It's not really his fault but Joseph Yam Chi-kwong's assertion that Bank of East Asia is financially sound simply doesn't sound convincing to depositors.
The Hong Kong Monetary Authority chief did his best to reassure anguished account holders yesterday, declaring that BEA had plenty of capital and promising that the city's financial system remained strong.
Depositors were unconvinced, however, with thousands queuing up outside branches long after normal banking hours, desperate to get their hands on their cash.
You can't blame them. People have heard too many empty assurances of financial stability recently to take Mr Yam's soothing words seriously. After all, pundits were insisting US investment bank Lehman Brothers was secure right up until the moment it imploded in a puff of smoke 10 days ago. That collapse left Hong Kong investors holding almost HK$13 billion of minibonds guaranteed by Lehman; guarantees that are now worthless.
US insurance giant AIG was also considered an unshakeable pillar of the international financial system until it shocked the world last week by going cap in hand to the Federal Reserve for an US$85 billion lifeline. Unwilling to chance things any further, hundreds of policy holders mobbed the company's offices around Asia in an attempt to get their money back before it was too late.
Assurances of financial stability from the Hong Kong authorities don't carry much weight either. Back in July 1991, banking commissioner David Carse was still insisting Bank of Credit & Commerce Hong Kong was 'sound and viable' just two days before the bank was closed by regulators, tying up deposits for years and inflicting punishing losses on many account holders.