The Legislative Council of the Hong Kong Special Administrative Region passed the Draft Deposit Protection Scheme (Amendment) Ordinance 2024 on the third reading of the 3rd. The SAR government stated on the same day that it welcomes the passage of the 2024 Deposit Protection Scheme (Amendment) Bill by the SAR Legislative Council to implement various measures to optimize the Deposit Protection Scheme. It is reported that optimization measures include increasing the coverage amount from the current HKD 500000 to HKD 800000; Provide optimization protection for depositors affected by bank mergers and acquisitions; Require members of the deposit and protection plan to display their deposit and protection plan member logos on the electronic banking platform. The Secretary for Financial Affairs and Treasury of the Special Administrative Region Government, Hsu Cheng yu, stated that the Deposit Protection Scheme (Revised) Ordinance 2024 will further enhance the function of the scheme in the financial safety net, enhance depositor confidence, and strengthen the defensive capabilities of the banking industry and the stability of the entire financial system, thereby consolidating Hong Kong's position as an international financial center. The Chairman of the Hong Kong Deposit Protection Commission, Liu Yanqing, stated that the optimization measures not only ensure that the deposit protection scheme complies with international standards, but also provide better protection for depositors and further maintain the stability of the Hong Kong banking system. We hope to work closely with the banking industry to implement various optimization measures as scheduled, and will launch a series of promotional activities to enhance public awareness of the optimized deposit and protection plan. It is reported that the "2024 Deposit Protection Scheme (Revised) Ordinance" will be gazetted on July 12 and will be implemented in two phases. The first phase will take effect on October 1, 2024, covering shorter preparation time optimization measures such as increasing the protection amount to HKD 800000. The second phase, which covers other measures, will be implemented on January 1, 2025. (Lai Xin She)
Edit：Lubaikang Responsible editor：Chenze
Source：Xinhua network
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