HONG KONG MONETARY AUTHORITY Annual Report 1996
HONG KONG MONETARY AUTHORITY
THE CHIEF EXECUTIVE'S COMMITTEE
The role of the Committee, which meets once a week, is to report to the Chief Executive on the progress of major tasks being undertaken by the various departments and to advise him on policy matters relating to the operations of the Monetary Authority.
CHIEF EXECUTIVE
Joseph Yam, CBE, JP
Mr. Yam was appointed Chief Executive of the Hong Kong Monetary
Authority (HKMA) since its establishment in April 1993. He started
his civil service career in Hong Kong as a statistician in 1971. In
1976, he was transferred to the position of an economist. From 1982
to 1990 he worked in the Monetary Affairs Branch of the Hong Kong
Government Secretariat first as a Principal Assistant Secretary and
subsequently as Deputy Secretary for Monetary Affairs. In 1991, he
was appointed Director of the Office of the Exchange Fund. Mr. Yam
received his first class honours degree in Economics and Statistics
at the University of Hong Kong in 1970.
DEPUTY CHIEF EXECUTIVE
David Carse, OBE, JP
Mr. Carse was seconded from the Bank of England to Hong Kong in
1991 as
Commissioner of Banking with responsibility for banking supervision. In 1993, the Office of the Commissioner of Banking was merged with the Office of the Exchange Fund to form the HKMA and Mr. Carse assumed his current position of Deputy Chief Executive in charge of the full range of banking policy and supervision issues.
DEPUTY CHIEF EXECUTIVE
Andrew Sheng
Mr. Sheng, who joined the HKMA as Deputy Chief Executive in
October 1993, is in charge of the reserves management, external and
information technology matters of the HKMA. He has worked for 13
years with Bank Negara Malaysia (Central Bank of Malaysia) and was
later seconded to the World Bank, Washington D.C. before joining
the HKMA.
DEPUTY CHIEF EXECUTIVE
Norman Chan, JP
Mr. Chan's responsibilities within the HKMA cover monetary
management, payment and settlement systems, debt market,
administration and finance. He joined the Hong Kong Government as
Administrative Officer in 1976. In 1991, he was appointed Deputy
Director (Monetary Management) of the Office of the Exchange Fund.
Mr. Chan was appointed Executive Director of the HKMA when it was
established in 1993. He became Deputy Chief Executive in 1996.
EXECUTIVE DIRECTOR (BANKING SUPERVISION)
Y K Choi, JP
Mr. Choi is responsible for banking supervision. He joined the
Office of the Commissioner of Banking (OCB) in 1974 and became an
Assistant Commissioner of Banking in 1990 after a one-year
secondment to the Bank of England. In 1990 he was seconded to the
Office of the Exchange Fund for three years and was appointed Head
(Banking Policy) of the HKMA in 1993. He became Head
(Administration) in 1994 and was appointed Executive Director
(Banking Supervision) in 1995.
EXECUTIVE DIRECTOR (BANKING POLICY)
Raymond Li
Mr. Li's main responsibilities include developing banking
supervisory polices and processing amendments to the Banking
Ordinance and related legislation to ensure that the policy and
legal framework meets evolving supervisory needs. He started his
civil service career as Administrative Officer in 1982 and became
Principal Assistant Secretary (Monetary Affairs) in 1990. He joined
the HKMA as Head (Banking Development) in December 1993. In June
1996, he was appointed Executive Director (Banking Policy) of the
HKMA.
GENERAL COUNSEL
Stefan Gannon, JP
Mr. Gannon is a barrister and was appointed as General Counsel of
the HKMA in 1993. He was Legal Adviser to the Monetary Affairs
Branch from 1987. He came to Hong Kong in 1983 to join the Attorney
General's Chambers.
EXECUTIVE DIRECTOR (EXTERNAL)
James H Lau Jr, JP
Mr. Lau is in charge of the External Department and is responsible
for external relations and economic research matters. In 1993, on
the establishment of the HKMA, he was appointed Head (Monetary
Policy) and became Executive Director (External) in 1994. Mr. Lau
joined the Hong Kong Government as Administrative Officer in
1979.
He was Hong Kong's Deputy Permanent Representative to the GATT in
Geneva from 1986 to 1990 before joining the Office of the Exchange
Fund as Assistant Director (Monetary Management) in 1991.
EXECUTIVE DIRECTOR (RESERVES POLICY AND MARKETS)
Amy Yip
Ms. Yip joined the HKMA as Executive Director (Reserves
Management) in 1996 to head the Reserves Management Department. She
spent eight years with JP Morgan before joining Rothschild Asset
Management in 1988 as Executive Director. In 1991, Ms. Yip joined
Citibank NA and was Business Manager for five years before taking
up her current position with the HKMA.
EXECUTIVE DIRECTOR (MONETARY POLICY AND MARKETS)
Peter Pang, JP
Mr. Pang is responsible for monetary policy and open market
operations, payment systems and debt securities clearing system,
Exchange Fund Bills and Notes Programme and development of the debt
market. Mr. Pang joined the HKMA as Executive Director (Banking
Policy) in l 994. He started his civil service career as
Administrative Officer in 1979 and has served as Assistant Director
General of Trade and Assistant Commissioner of Banking before
joining the HKMA.