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.

 

 

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