People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Financial Safety Net and Crisis Management Arrangements
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Summary:
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.
Series:
Country Report No. 2021/119
Subject:
Bank resolution framework Crisis management Crisis management framework Deposit insurance Domestic systemically important banks Financial crises Financial institutions International organization Monetary policy
Frequency:
regular
English
Publication Date:
June 15, 2021
ISBN/ISSN:
9781513584072/1934-7685
Stock No:
1HKGEA2021007
Pages:
26
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