The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (May 9) that in view of a notification from the World Organisation for Animal Health (OIE) about an outbreak of low-pathogen… read more
The Environmental Protection Department (EPD) today (May 9) announced the membership of the new term of Steering Committee on Restored Landfill Revitalisation Funding Scheme. Mr Bernard Chan has been re-… read more
The Secretary for the Civil Service, Mr Joshua Law, visited the Marine Department today (May 9) and met with its management and frontline staff to learn more about the department’s work and challenges.
Accompanied by the Permanent Secretary for the Civil Service, Mr Thomas Chow, Mr Law first met with the Director of Marine, Ms Maisie Cheng, and the directorate staff to get an update on the department’s work concerning maritime and navigational safety.
He then toured the Vessel Traffic Centre (VTC) located at the Hong Kong-Macau Ferry Terminal to find out how the VTC, with the help of the newly upgraded third generation Vessel Traffic Services system, monitors vessels’ movements in Hong Kong waters round the clock and facilitates the safe arrival and departure of the vessels.
He also boarded a department patrol launch at Central Government Pier to learn more about how frontline officers support the VTC in co-ordinating actions to facilitate safe navigation and patrolling duties in places such as anchorages, fairways and cargo working areas.
In addition, Mr Law visited the Maritime Rescue Co-ordination Centre (MRCC) to learn more about its operation. The MRCC, equipped with advanced Global Maritime Distress and Safety Systems, co-ordinates search and rescue operations during maritime distress situations in Hong Kong waters and within the Hong Kong Search and Rescue Region in the South China Sea.
At a tea gathering with staff representatives of various grades, Mr Law exchanged views on matters of concern. He also encouraged them to continue to provide quality and professional marine services to the public.
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) issued today (May 9) guidelines to banks on Credit Risk Management for Personal Lending Business. The guidelines allow banks to adopt innovative technology to manage credit risks related to personal lending business, in a bid to improve customer experience in the digital environment.
Under the new guidelines, banks may carve out a portion of their personal lending portfolio as “New Personal-Lending Portfolio” (NPP), in respect of which adherence to conventional lending practices will not be required. Instead of collecting borrowers’ income proof to assess their repayment ability, banks may adopt new credit risk management techniques and practices enabled by innovative technology, such as big data and consumer behavioural analytics, to approve and manage the related credit risks.
To ensure proper management of the associated risks, banks should set a limit for the NPP, which should not exceed 10 per cent of their capital base. At the initial stage, the amount of credit extended to individual borrowers should generally be smaller than that of conventional credit products. In applying new credit risk management techniques and practices, banks should conduct the lending business in a responsible manner and provide customers with adequate information, including key product features and their repayment obligations under the loan product, to enable them to make informed borrowing decisions and avoid over-indebtedness. The HKMA will review the effectiveness of the new risk management practices at a suitable juncture, and consider the future scope of application of the new arrangements.
The Deputy Chief Executive of the HKMA, Mr Arthur Yuen, said, “The new guidelines will enable banks to be more innovative and adopt more financial technology in personal lending business in order to improve digital customer experience. This is also a major development in banking supervision.”
As part of the HKMA’s seven initiatives to promote Smart Banking in Hong Kong in September, 2017, the Banking Made Easy initiative aims to streamline banking supervisory practices, thereby facilitating the application of financial technology, in a bid to improve digital customer experience. The new guidelines are developed after consultation with banks and tech firms undertaken by the HKMA’s Banking Made Easy taskforce. read more
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announces that a tender of 2-year Exchange Fund Notes will be held on May 18, 2018 (Friday) for settlement on May 21, 2018 (Monday), as set out in the tentative issuance schedule announced on February 15, 2018. This is to roll over an issue of 2-year Exchange Fund Notes maturing on the same day.
A total of HK$1,200 million 2-year Notes will be on offer, of which HK$5 million will be made available for offer to members of the public who wish to submit non-competitive tender bids through Hong Kong Securities Clearing Company Limited (HKSCC). If the Notes reserved for non-competitive tender are under-subscribed, the non-subscribed amount will be added to the portion of notes for competitive tender (initially set at HK$1,195 million). The Notes will mature on May 21, 2020 and will carry interest at the rate of 1.79% per annum payable semi-annually in arrears.
