Your leadership was particularly important during the 2008 global financial crisis. The Government briefed you and the Council of Presidential Advisors regularly as the crisis deepened. We shared our analyses and policy proposals, and you tracked the situation and offered your perspective and advice.
The Government developed plans to counter the crisis, striving to avoid drawing on past reserves if at all possible. But finally the situation became so grave that the Government decided that it was necessary to tap the past reserves. We formally sought your approval, first to use part of the reserves to back a guarantee on bank deposits, and later to actually draw on reserves to fund the exceptional measures in the Resilience Package. Because you had followed developments closely, when the time came to make a decision, you were au fait with the situation and dangers, and understood the Government's aim. You consulted the Council of Presidential Advisors, and after further deliberations agreed to the Government's proposed uses of past reserves. The Government's measures stabilised the economy, saved jobs and ensured a quick and vigorous recovery once the crisis passed.
This episode is significant not just because it was the first time the Government requested to draw on past reserves, and the President approved a draw. More importantly, the deliberate and responsible approach taken by both parties validated the working arrangements and set an important precedent on how the President and Government will deal with future crises.
On a personal note, I have been privileged to have known you since the 1970s when we were colleagues in MINDEF. Since I became PM in 2004, we have enjoyed a close and fruitful working relationship. I looked forward to our monthly meetings over lunch, and deeply appreciated your wise counsel on many issues.
Mr President, it would be remiss of me not to mention the contributions of your wife, Mrs Umi Nathan. She has accompanied you to almost every public event, and given you full support in your duties. She is a quiet and private person by nature, yet people sensed her warmth and kindness, and felt comfortable with her. Without fanfare, Mrs Nathan regularly visited neighbourhood schools, as well as schools for students with special needs. She graced many youth events to encourage students and teachers. Being a former teacher herself, including for a time in the Singapore School for the Deaf, she has a special affection for young people and a passion for helping them overcome challenges in life. Mrs Nathan has made a valuable contribution to the success of your Presidency, and we are all grateful to her too.
Mr President, you have discharged your responsibilities with dignity and distinction. You have upheld the standing and prestige of the Office, and of Singapore in the world. Singaporeans will long remember your many contributions.
On behalf of the Government and people of Singapore, I thank you for your dedicated and illustrious service to our nation. We bid you and Mrs Nathan farewell, and wish you both peace, good health and satisfaction in your future endeavours.
PM Lee pays tribute to President Nathan
Share AsiaOne
Wednesday, Aug 31, 2011
Prime Minister Lee Hsien Loong hosted a dinner for outgoing President S. R. Nathan at the Istana this evening.
In his farewell speech, he paid tribute to President Nathan, saying that he brought to the Presidency a wealth of experience built up over a lifetime.
Here is the full text of his speech:
Mr President
Colleagues and friends
Thank you for attending this evening's farewell reception for President S R Nathan. Tonight, we pay tribute to President Nathan's distinguished service to Singapore.
Mr President, your life story has been an inspiring one. You came from humble beginnings. Your father died when you were just a boy, and you survived World War II and the Japanese Occupation as a young adult. You worked hard to overcome these difficult circumstances. You started your civil service career as a social worker and served in a wide range of appointments before retiring as Permanent Secretary of the Ministry of Foreign Affairs. In 1999, you were elected President, occupying the highest office in the land.
You brought to the Presidency a wealth of experience built up over a lifetime - in government, the unions and the private sector. In your twelve years as President, you raised the standing of the office, both domestically and internationally.
Singaporeans will remember you as a warm and approachable President. You treated everyone with respect, and went out of your way to meet different groups and understand their challenges and aspirations.
You mixed easily with people from all strata of society, from CEOs and professionals to students to hawkers. You reached out to unions, businesses, community organisations, as well as ethnic, religious and cultural bodies. You were Patron to more than 30 organi¬sations, including the Special Olympics, Singapore Children's Society, Scouts and Boys' Brigade. You continued to take daily walks along East Coast Park, striking up conversations with fellow citizens you encountered. You called this your "meet the people" sessions.
