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Hong Kong Monetary Authority Annual Report 2009

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Hong Kong Monetary Authority Annual Report 2009 ANNUAL REPORT 2009 Hong Kong Monetary Authority The Hong Kong Monetary Authority (HKMA) is the government authority in Hong Kong responsible for maintaining monetary and banking stability. The HKMA’s policy objectives are • to maintain currency stability within the framework of the Linked Exchange Rate system • to promote the stability and integrity of the financial system, including the banking system • to help maintain Hong Kong’s status as an international financial centre, including the maintenance and development of Hong Kong’s financial infrastructure • to manage the Exchange Fund. The HKMA is part of the Hong Kong Special Administrative Region Government but operates with a high degree of autonomy, complemented by a high degree of accountability and transparency. The HKMA is accountable to the people of Hong Kong through the Financial Secretary and through the laws passed by the Legislative Council that set out the Monetary Authority’s powers and responsibilities. In his control of the Exchange Fund, the Financial Secretary is advised by the Exchange Fund Advisory Committee. The HKMA’s offices are at 55/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong Telephone : (852) 2878 8196 Facsimile : (852) 2878 8197 E-mail : [email protected] The HKMA Information Centre is located at 55/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong and is open from 10:00 a.m. to 6:00 p.m. Monday to Friday and 10:00 a.m. to 1:00 p.m. on Saturday (except public holidays). The Centre consists of an exhibition area and a library containing materials on Hong Kong’s monetary, banking and financial affairs and central banking topics. The HKMA’s bilingual website (www.hkma.gov.hk) provides comprehensive information about the HKMA including its main publications and many other materials. Contents 4 Highlights of 2009 6 Chief Executive’s Statement 8 About the HKMA 14 Advisory Committees 24 Chief Executive’s Committee 27 HKMA Organisation Chart 28 Economic and Banking Environment 42 Monetary Stability 50 Banking Stability 72 Financial Infrastructure 84 International Financial Centre 90 Reserves Management 96 Professional and Corporate Services 109 The Exchange Fund 194 Calendar of Events 2009 196 Annex and Tables 219 Abbreviations used in this Report 220 Reference Resources The chapter on Banking Stability in this Annual Report is the report on the working of the Banking Ordinance and the activities of the office of the Monetary Authority during 2009 submitted by the Monetary Authority to the Financial Secretary in accordance with section 9 of the Banking Ordinance. The full text of this Report is available on the HKMA website. All amounts in this Report are in Hong Kong dollars unless otherwise stated. Highlights of 2009 Economic and Banking Monetary Banking Environment Stability Stability Real GDP in 2009 declines by The Hong Kong dollar The banking sector comes 2.7% but the economy picks remains stable against the through the global financial up in the second half of the US dollar despite strong crisis, continuing to be strong year. inflows of funds and large and robust. swings in the US dollar The banking sector remains exchange rate against other The HKMA finishes its stable and well capitalised. currencies. investigation work on nearly Asset quality deteriorates but 80% of the Lehman-related remains high by historical Hong Kong’s money market complaint cases and reaches standards. largely returns to normal agreements with the SFC following the introduction of and the distributing banks on temporary liquidity measures the repurchase of financial by the HKMA in 2008. Exit products issued by Lehman from these measures in Brothers. March goes smoothly. Following a guideline issued by the HKMA, authorized institutions lower the maximum loan-to-value ratio for properties with a value of $20 million or more from 70% to 60%. 4 ANNUAL REPORT 2009 • HONG KONG MONETARY AUTHORITY Financial International Reserves Infrastructure Financial Centre Management Phase I of the migration of the The HKMA implements the The Exchange Fund records RTGS and CMU systems to pilot scheme for settlement an investment income of the SWIFTNet open platform of cross-border trades using $106.9 billion, a return of is completed. renminbi. 