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HK Deposit Protection Limit Raised to $800K, Effective Ytd
Recommend 23 Positive 54 Negative 23 |
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The Hong Kong Monetary Authority (HKMA) announced that the first phase of the enhancement measures of the Deposit Protection Scheme (DPS) came into effect yesterday (October 1). The enhancement measures include raising the deposit protection limit from $500,000 to $800,000 per depositor per bank, refining the levy system to enable the DPS Fund underpinning the DPS to reach the target fund size within a reasonable timeframe under the increased protection limit, and streamlining the negative disclosure requirement on non-protected deposit transactions for private banking customers. The HKMA also noted that the second phase of the enhancement measures will come into effect on January 1, 2025. The measures include providing enhanced coverage to affected depositors upon a bank merger or acquisition and requiring Scheme members to display the DPS membership sign on their electronic banking platforms. AAStocks Financial News |
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