The Deposit Protection Scheme Ordinance has today (Wednesday) been passed by the Legislative Council.
The Deposit Protection Scheme Ordinance provides for the establishment of a deposit protection scheme (DPS) in Hong Kong. A Hong Kong Monetary Authority (HKMA) spokesperson said that the establishment of a DPS will enhance deposit protection in Hong Kong and contribute to the stability of the financial system.
The DPS to be introduced in Hong Kong will contain the following main features:
Following the passage of the Ordinance, the Board will be established to oversee the progress of the whole project. A large volume of preparatory work will need to be completed before protection can be provided. It is expected that the scheme will start providing deposit protection in 2006.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480
Hong Kong Monetary Authority
5 May 2004