Members of the public who wish to submit non-competitive tender applications for Notes that are open to HKSCC may do so through Stock Exchange Participants/Brokers, or for those who hold Investor Accounts of the Central Clearing and Settlement System (CCASS) at the HKSCC, directly through HKSCC, for submission to the HKMA for processing. Competitive tender applications for the Notes must be submitted through any of the Eligible Market Makers on the current published list, which can be obtained from the HKMA at 55/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong (telephone 2878 1465), or from the HKMA’s website at www.hkma.gov.hk; Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender.
The tender results will be published on the HKMA’s website, the Reuters screen (HKMAOOE), and Bloomberg. Applicants who submitted non-competitive tender bids through HKSCC may also obtain the tender results from Stock Exchange Participants/Brokers, or for applicants who hold Investor Accounts at HKSCC’s CCASS from the CCASS terminal for CCASS Broker/Custodian/Participants and CCASS Phone System.
Hong Kong Monetary Authority Exchange Fund Note Programme Tender Information
———————————————————————————————-
Tender information of 2-Year Exchange Fund Notes:
| Issue Number | : | 02Y2005 |
| Stock code | : | 4072 (EFN 1.79 2005) |
| Tender date and time | : | May 18, 2018 (Friday) 9.30am to 10.30am |
| Issue and Settlement Date | : | May 21, 2018 (Monday) |
| Amount on offer | : | HK$1,200 million (up to HK$5 million for non-competitive tender) |
| Commencement of/ Deadline for submission of non-competitive tender bids by retail investors through HKSCC |
: | Please refer to requirements as set down by HKSCC |
| Maturity | : | Two years |
| Maturity Date | : | May 21, 2020 |
| Interest Rate | : | 1.79% p.a. |
| Interest Payment Dates | : | November 21, 2018 May 21, 2019 November 21, 2019 May 21, 2020 |
| Tender amount | : | Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender. Members of the public who wish to apply for the Notes through non-competitive tenders that are open to HKSCC may do so through Stock Exchange Participants/ Brokers, or for those who hold Investors Accounts at HKSCC’s CCASS, directly through HKSCC. Members of the public who wish to apply for the Notes through competitive tender may only do so through any of the Eligible Market Makers on the current published list. |
| Other details | : | Please see Information Memorandum published or approach Eligible Market Makers, HKSCC, or brokers who are Exchange Participants of the Stock Exchange of Hong Kong. |
| Expected commencement date of dealing on the Stock Exchange of Hong Kong | : | May 23, 2018 |
| Yield-to-Maturity | Price | Yield-to-Maturity | Price |
| 0.79 | 101.98 | 1.79 | 100.02 |
| 0.84 | 101.88 | 1.84 | 99.92 |
| 0.89 | 101.78 | 1.89 | 99.82 |
| 0.94 | 101.68 | 1.94 | 99.73 |
| 0.99 | 101.59 | 1.99 | 99.63 |
| 1.04 | 101.49 | 2.04 | 99.53 |
| 1.09 | 101.39 | 2.09 | 99.44 |
| 1.14 | 101.29 | 2.14 | 99.34 |
| 1.19 | 101.19 | 2.19 | 99.24 |
| 1.24 | 101.09 | 2.24 | 99.15 |
| 1.29 | 100.99 | 2.29 | 99.05 |
| 1.34 | 100.89 | 2.34 | 98.96 |
| 1.39 | 100.80 | 2.39 | 98.86 |
| 1.44 | 100.70 | 2.44 | 98.77 |
| 1.49 | 100.60 | 2.49 | 98.67 |
| 1.54 | 100.50 | 2.54 | 98.58 |
| 1.59 | 100.40 | 2.59 | 98.48 |
| 1.64 | 100.31 | 2.64 | 98.39 |
| 1.69 | 100.21 | 2.69 | 98.29 |
| 1.74 | 100.11 | 2.74 | 98.20 |
| 1.79 | 100.02 | 2.79 | 98.10 |