Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

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Circular No. (162/2015)

To all banks operating in Palestine
Date: Sunday, December 13, 2015

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Subject: Termination of Operations of HSBC Middle East Limited Branch

In light of the approval by the Management Board of the Palestine Monetary Authority to terminate the operations of the HSBC Middle East Limited Branch in Ramallah, and the consequent cessation of providing banking services and receiving clients on the closure date of 31/12/2015, and the end of its participation in clearing sessions managed by the Authority, we hereby inform you of the following:

1. The date 28/12/2015 will serve as the final deadline for the bank branch to send and receive checks submitted for clearing that must be settled with all banks, noting that no checks will be accepted for clearing after this date.

2. The bank branch's participation in clearing sessions on 29/12/2015, 30/12/2015, and 31/12/2015 will be limited solely to the delivery, receipt, and settlement of returned and dishonored checks.

3. The bank branch will continue to receive and send remittances until further instructions are issued on this matter.

Accordingly, we request that you take the necessary measures on your end.

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Deputy Governor
for Financial Stability Affairs

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Supervision and Inspection Department

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www.pma.ps

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Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | Max: +970 2 2409922
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Max: +970 8 2844487
Email: info@pma.ps