Government welcomes passage of Deposit Protection Scheme (Amendment) Bill 2024

2024-07-03 18:53 Last Updated At：07-05 00:44

Legco passes deposit protection scheme (amendment) bill 2024 to enhance financial safety net and raise protection limit to $800,000, reinforcing hong kong's position as international financial center

The Government welcomed the passage of the Deposit Protection Scheme (Amendment) Bill 2024 by the Legislative Council (LegCo) today (July 3) to implement various measures to enhance the Deposit Protection Scheme (DPS), including:

• raising the protection limit from the current $500,000 to $800,000;

• refining the levy system to enable the DPS Fund underpinning the Scheme to reach the target fund size within a reasonable timeframe under the increased protection limit;

• providing enhanced coverage to affected depositors upon a bank merger or acquisition;

• requiring the display of the DPS membership sign on the electronic banking platforms of DPS members; and

• streamlining the negative disclosure requirement on non-protected deposit transactions for private banking customers.

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The Deposit Protection Scheme (Amendment) Ordinance 2024 (the Amendment Ordinance) can help further strengthen the function of the DPS in the financial safety net, enhance depositors' confidence and raise the resilience of the banking sector and the overall stability of the financial system, thereby reinforcing Hong Kong's position as an international financial centre."

The Chairman of the Hong Kong Deposit Protection Board, Ms Connie Lau, said, "We would like to express our sincere gratitude to the LegCo for the passage of the Amendment Ordinance, which marks a key milestone in the development of the DPS. The enhancements will not only ensure the DPS is in line with international standards, but will also provide better protection for depositors and further contribute to the stability of the banking system in Hong Kong. We look forward to working closely with the banking industry to implement the enhancement measures as scheduled, and will launch a series of promotional campaigns to raise the public awareness of the enhanced DPS."

The Amendment Ordinance will be gazetted on July 12 and will be implemented in two phases. The first phase, which comes into effect on October 1, 2024, will cover measures requiring a shorter period of preparatory work, such as the enhancement of protection limit to $800,000. The second phase, which covers other measures, will be implemented on January 1, 2025.

Commissioner of Customs and Excise reviews Hong Kong Customs passing-out parade

2024-07-05 22:01 Last Updated At：22:18

Hong kong customs commissioner inspects passing-out parade for new customs officers, demonstrates commitment to world customs organization vice-chairperson role

The Commissioner of Customs and Excise, Ms Louise Ho, attended the Passing-out Parade for the 492nd-495th Customs Officer Induction Courses at the Hong Kong Customs College today (July 5) to inspect 82 Probationary Customs Officers on parade. Among the passing-out officers, eight are members of Customs YES.

The Guards of Honour and all passing-out officers adopted the Chinese-style foot drill to form the logo of the World Customs Organization (WCO), demonstrating Hong Kong Customs' commitment to becoming the new Vice-Chairperson for the Asia/Pacific (A/P) region of the WCO starting from July this year. The Foot Drill and Flag Party of the Customs Youth Leader Corps, the first team under the Security Bureau to perform Chinese-style rifle foot drill, also made its debut in the Passing-out Parade, joining hands with the Guards of Honour and passing-out officers to form the pattern of the Tiananmen Tower to celebrate the 75th anniversary of the founding of the People's Republic of China. This arrangement demonstrated that the patriotic spirit of Hong Kong Customs can continue to be passed on from generation to generation.

Speaking at the passing-out parade, Ms Ho said under the protection of the Hong Kong National Security Law and the Safeguarding National Security Ordinance, Hong Kong Customs will steadfastly safeguard national security and strive to promote the country and Hong Kong towards high-quality development, actively expand international exchanges and co-operation, and make full use of Hong Kong's distinctive advantages under "one country, two systems", enjoying the strong support of the motherland and being closely connected to the world.

She added that Hong Kong Customs, in the name of Hong Kong, China, was elected as the Vice-Chairperson for the A/P region of the WCO at the Customs Co-operation Council Sessions of the WCO in Brussels on June 29, and formally assumed this role as regional representative for two years from July. The primary responsibilities of this role include driving regional development agendas, co-ordinating regional affairs, leading members in addressing various challenges and facilitating the formulation and implementation of regional strategic plans. By playing this pivotal role, Hong Kong Customs hopes to safeguard multilateralism and promote international co-operation, enhance the effectiveness in regional law enforcement, and strengthen the capability of Hong Kong Customs by proposing the agenda and collaboration means to contribute to the country and Hong Kong.

Talking about recruitment, Ms Ho pointed out that the response to this year's recruitment of Customs Inspectors has been encouraging, with more than 8 400 applications received, up 12 per cent from last year's 7 500. For Customs Officers, more than 5 300 applications were received in the first half of this year, representing an increase of 20 per cent over the 4 400 applications received in the same period last year. As Hong Kong Customs plays a more prominent role in the international arena after assuming the post of Vice-Chairperson for the A/P region of the WCO, it is believed that more young people who wish to broaden their horizons will be attracted to join Hong Kong Customs to realise their full potential.

Ms Ho encouraged the passing-out officers to carry forward the goal of creating "a new chapter of Asia-Pacific customs collaboration", to strive to provide diverse and quality customs services, and to make full use of Hong Kong Customs' unique advantages in regional co-operation to make significant new contributions to the country and to Hong Kong.