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  1. Changes urged to bank disclosure tack on deposit protection cover

    Posted Aug 19th 2009, 12:00am by Staff Reporter

    ... Maria Chan Banks must tell customers whether their accounts or the transactions they conduct are covered by the deposit protection scheme to strengthen disclosure, the Hong Kong Deposit Protection Board suggested yesterday. The government-appointed board also recommended simplifying the process of calculating accrued interest on deposits and liabilities in the event of a bank ...

  2. Raise deposit protection to HK$500,000, board says

    Posted Apr 28th 2009, 12:00am by Enoch Yiu

    ... Enoch Yiu and Maria Chan A government agency has proposed lifting the ceiling on Hong Kong's bank deposit protection to HK$500,000. As reported by the South China Morning Post last ... that is cost-effective, provides protection for depositors and prevents moral hazard in banking,'' Mr Li said. The deposit insurance scheme, launched in 2006 and funded by the banks, offered up ...

  3. Two women sue bank over minibond losses

    Posted Jan 11th 2009, 12:00am by Staff Reporter

    ... Yvonne Tsui A 69-year-old woman and her daughter-in-law are seeking a full refund and damages from the Bank of China (Hong Kong) over their losses in Lehman Brothers minibonds. Chin Yee-ching, a retired woman living in Malaysia, and her daughter-in-law Chan Lai-mei, who lives in Po Shan Road, filed a writ in the High Court against Bank of China (Hong Kong) on Friday. The bank ...

  4. Student loan agency criticised over HK$608m in default arrears

    Posted Nov 26th 2009, 12:00am by Elaine Yau

    ... or 15 per cent, provided inaccurate information. Examples included understating salary amount and failing to declare bank deposits or assets. Because of the inaccurate information, the agency ...

  5. Public to have say on more deposit protection

    Posted Mar 07th 2009, 12:00am by Peter So

    ... Peter So A public consultation will be launched next month on extending deposit protection scheme coverage to integrated bank accounts that offer overdraft facilities on a secured basis, ... scheme- a temporary measure introduced in October to protect depositors from bank failures. Under the Deposit Protection Scheme Ordinance, deposits that are secured against other assets ...

  6. Deposit protection no substitute for supervision

    Posted Apr 28th 2009, 12:00am by Staff Reporter

    ... Hong Kong bank customers could lose the temporary, full protection offered by the government on bank deposits next year. The government says it will depend on the state of the global ... by the government's provision of a full guarantee. Thanks to prudent capital-reserve and lending practices, our banks have passed the stress tests of the Asian and world financial crises. Deposit insurance ...

  7. Plan to raise deposit protection

    Posted Apr 25th 2009, 12:00am by Enoch Yiu

    ... Enoch Yiu and Maria Chan A government-appointed board will propose lifting the ceiling on Hong Kong's bank deposit protection to between HK$300,000 and HK$500,000. That would be up ... per cent of depositors of a failed bank will be able to get their money back in full. The paper follows a review, by the Hong Kong Deposit Protection Board, of the city's deposit ...

  8. Bank deposit premiums cut by 65pc, limit lifted

    Posted Dec 01st 2009, 12:00am by Staff Reporter

    ... Maria Chan The government-appointed body responsible for creating a broader bank deposit insurance protection plan for Hong Kong has reduced the annual insurance premium banks must pay so ... to HK$500,000 from the current HK$100,000. Since the financial crisis, the government has provided deposit insurance protection on all deposits, but only until the end of next year. Banks pay a premium ...

  9. Banks told to clarify deposit protection cover for customers

    Posted Feb 06th 2009, 12:00am by Danny Mok

    ... Danny Mok Banks have been ordered by the Hong Kong Monetary Authority to tell customers whether their integrated accounts are covered by deposit protection. All banks have been told ... including overdraft facilities. The order to banks' chief executives was issued in a circular from the Monetary Authority yesterday and comes after the government introduced a full deposit ...

  10. Deposit protection body eyes spot checks on banks

    Posted Jul 06th 2009, 12:00am by Staff Reporter

    ... Maria Chan The government-appointed Hong Kong Deposit Protection Board wants the power to make spot checks on banks in the wake of the Lehman Brothers minibond scandal. The proposal ... had made proper representations to customers about whether or not their money was covered by the deposit protection scheme. 'Our staff could test the banks' sale process without ...




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