minimum criteria for authorization

The minimum criteria that new entrants must satisfy in order to be, and continue to be, authorized under the Banking Ordinance. These criteria are listed under the Seventh Schedule to the Banking Ordinance. The criteria cover a broad range of considerations and focus on the general quality and ability of the applicant to conduct banking business or deposit-taking business in Hong Kong. In addition to the general requirement that the applicant's business should be conducted with integrity, prudence and competence, the criteria include such considerations as adequacy of home supervision; the 'fit and proper' test for directors, controllers and chief executives; and adequate accounting systems, financial resources, liquidity, control of large exposures, and provisions against loans.