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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Deposit Protection Board (the Board) today (July 19) published its Annual Report for 2012-2013. The Report reviews the operations of the Deposit Protection Scheme (DPS) during the year. It also highlights the Board's plans for 2013-2014.
The key achievements made during the year include:
* Provided deposit protection up to HK$500,000, covering 90% of all depositors in full. Total deposits covered by the DPS increased to HK$1,533 billion from HK$1,401 billion of the previous year;
* Completed a self-assessment against the Core Principles for Effective Deposit Insurance Systems to ensure the DPS operation is in line with the generally accepted international standards and best practices;
* Conducted a comprehensive strategic review, a large-scale rehearsal and a payout system review to ensure sufficient payout capacity and readiness. A reform plan has also been formulated to further enhance payout effectiveness; and
* Maintained a high public awareness level with 78% of respondents aware of the protection under the DPS, which is conducive to the maintenance of public confidence in the banking sector.
The Hong Kong Deposit Protection Board Annual Report 2012-2013 is available on the Board's website (www.dps.org.hk).
Ends/Friday, July 19, 2013
Issued at HKT 17:45
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