The Hong Kong Monetary Authority ("HKMA") and the Hong Kong Association of Banks ("HKAB") have introduced additional emergency measures to support individuals affected by the Tai Po fire. These include expedited account handling for the deceased, emergency loans, credit support for workers and their families, mortgage repayment grace periods, flexible banknote exchange, and extended branch service hours. All retail banks, including digital banks, are participating in these measures to provide timely assistance. The HKMA and HKAB have also warned against fraud and encouraged public vigilance.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On 4 December, the Hong Kong Monetary Authority ("HKMA") and the Hong Kong Association of Banks ("HKAB") convened a meeting with 28 retail banks, including digital banks, to assess the effectiveness of emergency measures already implemented and to discuss additional support initiatives for individuals impacted by the Tai Po fire. The banking industry remains dedicated to providing timely, appropriate, and empathetic assistance.
As part of the six emergency support measures announced on 28 November, all retail banks have established 24-hour dedicated hotlines, offered a six-month pre-approved repayment grace period, and prioritized handling of bank accounts and document replacements for affected individuals.
The banking industry recently introduced five additional measures: expediting the management of deceased individuals' bank accounts and safe deposit boxes, offering credit support and flexible arrangements, assisting with the flexible exchange of damaged banknotes and coins, waiving bank fees for transfers to and from the ‘Support Fund for Wang Fuk Court in Tai Po’ account, and extending branch service hours in Tai Po.
In response to liquidity pressures, major retail banks have introduced emergency interest-free or low-interest loans with deferred payments for the first six months and service charge waivers. Credit support measures are available for construction workers, cleaning workers, security guards, and their family members injured or deceased as a result of the incident.
The HKMA and HKAB will continue to collaborate with the banking industry to address mortgage repayment arrangements for affected residents. The banking industry offers a six-month pre-approved repayment grace period (including principal and interest) for relevant mortgages.
The three note-issuing banks — The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank (Hong Kong) Limited, and Bank of China (Hong Kong) Limited — will assist affected residents in verifying and exchanging damaged notes and coins issued by any of these banks or the Government.
All retail banks will not impose fees for transfers to and from the ‘Support Fund for Wang Fuk Court in Tai Po’ account. Additionally, they will continue to extend their branch hours in Tai Po, operating from 9:00 am to 5:00 pm on 6 December and from 9:00 am to 1:00 pm on 7 December.
The HKMA and HKAB have noted an increase in fraud attempts related to the Tai Po fire. They are maintaining close communication with the Police and urging vigilance. The banking industry has heightened surveillance and anti-fraud measures, including extra scrutiny of residential or correspondence address changes to Wang Fuk Court in Tai Po, and advising the public to authenticate caller identities and refrain from disclosing personal or sensitive information to suspicious individuals.
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