A regulatory directive that banks in Hong Kong fund the loans they make with deposits of longer tenure has spurred the lenders to begin their annual battle for deposits earlier this year.Saturday, 15 March, 2014, 5:05am
The mainland's bricks-and-mortar banks are launching a counterattack against the assault on their business from Alibaba and other internet heavyweights, in an attempt to staunch the outflow of bank deposits into high-yielding online investment products.25 Feb 2014 - 12:57am
Big savers in Cyprus' largest bank face losses of up to 60 per cent, far greater than originally feared under the island's controversial European Union-led bailout plan, officials said.31 Mar 2013 - 6:22am
The president of Cyprus assured his people a bailout deal he struck with the European Union was in their best interests and would end anxiety, but he also announced “very temporary” capital controls to stem a run on the island’s banks.26 Mar 2013 - 5:48am
EU and IMF officials struck a last-minute deal with Cyprus early Monday to resurrect a bailout for the island - but one banking chain goes to the wall and major clients, who include many Russians, will take a giant hit.26 Mar 2013 - 1:21am 2 comments
It can have surprised no one that members of the Cypriot parliament voted unanimously against plans to slap a tax on the islanders' bank deposits.21 Mar 2013 - 5:20am 4 comments
Hong Kong stocks had their largest fall in more than a month yesterday, led by HSBC, as plans by Cyprus to levy an unexpected tax on bank deposits triggered fresh worries over financial stability in Europe and panic selling across the board.19 Mar 2013 - 5:24am
Anyone who thought financial markets had broken out of the risk-on, risk-off cycle that has dominated trading for the last couple of years surely changed their mind yesterday.
In Hong Kong the benchmark Hang Seng stock index tumbled 2 per cent as investors reacted to the proposed bail-out deal for Cyprus by rushing to take their money off the table.19 Mar 2013 - 4:16am 3 comments
President Nicos Anastasiades will on Monday attempt to persuade Cypriot lawmakers to back an EU bailout deal that slaps a levy on bank savings, amid fears of a run on accounts if he fails.
Anastasiades, in an address to the shell-shocked nation on Sunday night, said that rejecting the EU demands would have seen Cyprus exit the eurozone and face bankruptcy.18 Mar 2013 - 5:06pm
Cyprus government agreed to a €10 billion (HK$101 billion) bailout that includes an unprecedented levy on all bank deposits. The debt rescue package, agreed with the euro zone and International Monetary Fund earlier in the day in Brussels, is significantly less than the €17 billion Cyprus had initially sought.18 Mar 2013 - 9:48am
The pool of yuan deposits in Hong Kong rose 5.6 per cent last month from November to 603 billion yuan. It has surged from less than 100 billion yuan in 2009 and peaked at 627 billion yuan in November 2011.1 Feb 2013 - 5:22am
The mainland's smaller banks boosted sales of wealth management products (WMPs) to account for more than 85 per cent of the 3.5 trillion yuan (HK$4.34 trillion) of offerings in the first nine months of this year, raising credit risks and deposit costs, Fitch Ratings said.13 Dec 2012 - 5:25am
The Student Financial Assistance Agency has been criticised by the Director of Audit for slow loan recovery work, leading to default arrears totalling more than HK$608 million.26 Nov 2009 - 12:00am
Hong Kong must do everything it can to create social stability by reassuring families they need not worry about basic public services during economic downturns. The government should declare in the 2009 budget that it will not raise prices on things like school fees and public sector health services, and will even reduce them.18 Dec 2008 - 12:00am
Urban families are continuing to save rather than spend, despite relatively low consumer prices and government efforts to stimulate spending.
A survey carried out in 50 cities across the country last month found that consumers were putting money aside for their children's education and large purchases such as cars, Xinhua reported.23 Mar 2003 - 12:00am