In a bid to protect over 90% of the city’s bank depositors, the Hong Kong Deposit Protection Board proposes to increase its safety net coverage to HK$800,000 ($102,000) per bank depositor, up from HK$500,000. A consultation period of three months will be initiated to collect public and relevant party opinions on the proposal. The deposit protection scheme (DPS), funded by banks and established in 2006, has steadily increased its coverage from the initial HK$100,000 cap. If the new cap is accepted, the coverage rate will rise from 89% to 92%. Daryl Ho, CEO of the Hong Kong Deposit Protection Board, underscored the aim to balance enhanced depositor protection and manageable additional costs.
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