1 Briefing to the Legislative Council Panel on Financial Affairs 2 May 2000 Hong Kong Monetary Authority.

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Presentation transcript:

1 Briefing to the Legislative Council Panel on Financial Affairs 2 May 2000 Hong Kong Monetary Authority

2 Economic Recovery Real GDP Growth

3 Exchange Rates Effective Exchange Rate Indices

4 Interest Rates

5 Domestic Credit Bank Lending 00

6 Capital Markets Funds Raised in Capital Markets

7 Exchange Fund (Group) End-1999End-1998Increase (HK$ bn)(HK$ bn) (%) Assets 1, Liabilities Accumulated Surplus

Increase (HK$ bn)(HK$ bn)(%) Income Expenditure Surplus (6.2) Accumulated surplus brought forward at end of previous year Accumulated surplus carried forward at end of current year Exchange Fund (Group)

9 Exchange Fund Equity prices:volatile Interest rates:poised to go higher Bond prices:lower Currencies:volatile 2000 Investment Outlook - Very Difficult

10 Health of Banking System Local Banks: Profits Growth Growth of operating profit before tax (YoY % Change) % % 1998–32.9% %

11 Health of Banking System Local Banks: Bad Debt Charge Growth of bad debt charge (YoY % Change) % 1997 –0.5% % %

12 Health of Banking System Local Banks: Asset Quality

13 Health of Banking System end-1998end-1999 Capital adequacy ratio18.5%18.8% Liquidity ratio44%45% Local Banks: Key Ratios

Work Focus - Monetary Commitment to the link Continuing work of CBC –convergence of Convertibility rates in August Review of design Currency stability Banknotes

Work Focus - Banking Phase I:3 July 2000 :Time deposits < 7 days Phase II:2 July 2001 :Savings and Current Accounts IRR Deregulation

Work Focus - Banking Depositor Protection Consultant appointed Expected completion in early July Public consultation PROS CONS Consumer confidence Banking stability Moral hazard Costs

17 HKMA HSBC 2000 Work Focus - Infrastructure HKICL USD Clearing Aug 2000 Sept 2000 Dec 2000 USD RTGS USD Stock Clearing USD/HKD Payment versus Payment USD Cheque Clearing USD Debt Clearing HKD RTGS USD RTGS