HONG KONG (AP) - Hong Kong bank customers will now have deposits of up to 100,000 Hong Kong dollars (US$12,800) protected by the government in case of a bank failure, an official said Thursday.
The Legislative Council passed a law Wednesday that sets up a deposit-protection fund which draws mandatory contributions from banks, said Jasmin Fung, a spokeswoman for the Hong Kong Monetary Authority.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
