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HKMA Quarterly Bulletin (November 1997 Issue)

The Hong Kong Monetary Authority (HKMA) published its latest issue of the Quarterly Bulletin today (29 November).

This issue contains a study on the security of internet banking, an explanatory article on HKMA's latest disclosure requirements for banks ("Financial Disclosure Package 1997") and two articles on HKMA's new initiatives on the development of the debt market: securities lending programme and bilateral linkages of Central Securities Depositories.

To prepare for the development of internet banking in Hong Kong, the HKMA set up a Study Group on Electronic Banking in July 1997 to assess the trend and develop appropriate policy and regulatory responses to this new mode of banking service. The article outlines the security risks, security measures available to address these risks, and the HKMA*s supervisory approach with respect to internet banking in Hong Kong.

The 1997 disclosure package for banks comprises a number of new items to enhance transparency of the banking system. They include: counterparty analysis of securities held, maturity profile of major balance sheet items, breakdown of loan categories, risk management policies, materiality of market risk arising from the trading book, capital adequacy ratio adjusted for market risk, and the Year 2000 problem.

The bilateral linkages between HKMA's Central Moneymarkets Unit (CMU) and the Reserve Bank Information and Transfer System and AustraClear in Australia will commence operation on 1 December 1997. The feature article titled *Bilateral Linkages of Central Securities Depositories* (CSDs) sets out the case for developing such linkages connecting domestic CSDs in the Asian region to form a network, and illustrates how this will work in practice.

The feature article *Securities Lending Programme* sets out the objectives and the operational framework of the programme which will commence operation on 1 December 1997. The programme aims specifically to enhance the liquidity of CMU private sector debt securities in the secondary market by providing a mechanism to utilise securities held by long-term investors for short-term use by the more active market participants.

The Quarterly Bulletin also contains regular articles on the banking and monetary environment during the quarter ending September 1997. The Quarterly Bulletin, which is on sale at the Government Publications Centre, may also be ordered from the Press and Publications Section of the HKMA.

Note to Editors : Copies of the publication will be available for collection at GIS press box.

Hong Kong Monetary Authority
29 November 1997

Last revision date: 1 August 2011
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