Self-Governance and State Regulation

Jes Villa

Chapter 4 in Ethics in Banking, 2015, pp 92-115 from Palgrave Macmillan

Abstract: Abstract In addition to a code of conduct proclaimed by individual banks, Hong Kong and Australia each have a code of banking practice issued by the respective banking associations. In order to appreciate the banking situation in Hong Kong, it is worthwhile to look at the Hong Kong Association of Banks (HKAB) and to examine its role and its relationship with the Hong Kong Monetary Authority (HKMA), which has the exclusive power to approve the establishment of licensed banks, restricted banks and deposit-taking companies, but the focus in this monograph is only on licensed banks. Once a bank receives a license to operate, it has a statutory obligation to become a member of the HKAB, which has traditionally had a pivotal role in the establishment of banking practices and guidelines. The locally established banks are entitled to select their own representatives, whereas the foreign banks have to choose representatives according to their geographical grouping. The HKAB has three permanent members, namely the Hong Kong Bank (HSBC), the Standard Chartered Bank and the Bank of China, each of which rotates annually as chair of the HKAB. These three are not only the largest banks in Hong Kong but also have a notable statutory function, namely as officially designated note issuers of the Hong Kong currency which is a unique privilege held only by central banks in other countries.

Keywords: Interest Rate; Credit Card; Credit Union; Large Bank; Monetary Authority (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-1-137-34028-3_4

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137340283

DOI: 10.1057/9781137340283_4

Access Statistics for this chapter

More chapters in Palgrave Macmillan Studies in Banking and Financial Institutions from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().