The Hong Kong Monetary Authority (HKMA) announced today (17 March 2017) that a Resolution Office will be established in the HKMA on 1 April 2017, a major step to implement the Financial Institutions (Resolution) Ordinance (FIRO) enacted in June 2016. The Office will work to ensure the Hong Kong resolution regime is operational for banks. Its priorities will be to establish resolution policy standards for banks, define resolution strategies and conduct resolvability assessments of banks, work with banks to remove impediments to their orderly resolution, and develop the operational capability necessary to execute orderly resolution. This work is essential to enhancing the resilience of the Hong Kong banking sector in the event of any future crisis. It will be headed by a Commissioner, Mr Stefan Gannon, who will report directly to the Chief Executive of the HKMA. Mr Gannon is currently the General Counsel of the HKMA.
Also with effect from 1 April 2017, Ms Karen Kemp, currently Executive Director (Banking Policy), will take up the post of General Counsel to be vacated by Mr Gannon, while Mr Daryl Ho, a Division Head of the HKMA, will succeed Ms Kemp as Executive Director (Banking Policy). The CV of the newly appointed Executive Director, Mr Daryl Ho, is attached.
Mr Norman Chan, Chief Executive of the HKMA, said: “The establishment of the Resolution Office within the HKMA marks a milestone in the development of an operational resolution regime in Hong Kong and our efforts to implement the international standard to address the Too Big to Fail problem for the financial system. It will promote Hong Kong’s position as a major international financial centre whilst at the same time minimising the risks posed to taxpayers from the failure of a systemically important financial institution.”
Hong Kong Monetary Authority
17 March 2017
CV of Mr Daryl Ho
Mr Daryl Ho holds a Bachelor of Social Science degree in Economics and a Master of Philosophy degree in Economics from the Chinese University of Hong Kong. He is currently a Division Head responsible for financial stability surveillance. He joined the HKMA as a Senior Manager in 2001 and was promoted to his present rank of Division Head in 2009. Before taking up his present role in 2014, he had worked in various functional areas of the HKMA including economic research, monetary operations and market development.