Tony Kim
July 14, 2024 02:13
The Hong Kong Deposit Protection Commission has published its annual report for 2023-2024, highlighting key achievements and future strengthening measures.
According to the Hong Kong Monetary Authority, the Hong Kong Deposit Protection Commission (the Commission) has published its annual report for 2023-2024. The report outlines the significant milestones achieved by the Commission over the past year, including the completion of the public consultation on proposed improvements to the Deposit Protection Scheme (DPS) and the conclusion of the consultation.
Key Highlights
The report details several key achievements, including the successful passage of the DPS (Amendment) Bill 2024 by the Legislative Council on 3 July 2024. This legislative development paves the way for the implementation of the enhanced measures in two phases, with the first phase commencing on 1 October 2024 and the second phase commencing on 1 January 2025.
Moreover, the Board has made significant progress in increasing public awareness and understanding of the DPS, resulting in public awareness of the plan reaching its highest level in history in 2023.
Future improvements
The improvements to the DPS are designed to provide better protection to depositors and ensure the stability of the Hong Kong financial system. The phased implementation will allow for a smooth transition and adaptation to the new measures. The Board’s proactive approach to engaging with the public through consultations highlights its commitment to transparency and inclusiveness in policy formulation.
Additional information
The Annual Report 2023-2024 is available on the Board’s website. Interested parties can view the full report here.
The Hong Kong Deposit Protection Board continues to play a vital role in protecting depositors’ interests and maintaining confidence in the Hong Kong banking system. The Board is committed to strengthening the effectiveness and reliability of the DPS as it implements these new measures.
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