The Hong Kong Mortgage Corporation Limited (HKMC) today (Monday) announced the highlights of its audited financial results in 2011 as follows:
2011 Financial Results Highlights
2011 Business Performance Highlights
Mortgage Insurance Programme (MIP)
SME Financing Guarantee Scheme (SFGS)
Reverse Mortgage Programme
Further details of the HKMC’s consolidated financial results and financial review for 2011 are set out at Annex A.
Outlook for 2012
2012 will be another challenging year for the global as well as local economy. Given the lingering sovereign debt problem in Europe and the subdued recovery in the US, the risk of a sharp deterioration in the economic conditions remains high. With the persisting low interest rate environment and the quantitative easing bias in many advanced economies, there are still risks of inflation and asset-price bubbles in Hong Kong.
The HKMC will remain vigilant in fulfilling its policy roles of (1) enhancing financial stability by providing liquidity to banking sector; (2) promoting wider home ownership; and (3) facilitating the further growth and development of the debt market in Hong Kong.
Key Business Projects in 2012
The HKMC is pursuing two major business projects at present – the special concessionary measures under the SFGS and the pilot scheme on microfinance.
The concessionary measures under the SFGS will include offering an 80% loan guarantee product with a significantly reduced guarantee fee. The Government will provide a total guarantee commitment of HK$100 billion to bear all credit losses arising from the concessionary measures. The application period for the 80% guarantee product will start in May and be open for nine months.
In addition, the HKMC will introduce a three-year microfinance pilot scheme around mid-2012 in collaboration with banks, voluntary agencies and other stakeholders. The scheme aims to assist people who wish to start their own businesses, become self-employed or achieve self-enhancement through training, upgrading of skills or securing professional certification.
In general, the HKMC will continue to run its core business in a prudent commercial manner and fulfils its policy objectives in Hong Kong.
Appointment of Board of Directors
The HKMC held its 15th Annual General Meeting today. Twelve 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 Lester Huang, Ms Starry Lee, Mr Andrew Leung, Dr David Li and
Mr Abraham Shek. The Financial Secretary appointed Ms Diana Cesar and Mr Lee Huat Oon as new Directors to replace Mr Ryan Fung and Mr Jason Yeung who have not offered themselves 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 2013.
The Hong Kong Mortgage Corporation Limited
30 April 2012