Composite Interest Rate: End of September 2024
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (17 October) the composite interest rate at the end of September 2024 (Note 1).
The composite interest rate, which is a measure of the average cost of funds of banks, decreased by 17 basis points to 2.35 per cent at the end of September 2024, from 2.52 per cent at the end of August 2024 (see Chart 1 in the Annex). The decrease in composite interest rate mainly reflected the decrease in the weighted funding cost for deposits during the month (see Chart 2 in the Annex) (Note 2).
The historical data of the composite interest rate from the end of the fourth quarter of 2003 to the end of September 2024 are available in the Monthly Statistical Bulletin on the HKMA website (www.hkma.gov.hk).
Note 1: The composite interest rate is a weighted average interest rate of all Hong Kong dollar interest-rate-sensitive liabilities, which include deposits from customers, amounts due to banks, negotiable certificates of deposit and other debt instruments, and all other liabilities that do not involve any formal payment of interest but the values of which are sensitive to interest rate movements (such as Hong Kong dollar non-interest bearing demand deposits) on the books of banks. Data from retail banks, which account for about 90 per cent of the total customers' deposits in the banking sector, are used in the calculation. It should be noted that the composite interest rate represents only average interest expenses. There are various other costs involved in the making of a loan, such as operating costs (e.g. staff and rental expenses), credit cost and hedging cost, which are not covered by the composite interest rate.
Note 2: Since June 2019, the composite interest rate and weighted deposit rate have been calculated based on the new local "Interest rate risk in the banking book" (IRRBB) framework. As such, these figures are not strictly comparable with those of previous months.
Mountaineering Safety Promotion Day 2024 and 55th Anniversary of the CAS Mountain Search and Rescue Company held
The Civil Aid Service (CAS) held the Mountaineering Safety Promotion Day 2024 and the 55th Anniversary of the CAS Mountain Search and Rescue Company with various government departments and mountaineering organisations today (October 20) at the Free Space, Kwun Tong Town Centre with a view to enhancing public awareness of hiking safety and reducing accidents arising from mountaineering activities amid celebrations of the 75th anniversary of the founding of the People's Republic of China.
Speaking at the opening ceremony, the Commissioner of Police, Mr Siu Chak-yee, said that the mountaineering safety promotion day can help members of the public acquire essential safety knowledge and skills, and enhance their awareness of potential dangers. He praised the CAS for its outstanding contribution to protecting the lives of hikers as an indispensable member of Hong Kong's emergency rescue system. At the opening ceremony, Mr Siu also presented certificates to those who had successfully completed the Mountain Casualty Handling Course and awarded a trophy to the winning team of the 55th Anniversary of the CAS Mountain Search and Rescue Company Competition.
Other attending guests included the Director of Fire Services, Mr Andy Yeung, as well as representatives from the Government Flying Service; the Auxiliary Medical Service; the Agriculture, Fisheries and Conservation Department; the Office of the Communications Authority; the Hong Kong Observatory; the Leisure and Cultural Services Department; the Lands Department and various mountaineering organisations.
Game booths were set up to promote mountaineering safety, whereas a wide range of mountaineering equipment, such as digital maps, watches for recording rescuer locations, high-resolution live broadcasting cameras and the Unmanned Aircraft System, were showcased. In addition, to enhance public understanding of mountain rescue work, CAS members also demonstrated techniques of mountain search and rescue missions and handling procedures of injured persons. To mark the 55th anniversary of the CAS Mountain Search and Rescue Company this year, a designated booth was also set up to introduce the Mountain Search and Rescue Company as well as showcase the equipment used over the years.
Other highlights included a rescue demonstration by the Fire Services Department rescue dogs and a performance by police dogs. A recruitment exercise of CAS adult members and cadets was also conducted at the event.
Mountaineering Safety Promotion Day 2024 and 55th Anniversary of the CAS Mountain Search and Rescue Company held Source: HKSAR Government Press Releases
Mountaineering Safety Promotion Day 2024 and 55th Anniversary of the CAS Mountain Search and Rescue Company held Source: HKSAR Government Press Releases
Mountaineering Safety Promotion Day 2024 and 55th Anniversary of the CAS Mountain Search and Rescue Company held Source: HKSAR Government Press Releases
Mountaineering Safety Promotion Day 2024 and 55th Anniversary of the CAS Mountain Search and Rescue Company held Source: HKSAR Government Press Releases
Mountaineering Safety Promotion Day 2024 and 55th Anniversary of the CAS Mountain Search and Rescue Company held Source: HKSAR Government Press Releases
Mountaineering Safety Promotion Day 2024 and 55th Anniversary of the CAS Mountain Search and Rescue Company held Source: HKSAR Government Press Releases
Mountaineering Safety Promotion Day 2024 and 55th Anniversary of the CAS Mountain Search and Rescue Company held Source: HKSAR Government Press Releases
Mountaineering Safety Promotion Day 2024 and 55th Anniversary of the CAS Mountain Search and Rescue Company held Source: HKSAR Government Press Releases
Mountaineering Safety Promotion Day 2024 and 55th Anniversary of the CAS Mountain Search and Rescue Company held Source: HKSAR Government Press Releases
