Banking (Capital) (Amendment) Rules 2023 (Commencement) Notice 2024 gazetted
The Banking (Capital) (Amendment) Rules 2023 (Commencement) Notice 2024 (Commencement Notice) was gazetted today (October 10) to appoint January 1, 2025, as the commencement date for Parts 3 and 5 of the Banking (Capital) (Amendment) Rules 2023 (BCAR).
The BCAR was approved by negative vetting of the Legislative Council in February 2024. Its main purpose is to incorporate the Basel III final reform package promulgated by the Basel Committee on Banking Supervision (BCBS) into local legislation. Part 3 of the BCAR provides for amendments in relation to credit risk, the output floor, operational risk and sovereign concentration risk. Part 5 of the BCAR deals with amendments in relation to market risk and credit valuation adjustment (CVA) risk.
A Government spokesperson said, "The full implementation of Basel III standards will ensure the resilience of our banking system to financial shocks, and reinforce Hong Kong's status as an international financial centre."
A Hong Kong Monetary Authority (HKMA) spokesperson said, "The HKMA has given due consideration to the views of the banking industry in determining the local implementation timeline for the Basel III final reform package. Its full adoption will ensure that the regulatory framework in Hong Kong remains aligned with international standards agreed by the BCBS."
The Commencement Notice will be tabled before the Legislative Council next Wednesday (October 16) for negative vetting.
Government concludes eighth-day arrangements for Wang Fuk Court residents returning to their units
Today (April 27) is the eighth day of phased arrangements for residents of seven blocks of Wang Fuk Court in Tai Po to return to their units. Five high-zone floors of Wang Cheong House and 10 middle-zone floors of Wang Tao House were opened. The access arrangements were carried out in an orderly manner and operated smoothly.
A total of 116 households (403 people) registered to return to their units today through the "one social worker per household" service, while 119 households (443 people) actually turned up.
The average time residents spent entering and leaving the building today was two hours and 32 minutes, with the shortest time being 17 minutes and the longest three hours and 45 minutes. About 65 per cent of the residents stayed in the building for less than three hours. About 23 per cent of the residents stayed in the building for less than two hours. About 5 per cent of the residents stayed in the building for less than one hour.
A total of 60 households (124 people) went up and down the building more than once. Among them, 30 households (74 people) made one additional trip, 17 households (31 people) made two additional trips, 9 households (13 people) made three additional trips, 1 household (3 people) made four additional trips, and 3 households (3 people) made five additional trips.
The integrated enquiry counter set up by relevant departments today received 10 cases requesting police assistance.
The 10 cases requesting police assistance involved suspected loss of property, including watches, jewellery, cash and gold items. Officers were immediately deployed to assist in searches, and lost property was recovered in three cases. In two cases, the units concerned were severely damaged and residents believed after investigation that the property might have been destroyed by fire. In another three cases, there were no signs of ransacking in the units, and the residents could not provide details on the property concerned. For the remaining two cases, the Police will make further investigation.
The Government spares no effort in supporting the residents returning to their units. Each day, the Government deploys over 1 000 personnel from various departments, including the Police, the Civil Aid Service, the Fire Services Department, the Auxiliary Medical Service, the Home Affairs Department, the Social Welfare Department (SWD), the Housing Department, and the Housing Bureau, as well as District Services and Community Care Teams members. The "Government-wide Mobilisation" mechanism has also been activated to bring together greater interdepartmental resources to support residents.
Under the "Government-wide Mobilisation" mechanism, the Civil Service Bureau has co-ordinated nine government departments to mobilise civil servants to form the Government Quick Response Unit to support these access arrangements. These civil servants come from the Agriculture, Fisheries and Conservation Department (AFCD), the Architectural Services Department, the Electrical and Mechanical Services Department (EMSD), the Environmental Protection Department, the Food and Environmental Hygiene Department, the Lands Department (LandsD), the Leisure and Cultural Services Department (LCSD), the Post Office, and the Water Supplies Department (WSD). They will form dedicated teams with social workers and clinical psychologists from the SWD, stationed on different floors to provide support to residents returning to their units. The civil servants mobilised in the first three days were from the AFCD, those mobilised from the fourth day to the sixth day are from the EMSD and the LCSD, while those mobilised from the seventh day to the ninth day (including today) are from the LandsD and the WSD.
Government concludes eighth-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases
Government concludes eighth-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases
Government concludes eighth-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases
