Hong Kong, UK expand deposit protection
Friday 31 December 2010 - by Will Henley
Regulatory authorities in Hong Kong and the United Kingdom have expanded depositor protection schemes put in place at the height of the financial crisis.
Hong Kong Monetary Authority chief executive Norman Chan added that Hong Kong's banking system remains "healthy and robust, with capitalisation well above international standards".
Meanwhile, the UK's Financial Services Authority also announced on Thursday that its deposit compensation scheme would increase from £50,000 to £85,000 from 31 December.
The decision brings the country into line with a €100,000 ($133,500) limit set for on all European Economic Area member states.
"Today's announcement completes a radical overhaul of depositor compensation," said Sheila Nicoll, the FSA's director of conduct policy.
"The need to maintain customer confidence in the banking system is one of the key lessons from the financial crisis."
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