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Hong Kong well advanced on Basel II

HONG KONG – Hong Kong is well advanced on the Basel II framework, Hong Kong Monetary Authority (HKMA) deputy chief executive William Ryback said on January 25.

Basel II implementation is now less than 12 months away, Ryback noted in a review on the HKMA’s priorities for 2006. The HKMA acts as the central bank and chief financial watchdog in China’s special administrative region of Hong Kong.

Hong Kong’s Banking Ordinance was amended last year to give the HKMA power to issue capital and disclosure rules, and the drafting of these rules is in hand, Ryback said.