Hong Kong Business News

香港商業資訊

GOVT WELCOMES DEPOSIT BILL PASSAGE

3-7-2024
gov_rss

The Government welcomed the passage of an amendment bill to enhance the Deposit Protection Scheme (DFS) by the Legislative Council today, raising the protection limit from the current $500,000 to $800,000.

Other enhancements to the scheme include refining the levy system to enable the DPS Fund underpinning the scheme to reach the target fund size within a reasonable timeframe under the increased protection limit.

The enhanced scheme will also provide more coverage to affected depositors upon a bank merger or acquisition.

It will require the display of the DPS membership sign on the electronic banking platforms of DPS members; and streamline the negative disclosure requirement on non-protected deposit transactions for private banking customers.

Secretary for Financial Services & the Treasury Christopher Hui said the Deposit Protection Scheme (Amendment) Ordinance 2024 can help further strengthen the function of the scheme in the financial safety net, enhance depositors' confidence and raise the resilience of the banking sector and the overall stability of the financial system, thereby reinforcing Hong Kong's position as an international financial centre.

The amendment ordinance will be gazetted on July 12 and implemented in two phases.

The first phase, which comes into effect on October 1, will cover measures requiring a shorter period of preparatory work, such as the enhancement of the protection limit to $800,000.

The second phase, which covers other measures, will be implemented on January 1, 2025.



PREVIOUSNEXT

Latest Business News

最新商業資訊


Passage of rating bill welcomed  23-10-2024

gov_rss

The Government welcomed the passage of the Rating (Amendment) Bill 2024 by the Legislative Council today, which gives eff...


FS begins New York visit  23-10-2024

gov_rss

Financial Secretary Paul Chan has begun a visit to New York by delivering a keynote speech at the Bloomberg Global Regula...


FS speaks at APEC meeting  22-10-2024

gov_rss

Financial Secretary Paul Chan spoke on various topics while attending day two of the Asia-Pacific Economic Cooperation (A...


September sees 2.2% inflation  22-10-2024

gov_rss

Overall consumer prices rose 2.2% year-on-year in September, a smaller rate of increase than the 2.5% seen in August, the...