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.