Thursday October 3 2024
News Source: Global Exchanges
Focus: General - Global Exchanges
Type: General
Country: Hong Kong
On 1st October 2024, the Hong Kong Monetary Authority (HKMA) announced the first phase of the enhancement measures of the Deposit Protection Scheme (DPS), following the gazettal of the DPS (Amendment) Ordinance 2024 on 12th July 2024.
The enhancement measures that come into effect include:
- Raising the deposit protection limit from HK$500,000 to HK$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 second phase of the enhancement measures will come into effect on 1st January 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.
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