Hong Kong Monetary Authority to Consolidate 3-Tier Banking System to 2-Tier Banking System by Merging Deposit-Taking Companies (DTC) into 2nd-Tier Institutions with Restricted License Banks (RLB) Over a 5-Year Transition Period, Minimum Deposit Size is $64,000 (HKD 500,000) & Minimum Capital is $12.8 Million (HKD 100 Million)

Aug 6, 2024

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Hong Kong Monetary Authority to Consolidate 3-Tier Banking System to 2-Tier Banking System by Merging Deposit-Taking Companies (DTC) into 2nd-Tier Institutions with Restricted License Banks (RLB) Over a 5-Year Transition Period, Minimum Deposit Size is $64,000 (HKD 500,000) & Minimum Capital is $12.8 Million (HKD 100 Million)

6th August 2024 | Hong Kong

The Hong Kong Monetary Authority (HKMA) has announced to consolidate the 3-tier banking system to a 2-tier banking system by merging Deposit-Taking Companies (DTC) into 2nd-tier institutions with Restricted License Banks (RLB) over a 5-year transition period. For Restricted License Banks (RLB), the minimum deposit size is $64,000 (HKD 500,000), and minimum capital is $12.8 million (HKD 100 million). HKMA (6/8/24): “The Hong Kong Monetary Authority (HKMA) published today (5 August) the conclusions on the public consultation relating to the review of the three-tier banking system (the Conclusions Paper). The Conclusions Paper sets out the key comments received in the consultation, the HKMA’s responses to these comments, and the HKMA’s proposal on implementing the new two-tier banking system. The HKMA launched a three-month public consultation on 26 June 2023. In the consultation, the HKMA proposed to merge deposit-taking companies (DTCs) into the second-tier institutions, i.e. restricted licence banks (RLBs), with a transition period of five years, with the current requirements on RLBs in respect of minimum capital (i.e. HK$100 million) and minimum deposit size (i.e. HK$500,000) applied. The HKMA received a total of seven submissions from the banking industry, professional bodies and relevant organisations in the consultation. The respondents were broadly supportive of the proposal. Having considered the feedback, the HKMA has introduced new parameters to the proposal with a view to streamlining the transition and minimising impact on existing customers of the DTCs, as follows: (i) the HKMA intends to adopt an arrangement whereby, without a need for them to submit fresh licence applications, existing DTCs will be converted to be an RLB, upon demonstrating to the satisfaction of the HKMA that they have met the minimum capital requirement of an RLB before the end of the 5-year transition period; and (ii) it is intended that the converted RLBs may continue to hold and renew or roll over outstanding deposit taken before the upgrade, up to the end of the 5-year transition period, subject to the pre-existing deposit size and maturity requirements of DTCs of HK$100,000 and 3 months respectively.” View Conclusions Paper here

“ Hong Kong Monetary Authority to Consolidate 3-Tier Banking System to 2-Tier Banking System by Merging Deposit-Taking Companies (DTC) into 2nd-Tier Institutions with Restricted License Banks (RLB) Over a 5-Year Transition Period, Minimum Deposit Size is $64,000 (HKD 500,000) & Minimum Capital is $12.8 Million (HKD 100 Million) “

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Eddie Yue, Chief Executive of the HKMA: “We are pleased to note the broad support of the respondents of the proposed simplification of the three-tier banking system into two-tier. We have carefully considered the suggestions received and adopted them as appropriate. The HKMA will provide guidance to the DTCs in their transition. Following the issuance of the consultation conclusions, the HKMA will work with the relevant parties to prepare the proposed legislative amendments to implement the proposal.”

Hong Kong Monetary Authority to Consolidate 3-Tier Banking System to 2-Tier Banking System by Merging Deposit-Taking Companies (DTC) into 2nd-Tier Institutions with Restricted License Banks (RLB) Over a 5-Year Transition Period, Minimum Deposit Size is $64,000 (HKD 500,000) & Minimum Capital is $12.8 Million (HKD 100 Million)

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