HKMA Appointments

The Hong Kong Monetary Authority (HKMA) announced today (Friday) that the Financial Secretary, following the advice of the Governance Sub-Committee of the Exchange Fund Advisory Committee, has approved the appointments of Mr Y.K. Choi as Deputy Chief Executive responsible for the banking system and Mr Eddie Yue as Deputy Chief Executive responsible for monetary management, financial infrastructure, reserves management, and strategy and risk. Both appointments take effect on 1 September 2007.

Mr Choi, who is currently Deputy Chief Executive responsible for monetary management, financial infrastructure, reserves management, and strategy and risk, joined the HKMA as Head (Banking Policy) in 1993. He became Head (Administration) in 1994, and was appointed Executive Director (Banking Supervision) in 1995 before taking up his present position in June 2005. Before joining the HKMA he served in the Office of the Commissioner of Banking from 1974 and became Assistant Commissioner of Banking in 1990 after a one-year secondment to the Bank of England. Mr Choi will succeed Mr William Ryback, who retires from the HKMA on 31 August after having served as Deputy Chief Executive with responsibility for the banking system since 2003.

Mr Yue, who will succeed Mr Choi, is currently the Executive Director with responsibility for monetary management and financial infrastructure. Mr Yue joined the HKMA in 1993 as a Senior Manager, after having served as an Administrative Officer in the Hong Kong Government since 1986. He became a Division Head in 1994, working in a number of divisions, including Monetary Management, External Relations, and Banking Development, and serving as Administrative Assistant to the Chief Executive of the HKMA. Mr Yue was appointed Executive Director (Corporate Services) in June 2001 and to his present position in July 2004.

Commenting on Mr Ryback's forthcoming retirement from the HKMA, the Chief Executive of the HKMA, Mr Joseph Yam, said that Mr Ryback had made great contributions at a time of change and development in Hong Kong's banking sector. "During his four years with the HKMA, Bill Ryback has seen through the preparation and introduction of policies to give effect to the Basel II reforms in Hong Kong. This has been a considerable and complex undertaking with far-reaching implications for banking in Hong Kong. The experience and wisdom that Bill brought to Hong Kong have helped ensure the success of this project, and have helped enable Hong Kong to be among the first jurisdictions in the world to implement Basel II. Bill's colleagues and friends in the HKMA wish him every happiness in his retirement," Mr Yam said.

For further enquiries, please contact:
Sara Yip, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
30 March 2007