Cover IMF Staff Country Reports
People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Financial Safety Net and Crisis Management Arrangements
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2021: Issue 119
Language:
English
Publication Date:
15 Jun 2021
DOI:
https://doi.org/10.5089/9781513584072.002
ISBN:
9781513584072
ISSN:
1934-7685
Pages:
26
Keywords:
People's republic of china-Hong kong special administrative region; crisis management coordination group; People's Republic of China-Hong Kong Special Administrative Region FSAP; FSAP's finding; branch coordination centre; Bank resolution framework; Crisis management framework; Crisis management; Deposit insurance; Domestic systemically important banks; Global
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Hong Kong SAR has significantly strengthened its crisis management arrangements through a thorough update of the framework for resolution of financial institutions, as recommended by the 2014 Financial Sector Assessment Program. The 2017 Financial Institutions (Resolution) Ordinance (FIRO) creates a resolution regime that is clear, comprehensive in scope, and closely aligned with the Financial Stability Board (FSB) Key Attributes of Effective Resolution Regimes for Financial Institutions. Some aspects of the FIRO, such as the cross-sectoral scope of the regime, are particularly strong. To implement the regime, the Hong Kong Monetary Authority (HKMA) 2 has established a Resolution Office (RO) with clear operational separation from banking supervision.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund
Volume 2021: Issue 119