Banking industry introduces additional emergency measures to support affected individuals of Tai Po fire
The following is issued on behalf of the Hong Kong Monetary Authority:
To provide further assistance to the individuals affected by the Tai Po fire, the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) today (December 4) met again with 28 retail banks, including digital banks, to review the effectiveness of previously introduced emergency measures and explore additional support initiatives. The banking industry remains committed to offering timely and appropriate assistance to affected individuals in an empathetic and flexible manner.
As part of the six emergency support measures launched by the HKMA and HKAB last Friday (November 28), all retail banks have set up respective dedicated 24-hour hotlines, provided a six-month pre-approved repayment grace period, and prioritised the handling of bank account matters and document replacements for affected individuals.
Today, the banking industry announces five additional measures listed below:
1. Expedite the handling of the deceased's bank accounts and safe deposit boxes – The HKMA is establishing a collaboration mechanism with the banking industry and relevant government departments to assist family members in expediting the handling of bank accounts and safe deposit boxes of the deceased. At the same time, the banking industry will strengthen the protection of such accounts to guard against unauthorised withdrawals and other fraudulent activities.
2.Provide credit support and flexible arrangement for affected individuals – To alleviate the liquidity pressure on affected individuals, the following support measures will be introduced:
- Offer emergency interest-free or low-interest loans – Major retail banks will introduce their respective emergency interest-free or low-interest loans for affected individuals, offering a deferred payment period of the first six months and a service charge waiver. For details, please refer to the respective terms and conditions of each individual bank.
- Expand the coverage of credit support measures — In addition to affected residents, credit support measures will also apply to construction workers, cleaning workers, and security guards who were injured or passed away in the incident, as well as their family members, to alleviate their financial pressure.
- Closely follow up on mortgage arrangements — The HKMA and HKAB will continue to work closely with the banking industry regarding follow-up arrangements for the mortgages of affected residents, adopting an empathetic and flexible approach in handling each case, including relevant legal matters, insurance claims, and arrangements for building repairs or reconstruction. The banking industry is currently providing a six-month pre-approved repayment grace period (including principal and interest) for relevant mortgages to alleviate the immediate financial pressure on affected residents, while giving them and relevant parties time and room to manage these issues.
3.Help affected residents exchange damaged banknotes and coins flexibly – The three note-issuing banks (NIBs), namely The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank (Hong Kong) Limited, and Bank of China (Hong Kong) Limited, will provide a one-stop service to assist affected residents in verifying and exchanging notes and coins issued by any NIBs or the Government that were damaged in the fire, after the affected buildings are unblocked. Affected residents are advised not to repair damaged notes or coins on their own. They are advised to keep the damaged notes and coins in their current state, and take them to the NIBs' branches for exchange, along with the affected residents' identification proof.
4.No bank fees for fund transfers to and from the "Support Fund for Wang Fuk Court in Tai Po"account – All retail banks will not charge any fees for all fund transfers to and from the "Support Fund for Wang Fuk Court in Tai Po"account set up by the Government. This includes both making donations to and receiving subsidies from the Fund.
5.Continue to extend branch service hours in Tai Po – All retail banks will continue to extend the opening hours of their branches in Tai Po, providing services from 9am to 5pm on December 6 (Saturday), and from 9am to 1pm on December 7 (Sunday).
The HKMA and HKAB have noted that fraudsters are exploiting the Tai Po fire to defraud. The HKMA and HKAB have been maintaining close communication with the Police while reminding the banking industry and the public to stay vigilant. At the meeting, the Police were invited to share the latest modus operandi of deception arising from the fire incident. The banking industry has already stepped up surveillance and anti-fraud measures accordingly, including exercising extra vigilance for applications of change of residential or correspondence addresses to Wang Fuk Court in Tai Po after the fire, and cooperating with Police investigations. Whenever receiving calls that are claimed to be from banks, the public should authenticate the identity of the caller and never disclose personal or bank account information, passwords, or other sensitive information to suspicious individuals.
