1987 Ed.]
Banking
[CAP. 155
83
(2) The Financial Secretary may, by notice in the Gazette, vary any percentage specified in subsection (1).
(3) An authorized institution aggrieved by a variation of the capital adequacy ratio contained in a notice under subsection (1) served on it by the Commissioner may appeal, by notice in writing served on the Commissioner and the Financial Secretary stating the grounds of the appeal, to the Financial Secretary against the variation, but that variation shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(4) The Financial Secretary shall determine an appeal under subsection (3) by confirming, varying or reversing the variation of capital adequacy ratio the subject of the appeal.
PART XVIII
LIQUIDITY RATIO OF AUTHORIZED INSTITUTIONS AND MATTERS AFFECTING LIQUIDITY RATIO
102. (1) Subject to this Part and Part X, every authorized institution shall maintain a liquidity ratio of not less than 25 per cent in each calendar month as calculated in accordance with the provisions of the Fourth Schedule and this Part.
(2) The liquidity ratio of an authorized institution shall be calculated for each calendar month on the basis of the sum of its liquefiable assets and the sum of its qualifying liabilities, within the meaning of the Fourth Schedule, for each working day of the calendar month concerned except that the Commissioner may, as he thinks fit, by notice in writing served on an authorized institution, permit the institution to calculate its liquidity ratio by reference to such days during the calendar month concerned as the Commissioner may specify in the notice:
Provided that if any such specified day is a public holiday the immediately preceding working day shall be taken for the purposes of such calculation.
(3) In relation to an authorized institution that operates in Hong Kong and also elsewhere, this Part shall apply only to its principal place of business in Hong Kong and its local branches and shall do so as if that principal place of business and those branches were collectively a separate authorized institution.
(4) The Financial Secretary may, by notice in the Gazette, vary the percentage specified in subsection (1).
103. (1) Where an authorized institution contravenes section 102(1), it shall forthwith notify the Commissioner of that contravention.
Liquidity ratio.
Fourth Schedule.
Fourth Schedule.
Failure to keep to liquidity ratio.