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Departure of Mr Norman Chan The Hong Kong Monetary Authority (HKMA) today (Tuesday) announced that Mr Norman Chan, the Deputy Chief Executive responsible for reserves management and international affairs, will be departing from the HKMA some time in May. The Financial Secretary, as the appointing authority, has with great reluctance accepted Mr Chan’s resignation. Paying tribute to Mr Chan, the Chief Executive of the HKMA, Mr Joseph Yam, said that his departure would be a great loss to the HKMA. “Norman has been with the HKMA from the very beginning, and indeed was a key member of the team that designed and put together the HKMA as an institution. He has been deeply involved in practically all aspects of the HKMA’s work for over a decade and has played a pivotal role in some of its most important projects, including the radical yet effective measures taken to ensure stability during the Asian financial crisis. The excellent standing that the HKMA enjoys in the international community owes much to the hard and imaginative work he has put into building links with our counterparts overseas and leading multilateral initiatives,” Mr Yam said. “Having worked so closely with Norman during some extremely tough times, I shall feel his departure as a personal loss, and I know that I speak for all colleagues in saying how sad we shall be to see him go. However, we respect his reasons for leaving and we wish him the greatest of happiness in his future pursuits,” Mr Yam added. Commenting on his forthcoming departure, Mr Chan said that his time at the HKMA had given him the most satisfying and memorable experiences in a public service career of nearly three decades. “I am grateful to have been able to serve in a position of responsibility in this excellent organisation and to have grown with it over the last twelve years. These have been difficult times, but in overcoming many challenges the HKMA has firmly established its reputation as the anchor for monetary and financial stability in Hong Kong. It has been an enormous privilege to serve with such dedicated and professional colleagues, and to have worked so closely with Joseph Yam,” Mr Chan said. “Now, after nearly thirty years in the public service, I have decided that this is the right time for me to take a break from the public sector and to pursue other interests.” Mr Chan added that he intended to undertake a study programme overseas after leaving the HKMA. Mr Chan joined the HKMA on its establishment in 1993, having served as an Administrative Officer in the Hong Kong Government since 1976. In 1991 he was appointed Deputy Director (Monetary Management) of the Office of the Exchange Fund. He became an Executive Director of the HKMA when it was formed in 1993 and was made a Deputy Chief Executive in 1996. Mr Chan’s responsibilities as Deputy Chief Executive have included reserves management and international affairs. During 2003 and the first half of 2004 he was also responsible for monetary management, financial infrastructure and research. Mr Chan has played a key part in many of the initiatives and policies undertaken by the HKMA, including the development and introduction of Real-Time Gross Settlement, the market intervention in 1998 and the subsequent disposal programme through the Tracker Fund, and the introduction of renminbi banking services. He has also played a leading role in a number of important regional initiatives, including, most recently, the creation of the Asian Bond Fund. For further enquiries, please contact: Thomas Chan, Senior Manager (Press), at 2878 1480 Hong Kong Monetary Authority  |