The Hong Kong Mortgage Corporation Limited (HKMC) today (Tuesday) announced the highlights of its financial results and business performance in 2010 as follows:
2010 Financial Results Highlights
2010 Business Performance Highlights
Asset Purchase
Mortgage Insurance Programme (MIP)
Debt Issuance
Further details of the HKMC's consolidated financial results and financial review for 2010 are set out at Annex A.
Outlook for 2011
2011 will be another challenging year. Quantitative easing by the United States has increased the risks of inflation and asset-price bubbles in Asia. Various economies have introduced tightening measures to counter such impact. Such developments reflect the significant imbalances in the global economy and financial system. The recent earthquake in Japan has added further complications to the pace of global economic recovery. Hence, the economic outlook for 2011 still remains uncertain and volatile.
The HKMC will remain vigilant and continue to reinforce its business focus in Hong Kong to fulfil its principal objectives. The SME Financing Guarantee Scheme launched on 1 January 2011 encourages banks' lending to small and medium-sized enterprises by facilitating their risk management. The Reverse Mortgage Pilot Scheme to be launched in mid-2011 reinforces the HKMC's overall efforts to promote home ownership.
Chairman of the HKMC and the Financial Secretary, Mr John C Tsang, said: "The HKMC will continue to operate in a prudent commercial manner with great emphasis on risk management and good corporate governance. This will ensure the HKMC maintains its important role in providing liquidity to local banks, meeting the mortgage insurance needs of homeowners and promoting the development of the local debt market."
Appointment of Board of Directors
The HKMC held its 14th Annual General Meeting today. Thirteen directors have been re-appointed by the Financial Secretary for another term, including Professor K C Chan, Mr Chan Kin-por, Ms Tanya Chan, Ms Eva Cheng, Professor Anthony Cheung, Mr Eddy Fong, Mr Andrew Fung, Mr Ryan Fung, Mr Lester Huang, Ms Starry Lee, Mr Andrew Leung, Dr David Li and Mr Abraham Shek. The Financial Secretary appointed Mr Jason Yeung as a new Director to replace Mr Jammy Chen who has not offered himself for re-appointment. The composition of the new Board of Directors is at Annex B.
According to the Articles of Association of the Corporation, at each Annual General Meeting all those Directors who are not Executive Directors shall retire but shall be eligible for re-appointment. Hence, the term of office of these Directors will run until the next Annual General Meeting to be held around April 2012.
The Hong Kong Mortgage Corporation Limited
12 April 2011