Composite Interest Rate: End of August 2024
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (September 20) the composite interest rate at the end of August 2024 (Note 1).
The composite interest rate, which is a measure of the average cost of funds of banks, decreased by 6 basis points to 2.52 per cent at the end of August 2024, from 2.58 per cent at the end of July 2024 (see Chart 1 in the Annex). The decrease in composite interest rate mainly reflected the decreases in the weighted funding cost for deposits and interbank funds during the month (see Chart 2 in the Annex) (Note 2).
The historical data of the composite interest rate from the end of the fourth quarter of 2003 to the end of August 2024 are available in the Monthly Statistical Bulletin on the HKMA website (www.hkma.gov.hk).
Note 1:The composite interest rate is a weighted average interest rate of all Hong Kong dollar interest-rate-sensitive liabilities, which include deposits from customers, amounts due to banks, negotiable certificates of deposit and other debt instruments, and all other liabilities that do not involve any formal payment of interest but the values of which are sensitive to interest rate movements (such as Hong Kong dollar non-interest bearing demand deposits) on the books of banks. Data from retail banks, which account for about 90 per cent of the total customers' deposits in the banking sector, are used in the calculation. It should be noted that the composite interest rate represents only average interest expenses. There are various other costs involved in the making of a loan, such as operating costs (e.g. staff and rental expenses), credit cost and hedging cost, which are not covered by the composite interest rate.
Note 2: Since June 2019, the composite interest rate and weighted deposit rate have been calculated based on the new local "Interest rate risk in the banking book" (IRRBB) framework. As such, these figures are not strictly comparable with those of previous months.
Auction of personalised vehicle registration marks to be held on October 27
The Transport Department (TD) today (October 9) announced that an auction of personalised vehicle registration marks (PVRMs) will be held on October 27 (Sunday) in Meeting Room S421, L4, Old Wing, Hong Kong Convention and Exhibition Centre, Wan Chai.
"A total of 240 approved PVRMs will be put up for public auction. A list of the marks has been uploaded to the department's website, www.td.gov.hk/en/public_services/vehicle_registration_mark/index.html," a department spokesman said.
The reserve price of each of these marks is $5,000. Applicants who have paid a deposit of $5,000 should also participate in the bidding (including the first bid at the reserve price). Otherwise, the PVRM concerned may be sold to another bidder at the reserve price.
People who wish to participate in the bidding at the auction should take note of the following points:
(1) Bidders are required to produce the following documents for completion of registration and payment procedures immediately after successful bidding:
(i) the identity document of the successful bidder;
(ii) the identity document of the purchaser (if the purchaser and the successful bidder are different persons);
(iii) a copy of the Certificate of Incorporation (if the purchaser is a body corporate); and
(iv) a crossed cheque made payable to "The Government of the Hong Kong Special Administrative Region" or "The Government of the HKSAR". For an auctioned mark paid for by cheque, the first three working days after the date of auction will be required for cheque clearance confirmation before processing of the application for mark assignment can be completed. Successful bidders may also pay through the Easy Pay System (EPS), but are reminded to note the maximum transfer amount in the same day of the payment card. Payment by post-dated cheque, cash, credit card or other methods will not be accepted.
(2) Purchasers must make payment of the purchase price through EPS or by crossed cheque and complete the Memorandum of Sale of PVRM immediately after the bidding. Subsequent alteration of the particulars in the Memorandum will not be permitted.
(3) A PVRM can only be assigned to a motor vehicle which is registered in the name of the purchaser. The Certificate of Incorporation must be produced immediately by the purchaser if a vehicle registration mark purchased is to be registered under the name of a body corporate.
(4) The display of a PVRM on a motor vehicle should be in compliance with the requirements stipulated in Schedule 4 of the Road Traffic (Registration and Licensing of Vehicles) Regulations.
(5) Any change to the arrangement of letters, numerals and blank spaces of a PVRM, i.e. single and two rows as auctioned, will not be allowed.
(6) The purchaser shall, within 12 months after the date of auction, apply to the Commissioner for Transport for the PVRM to be assigned to a motor vehicle registered in the name of the purchaser. If the purchaser fails to assign the PVRM within 12 months, allocation of the PVRM will be cancelled and arranged for re-allocation in accordance with the statutory provision without prior notice to the purchaser.
"Upon completion of the Memorandum of Sale of PVRM, the purchaser will be issued a receipt and a Certificate of Allocation of Personalised Registration Mark. The Certificate of Allocation will serve to prove the holdership of the PVRM. Potential buyers of vehicles bearing a PVRM should check the Certificate of Allocation with the sellers and pay attention to the details therein. For transfer of vehicle ownership, this certificate together with other required documents should be sent to the TD for processing," the spokesman added.
For other auction details, please refer to the Guidance Notes - Auction of PVRM, which is available at the department's licensing offices or can be downloaded from its website, www.td.gov.hk/en/public_services/vehicle_registration_mark/pvrm_auction/index.html.
