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The Hong Kong Monetary Authority (HKMA) notes the announcement made by the U.S. Department of the Treasury on March 14, 2007 (U.S. time) that it is issuing a final rule under Section 311 of the USA PATRIOT Act against Banco Delta Asia S.A.R.L. (BDA) in Macau, which also applies to its subsidiaries including Delta Asia Credit Limited (DAC), a deposit-taking company authorised under the Banking Ordinance (BO).
To protect the interests of DAC's depositors, the Monetary Authority (MA), after consultation with the Financial Secretary, appointed on September 16, 2005 a Manager pursuant to section 52(1)(C) of the BO to manage the affairs, business and property of DAC. Following the U.S. Department of the Treasury's announcement, the MA has today (March 15) issued new directions to require the Manager to take steps commensurate with the latest development, including maintaining adequate liquidity and making other necessary arrangements to protect the interests of DAC's depositors and customers including securities customers. The appointment of the Manager will be maintained for as long as necessary to protect the interests of the institution's depositors.
"The HKMA will monitor closely the developments related to BDA and the situation of DAC," said an HKMA spokesperson. "The HKMA will take such supervisory measures as appear necessary from time to time to ensure that the interests of the depositors of DAC remain protected," he added.
Depositors and other customers of DAC should approach their usual contacts at the institution or the Manager at 2533 0771 in case they have any enquiries.
For further enquiries, please contact:
Hing-Fung Wong, Officer (Press), at 2878 1802 or
Thomas Chan, Senior Manager (Press), at 2878 1480
Ends/Thursday, March 15, 2007
Issued at HKT 09:50
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