Hong Kong Deposit Protection Board Releases Annual Report 2023-2024

The
Hong
Kong
Deposit
Protection
Board
(the
Board)
has
published
its
Annual
Report
for
2023-2024,
according
to
the
Hong
Kong
Monetary
Authority.
The
report
outlines
significant
milestones
achieved
by
the
Board
over
the
past
year,
including
the
completion
of
a
public
consultation
on
proposed
enhancements
to
the
Deposit
Protection
Scheme
(DPS)
and
the
subsequent
issuance
of
consultation
conclusions.

Key
Highlights

The
report
details
several
key
accomplishments,
such
as
the
successful
passage
of
the
DPS
(Amendment)
Bill
2024
by
the
Legislative
Council
on
July
3,
2024.
This
legislative
advancement
paves
the
way
for
the
implementation
of
enhancement
measures
in
two
phases:
the
first
phase
will
commence
on
October
1,
2024,
and
the
second
phase
on
January
1,
2025.

Moreover,
the
Board
has
made
significant
strides
in
raising
public
awareness
and
understanding
of
the
DPS,
leading
to
a
historic
high
level
of
public
awareness
of
the
Scheme
in
2023.

Future
Enhancements

The
enhancements
to
the
DPS
are
designed
to
provide
better
protection
for
depositors
and
to
ensure
the
stability
of
Hong
Kong’s
financial
system.
The
phased
implementation
will
allow
for
a
smooth
transition
and
adaptation
to
the
new
measures.
The
Board’s
proactive
approach
in
engaging
with
the
public
through
consultations
highlights
its
commitment
to
transparency
and
inclusivity
in
policy
formulation.

Additional
Information

The
Annual
Report
2023-2024
is
available
on
the
Board’s
website.
Interested
parties
can
access
the
full
report

here.

The
Hong
Kong
Deposit
Protection
Board
continues
to
play
a
crucial
role
in
safeguarding
the
interests
of
depositors
and
maintaining
confidence
in
Hong
Kong’s
banking
system.
As
the
Board
implements
these
new
measures,
it
remains
committed
to
enhancing
the
effectiveness
and
reliability
of
the
DPS.

Image
source:
Shutterstock