People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Financial Safety Net and Crisis Management Arrangements

International Monetary Fund

No 2021/119, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: People's republic of china-Hong kong special administrative region; crisis management coordination group; People's Republic of China-Hong Kong Special Administrative Region FSAP; FSAP's finding; branch coordination centre; Bank resolution framework; Crisis management framework; Crisis management; Deposit insurance; Domestic systemically important banks; Global (search for similar items in EconPapers)
Pages: 26
Date: 2021-06-15
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