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Press Releases

Appointments to the Hong Kong Deposit Protection Board

The Hong Kong Monetary Authority (HKMA) announced today (Wednesday) that the Chief Executive of the Hong Kong Special Administrative Region (HKSAR) has appointed the Chairman and Members of the Hong Kong Deposit Protection Board (the Board). The composition of the Board is as follows:

Professor Andrew Chan Chi-fai

 

Chairman and Member

 

Mr Ian Chapman

 

Member

 

Dr David Cheung Wai-lok

 

Member

 

Mr Nicholas Peter Etches

 

Member

 

Mr Nam Lee-yick

 

Member

 

Monetary Authority

 

Ex officio Member

 

Secretary for Financial Services and the Treasury

 

Ex officio Member

 

Commenting on the composition of the Board, Mr Joseph Yam, Chief Executive of the HKMA, said, "I am confident that, under the guidance of Professor Chan and other Members, the Board will be able to establish an effective deposit protection scheme in Hong Kong, which will contribute to the stability of the banking sector and the financial system as a whole."

Professor Chan, Chairman of the Board, said, "I am honoured to be appointed Chairman of the Board. I look forward to working closely with other Members in meeting the challenge of establishing a deposit protection scheme in Hong Kong."

The Board is established under Section 3 of the Deposit Protection Scheme Ordinance (Cap. 581). Members of the Board are appointed, under Section 4 of the Ordinance, by the Chief Executive of the HKSAR on a personal basis. The term of appointment of the Chairman and the Members runs from 1 July 2004 to 30 June 2006. The first Board meeting is scheduled to be held in July 2004. The Board would undertake the large volume of preparatory work to be completed before the Scheme can commence operation. It is envisaged that the Board will be able to start collecting contributions and providing deposit protection in 2006.

A notice of the appointments will be published in the Gazette on 2 July 2004.

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
30 June 2004

Last revision date: 1 August 2011
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