Regulatory Alerts2010-06-03
Added · Updated
Representation on the Expiry of Full Deposit Guarantee
The Hong Kong Monetary Authority requires all authorized institutions to notify depositors that the government's full deposit guarantee will expire on 31 December 2010. Institutions must issue written or electronic notices to existing depositors by 15 July 2010 and obtain acknowledgements from individual customers before accepting new deposits with maturities on or after 1 January 2011. Additionally, banks must remove all Deposit Guarantee Signs and obsolete references to the guarantee from their premises and promotional materials upon expiry.
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