5.9%. The HKMA launches More renminbi bonds Total assets of the Exchange multi-currency cross-border are issued in Hong Kong, Fund reach $2,149.4 billion payment arrangements including RMB6 billion by the at the end of 2009. between the Mainland and Ministry of Finance, the first Hong Kong and upgrades the such issuance outside the renminbi RTGS system. Mainland. The HKMA designs and The Chiang Mai Initiative launches the Government Multilateralisation Bond Programme, putting Agreement is signed, two issues of bonds to the signifying Hong Kong’s market for institutional separate participation in this investors. regional defensive initiative. Moody’s upgrades the outlook for Hong Kong’s local and foreign-currency ratings. HONG KONG MONETARY AUTHORITY • ANNUAL REPORT 2009 5 Chief Executive’s Statement What a turbulent year of 2009! The world experienced the most serious financial crisis since at least the Second World War and, although the worst effects of the crisis lessened during the year, there was a high degree of concern at how the world economy and financial system were coping, and what the effects on Hong Kong would be. It was therefore not hard to identify my priorities when I took over as Chief Executive of the HKMA on 1 October, and I announced them to the community on my first day. First, maintaining monetary stability in Hong Kong through the Linked Exchange Rate system. The latest crisis has demonstrated, once again, the value of the Link in ensuring monetary stability, which is of such importance to an open and highly externally oriented economy like ours. In its 26-year history, the link to the US dollar has provided an anchor for the economy through a number of crises. It continues to be the best guarantee of financial stability. 2009 saw unprecedentedly large inflows of funds into the Hong Kong dollar – around HK$640 billion between the last quarter of 2008 and the end of 2009 – as investors viewed Asia, and especially China, as the area that would recover first and most strongly from the global recession. As a result, Hong Kong’s Monetary Base exceeded one trillion dollars at the end of the year, and the HKMA issued an additional $374.4 billion in Exchange Fund Bills during the year to meet demand from authorized institutions for liquidity management. The markets reacted calmly to the exit in March from the temporary liquidity-assistance measures introduced in September 2008. Secondly, maintaining the stability of the banking system and the smooth functioning of credit markets. The Hong Kong banking system has come through the latest crisis in much better shape than many of its counterparts in the US and Europe. The aggregate capital adequacy ratio of the banking sector at the end of 2009 stood at 16.9% and the liquidity ratio at 47.8%. The classified loan ratio, despite an increase from 2008, remained low at 1.35% and other asset-quality indicators continued to be favourable. Following the liquidity measures taken in 2008, the Hong Kong interbank market largely returned to normal functioning in 2009 with interbank interest rates declining to very low levels in line with their US-dollar counterparts. Confidence in the local banking system was greatly strengthened while access to bank finance by corporates, including the small and medium- sized enterprises, has largely been restored with the help of the Government loan guarantee schemes. However, we need to guard against the risk of a credit fuelled asset bubble in Hong Kong that would threaten banking and financial stability. This 6 ANNUAL REPORT 2009 • HONG KONG MONETARY AUTHORITY was why the HKMA tightened the loan-to-value ratio for the top end of the property market (those valued at $20 million or more) to 60% in late October. Another major task for the HKMA in 2009 was continuing to deal with the over 21,000 complaints from bank customers in relation to the sale by banks of investment products related to the failed US investment bank Lehman Brothers. In July the HKMA and the Securities and Futures Commission, following extensive investigations by both regulators, reached a settlement agreement with 16 banks with regard to the sale of the Lehman Minibonds. The agreement allowed the vast majority of the banks’ affected customers to get back at least 60% of their principal and those aged 65 or above to receive 70%. By the end of the year, the HKMA had finished its investigation work on 77% of the Lehman-related complaint cases. Our aim is to complete the investigation of the bulk of those remaining by the end of March 2010. Thirdly, continuing with the prudent investment of the Exchange Fund. The global financial markets continued its nose dive in the first quarter, resulting in substantial losses of the Exchange Fund. However, the sharp rebound in global equity markets from the second quarter helped the Fund to achieve eventually an investment return of $106.9 billion or 5.9% in 2009, more than recouping the $75 billion investment loss in 2008. Given the considerable uncertainties surrounding the global financial markets, the HKMA will continue to manage the Exchange Fund prudently in accordance with the investment objectives determined by the Financial Secretary on the advice of the Exchange Fund Advisory Committee. Finally, developing Hong Kong further as an international financial centre. With the increasing size of the Mainland economy and its influence in the global economy, our ability to intermediate renminbi fund flows is essential for Hong Kong’s future competitiveness as the leading international financial centre in the region.
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