Your schedule would have worn out many younger persons. You often had at least one major event a day, sometimes more. You hosted receptions for nurses, teachers, social workers, civil servants and diplomats. You kept up this pace even till your very last week, hosting a Teachers' Day reception and the annual Hari Raya Istana Open House. Through these events, you showed your support and appreciation to the many groups which have contributed to Singapore.
Beyond meeting people and making them feel valued, you often quietly rendered help when you detected a need. For instance, you personally sponsored needy students through universities or polytechnics to fulfil their potential. You helped obtain special medical care for accident victims who were unable to afford full treatment or rehabilitation. Not all these activities were in the public eye or known to Singaporeans, but the many whose lives you touched will always remember your support.
You have been a strong advocate for the social service sector. You raised public awareness of social work by strongly supporting Community Chest and VWOs. One of your first initiatives was the President's Challenge in 2000. This encouraged Singaporeans of all ages and from all walks of life to "strengthen our philanthropic tradition and the spirit of community caring and volunteerism". With your support, participation in the President's Challenge has grown steadily. It has raised over $100 million since its establishment, benefitting 500 charities.
You also helped to expand Singapore's international space. Knowing the importance of Singapore staying connected with the world, you helped foster friendly ties with many countries. On your overseas visits you brought along business delegations, thus opening opportunities for our companies in new markets, especially SMEs which find it hard to venture abroad on their own.
Foreign visitors who met you were always impressed with your grasp of international affairs. You would often recall a relevant personal anecdote from your vast store, to break the ice and connect at a personal level. These personal links enhanced our foreign relations and opened up new opportunities for cooperation.
Mr President, an important and unique role that you have is to be the custodian of the second key, on decisions concerning reserves, key appointments and a few other areas. When you assumed office, this system of a second key was less than a decade old. You worked closely with the Government to refine the rules regarding the President's custodial powers, in particular on a major Constitutional amendment to enable government spending of earnings from past reserves on a longer-term, sustainable basis.
Your leadership was particularly important during the 2008 global financial crisis. The Government briefed you and the Council of Presidential Advisors regularly as the crisis deepened. We shared our analyses and policy proposals, and you tracked the situation and offered your perspective and advice.
The Government developed plans to counter the crisis, striving to avoid drawing on past reserves if at all possible. But finally the situation became so grave that the Government decided that it was necessary to tap the past reserves. We formally sought your approval, first to use part of the reserves to back a guarantee on bank deposits, and later to actually draw on reserves to fund the exceptional measures in the Resilience Package. Because you had followed developments closely, when the time came to make a decision, you were au fait with the situation and dangers, and understood the Government's aim. You consulted the Council of Presidential Advisors, and after further deliberations agreed to the Government's proposed uses of past reserves. The Government's measures stabilised the economy, saved jobs and ensured a quick and vigorous recovery once the crisis passed.
This episode is significant not just because it was the first time the Government requested to draw on past reserves, and the President approved a draw. More importantly, the deliberate and responsible approach taken by both parties validated the working arrangements and set an important precedent on how the President and Government will deal with future crises.
On a personal note, I have been privileged to have known you since the 1970s when we were colleagues in MINDEF. Since I became PM in 2004, we have enjoyed a close and fruitful working relationship. I looked forward to our monthly meetings over lunch, and deeply appreciated your wise counsel on many issues.
Mr President, it would be remiss of me not to mention the contributions of your wife, Mrs Umi Nathan. She has accompanied you to almost every public event, and given you full support in your duties. She is a quiet and private person by nature, yet people sensed her warmth and kindness, and felt comfortable with her. Without fanfare, Mrs Nathan regularly visited neighbourhood schools, as well as schools for students with special needs. She graced many youth events to encourage students and teachers. Being a former teacher herself, including for a time in the Singapore School for the Deaf, she has a special affection for young people and a passion for helping them overcome challenges in life. Mrs Nathan has made a valuable contribution to the success of your Presidency, and we are all grateful to her too.
Mr President, you have discharged your responsibilities with dignity and distinction. You have upheld the standing and prestige of the Office, and of Singapore in the world. Singaporeans will long remember your many contributions.
On behalf of the Government and people of Singapore, I thank you for your dedicated and illustrious service to our nation. We bid you and Mrs Nathan farewell, and wish you both peace, good health and satisfaction in your future endeavours.
