律政司署 香港金鐘道六十六號 金鐘道政府合署四樓
(106
ATTORNEY GENERAL'S CHAMBERS
QUEENSWAY GOVERNMENT OFFICES 4/F
66 QUEENSWAY
HONG KONG
本署檔號 Our Ref.:
來雨檔號 Your Ref:
AGC LDT 664/00/0
Ра
電話號碼 Tel. No.:
867 2422
(could be spare copy)
Legal Adviser,
Hong Kong Department,
London SW1A 2AH
United Kingdom
нко 012 16
!
Foreign and Commonwealth Office,
7 CHOV 9990
Dear Sir
Article XXVI of the Royal Instruction
Article XXVI of the Royal Instruction provides inter alia that the Governor of Hong Kong shall not assent in the name of Her Majesty to any Bill "establishing any Banking Association, or amending or altering the constitution, powers, or privileges of any Banking Association" unless prior instructions have been obtained. A problem of interpretation of "Banking Association" has arisen.
Deposit-taking institutions in Hong Kong are classified into three separate groups: licensed banks, restricted license banks and deposit-taking companies. 3-tier system is regulated by the Banking Ordinance (Cap. 155).
This
Only licensed banks may operate current or saving accounts. They may also accept deposits of any size and any maturity from the public. A company incorporated in Hong Kong must have a issued and paid-up share capital of not less than HK$150,000,000 before it is granted a banking license. The discretion to grant a banking license rests with the Governor in Council.
Restricted license bank status is granted at the discretion of the Financial Secretary. Companies are required to have a minimum issued and paid-up share capital of HK$100,000,000, and to meet certain criteria regarding size, ownership and quality of management. They may also take
deposits of any maturity from the public, but in amounts of not less than HK$500,000.