| Date
| Context
| Summary of development
| Action
|
|---|
| 24.10.00
| PRESS
| The Hong Kong Monetary Authority (HKMA) released a consultation paper on enhancing deposit protection in Hong Kong following the completion of an independent consultancy study on the subject in July 2000. [Press release] [Consultation paper]
|
|
| 6.11.00
| FA
| The Panel discussed with the Administration on measures to enhance deposit protection in Hong Kong. [LegCo Brief]
|
|
| 13.12.00
| CM
| The Council passed a motion moved by Hon Albert HO as amended by Hon Tommy CHEUNG urging the Government to expeditiously implement a deposit insurance system for effectively protecting small depositors, and to formulate appropriate complementary measures to reduce the risk of moral hazard. [Hansard "page 200"]
|
|
| 14.2.01
| CM
| The Council passed a motion moved by Hon LAU Chin-shek as amended by Hon CHAN Kam-lam urging the Administration to protect the interests of small depositors of banks. [Hansard "page 120"]
|
|
| 24.4.01
| PRESS
| The Executive Council approved in principle the proposal to introduce Deposit Insurance Scheme (DIS) in Hong Kong and requested HKMA to undertake more detailed study with a view to producing a set of final recommendations on how the scheme should be structured. [Press release]
|
|
| 26.2.02
| FA
| The Panel was briefed on the progress on DIS. [Paper]
|
|
| 9.4.02
| FA
| The second consultation paper on deposit insurance provided by HKMA was circulated to the Panel. [Press release] [Consultation paper]
|
|
| 6.1.03
| FA
| The Panel discussed with the Administration on the latest recommendations on how the proposed Deposit Protection Scheme (DPS) (formerly named as DIS) in Hong Kong should be structured. [Paper] [Follow-up paper]
|
|
| 5/03
to
5/04
| BC
| At the meeting on 2.5.03, House Committee (HC) agreed to set up a bills committee to scrutinize the Deposit Protection Scheme Bill. The Bill sought to provide for the establishment of DPS, the related management and administrative organ, the financial arrangements, the entitlements and payment of compensation, as well as incidental and consequential matters. [Minutes]
The Bills Committee held 14 meetings. [Meeting schedule]
The Bills Committee reported its deliberations to HC on 19.3.04. [Minutes] [Report]
The Council passed the Bill on 5.5.04. [Hansard "page 74"]
|
|
| 31.5.05
| FA
| The Administration provided an information paper on the progress of implementing DPS, including the formation of the Hong Kong Deposit Protection Board (the Board) and the establishment of the Deposit Protection Appeals Tribunal, the development of the payout procedures and contribution systems, as well as the rules governing the operation of DPS (the Rules).
The banking industry has been consulted on the main principles to be incorporated into the Rules. It is expected that the Rules will be ready for tabling before LegCo for negative vetting by stages starting from late 2005 or early 2006.
It is expected that the DPS will be ready to start providing deposit protection in the second half of 2006. [Information Paper]
|
|
|
6.3.06
| FA
| The Panel was briefed on the progress made by the Hong Kong Deposit Protection Board in its preparation for the launch of DPS. [Paper]
[Background Brief]
|
|
| 5/06
| SUBC
| At the HC meeting on 26.5.06, Members agreed to set up a Subcommittee to study the following four items of subsidiary legislation under the Deposit Protection Scheme Ordinance:
| (a) | Deposit Protection Scheme Ordinance (Amendment of Schedules 1 and 4) Notice 2006 (L.N. 107);
| | (b) | Deposit Protection Scheme (Representation on Scheme Membership and Protection of Financial Products under Scheme) Rules (L.N. 108);
| | (c) | Deposit Protection Scheme (Payment of Contributions, Late Payment Fees and Rebates) Rules (L.N. 109); and
| | (d) | Deposit Protection Scheme Ordinance (Commencement) Notice 2006 (L.N. 110).
|
The Subcommittee met on 12.6.06. [Subcommittee to Study Four Items of Subsidiary Legislation under the Deposit Protection Scheme Ordinance]
The Subcommittee reported its deliberations to the House Committee on 30.6.06. [Report]
|
|
|
25.9.06 | - | DPS started to provide deposit protection.
|
|
| 21.9.07
| PRESS
| Hong Kong Deposit Protection Board announced the deposit protection scheme operates smoothly in the first year.
[Press release]
|
|
| 7.11.07
| CQ
| Hon Frederick FUNG raised a question on review on the deposit protection scheme. [Hansard "Page 84"]
|
|
| 22.10.08
| CQ
| Hon Frederick FUNG raised a question on review of the deposit protection scheme. [Hansard "Page 67"]
|
|
| 25.2.09
| CQ
| Hon LEE Wai-king raised a question on protection of bank deposits. [Hansard "Page 35"]
|
|
| 11.3.09
| CQ
| Hon WONG Yuk-man raised a question on protection of bank deposits. [Hansard "Page 48"]
|
|
| 1.6.09
| FA
| The Panel received a briefing by the Board regarding the public consultation on enhancing deposit protection under the Deposit Protection Scheme.
[Paper]
[Background brief]
[Hong Kong Deposit Protection Board's written response on enhancing deposit protection under the Deposit Protection Scheme]
|
|
