The Chief Executive in Council has approved the Deposit Protection Scheme Bill for introduction into the Legislative Council on 30 April 2003. The Bill, which will be published in the Government Gazette tomorrow (17 April 2003), contains the Hong Kong Monetary Authority's (HKMA) proposals on how the deposit protection scheme (DPS) in Hong Kong should be structured.
Mr David Carse, Deputy Chief Executive of the HKMA said, "The establishment of a DPS will offer enhanced protection to small depositors and further strengthen the resilience of our banking system."
Taking into account comments received from the previous consultation exercises, the HKMA proposes that the DPS in Hong Kong should have the following major features:
Mr Carse said that in developing the above proposals, the HKMA had carefully considered the views received from the banking industry, the Consumer Council and other interested parties. He believed that the proposals contained in the Bill struck an appropriate balance among the interests of various sectors of the economy, bearing in mind the need to keep the cost of the scheme low and the need to minimise moral hazard.
A fuller description of the above proposals, together with the Deposit Protection Scheme Bill, can be found in the brief issued to the Legislative Council today. The brief is available at the HKMA website (http://www.hkma.gov.hk).
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Sylvia Yip, Manager (Press), at 2878 1687
Hong Kong Monetary Authority
16 April 2003
Brief
(MS Word, 42KB)
Annex A part 1(PDF File,
153KB)
Annex A part 2(PDF File,
143KB)
Annex B (MS Word,
21KB)
Chart
(PDF File, 39KB)
Annex C (MS Word,
25KB)
Annex D (MS Word,
112KB)
Annex E (MS Word,
41KB)
Annex F (MS Word,
22KB)