Six emergency support measures announced by the banking industry to assist Tai Po fire victims.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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SPOTLIGHT ON
FAMILY OFFICES
The Hong Kong Monetary Authority ("HKMA") and the Hong Kong Association of Banks ("HKAB") have implemented a comprehensive package of emergency support measures, effective immediately, to assist residents affected by a No. 5 alarm fire in Tai Po.
Among the measures are the establishment of dedicated committees and hotlines, the provision of a six-month pre-approved repayment grace period, extended branch service hours, prioritization of bank account concerns, flexible liquid funds access, and support for insurance claims.
All 28 retail banks (including digital banks) in Hong Kong have pledged to implement these measures, with detailed information available through hotlines and bank branches.
The HKMA and HKAB expressed sincere condolences to the families affected by the tragedy, assuring continued support with empathy and flexibility.
They also caution the public against fraudulent activities, urging vigilance and encouraging the verification of callers' identities, and discouraging the sharing of personal or bank account information.
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