Hong Kong Deposit Protection Board implements second phase of enhancement measures of Deposit Protection Scheme
The second phase of the enhancement measures of the Deposit Protection
Scheme (DPS) will come into effect tomorrow (1 January 2025),
following the implementation of the first phase on 1 October 2024. 1
The enhancement measures that will come into effect tomorrow
include: providing enhanced coverage to affected depositors upon a
bank merger or acquisition; and requiring Scheme members to display
the DPS membership sign on their electronic banking platforms.
Ms Connie Lau Yin-hing, SBS, JP, Chairman of the Hong Kong
Deposit Protection Board (the Board), said, “We are pleased to witness
the smooth implementation of the first phase of the enhancement
measures since October. The Board’s publicity efforts across various
channels, including TV, social media, and public engagement, have
effectively raised public awareness of the enhancement measures, in
particular, the increased protection limit of HK$800,000. Looking
ahead, we will continue to step up our promotional efforts to raise
public awareness of the enhanced DPS. ”
For press enquiries,
please send an email to dps_enquiry@dps. org. hk. You may also
contact:
Ms Ivy Yong Senior Manager (Scheme Development and
Communications) Tel: (852) 2878-8495
Ms Bernia Lee Manager
(Communications)
Tel: (852) 2878-1196
Hong Kong Deposit
Protection Board 31 December 2024
1 The first phase of the
enhancement measures included raising the deposit protection limit
from HK$500,000 to HK$800,000 per depositor per bank; refining the
levy system to enable the DPS Fund to reach its target size within a
reasonable timeframe under the increased protection limit; and
streamlining the negative disclosure requirement on non-protected
deposit transactions for private banking customers.