HONG KONG AS A FINANCIAL CENTRE
Hong Kong's banking industry has come a long way since the traumas of the 1960s. At the beginning of that decade banks were virtually unregulated; the licensing system then in existence had little impact. There were a large number of small independent banks, some of them indulging in practices which none would regard as acceptable these days; liquidity was often inadequate, investment in property excessive. and as a result, many banks were forced to bid aggressively for short term deposits. And, most important, there was a lack of any fundamental protection for the interests of depositors. That is not to say that all banks were imprudently managed, but some were, and as a résult of serious deficiencies in the system. 2: By the end of the 1960s, an entirely new structure of supervision had been devised, involving a coherent legislative framework in the Banking Ordinance. This provided for more effective licensing arrangements, minimum capital requirements, the observation of minimum liquidity ratios, limitations on investment in property and restrictions on lending. Most important, the Ordinance provided for monthly: returns to a newly established.Commissioner of Banking and a system of periodic inspections. A ban on the issue of new banking licences was imposed and the banks devised an Interest Rate Agreement to prevent. excessive competition on deposits eroding the capital of smaller banks.
The introduction of these measures came too late to prevent further problems and, in particular, the worst of all the banking crises of the 1960s, when confidence in the system was eroded to such an extent that several sound institutions needed support.
w s has rapidly improved. It is remarkable that even the stock market crash in 1973, and the recession
Now, however, the new structure has been fully operational for a decade and the strength of the
of 1974 to 1975, had no lasting effect on the banking system which remained well and prudently managed throughout, while no bank depositor has incurred loss over that period.
But it is important that depositors should not only feel secure, but that Hong Kong has a banking
·system that provides an adequate ineans of channelling investment funds into industry, an efficient pay- ment mechanism and all the other complex services necessary. for the financing of Hong Kong's modern
industrial and externally oriented economy. The role that the banking system has played here has been of crucial jimportance. Hong Kong banks have always had very strong overseas connections, built up in the days when Hong Kong's economy was based on trading other people's goods. And several foreign banks have been well. established in Hong Kong for many years. These connections proved to be of inestimable assistance in the development of Hong Kong's export industries. One of our most competitive features has been the ability to obtain and meet orders in a prompt fashion. Without the resourcefulness.of the banking system our success in this area would have been greatly impeded.
6:
Now, 10 years later, it is appropriate to review our policy towards the financial community and 1. began that process in a statement to the Legislative Council in March. As I said then, our major objective, must continue to be
a he preservation of the interests of depositors. It may be that consumers of other
家 and
services can be expected to look after their interests. But a depositor, particularly a small one, is
especially vulnerable position. The fact that these interests have been successfully protected for the 10 years is no excuse for relaxing our vigilance, Indeed, as the banking industry becomes more. sophisticated we must step up our efforts. As I announced in March we have decided to take steps to extend. the Government's supervisory role to cover all deposit taking institutions and legislation is in the process: of being drafted to that end.
Meanwhile, the financial community has become much more outward looking and Hong Kong has
Premerged as one of the leading financial centres for South East Asia. Because of these developments many
more foreign banks have expressed a desire for a presence in some form in Hong Kong. Until recently they ̇have been confined, by the moratorium on the issue of new licences, to operating through a
representative
office or as a company. registered under the Deposit-taking Companies ce. I have long had doubts:
whether these restrictions are still in Hong Kong's interest and I am glad it has now been decided that large and reputable foreign banks that meet certain criteria should be allowed to operate as fully licensed banks provided that their countries of incorporation offer some form of reciprocity to Hong Kong banks. Such institutions will, however, be confined to operating from one office in Hong Kong. Some such banks have already been granted licences and I expect we will receive further applications during the next few months. I believe the ability of these banks to operate as fully licensed. institutions in their own name will enhance the stature of Hong Kong as a financial centre.
C.P. HADDON-CAVE.
的
幾對九防 止佈稽每對金安法監嚴營本最果資
過了核月貸比排的 『量,的向欸串,結
而過全的
些的各制新的的最構構一陷的障
這些措施的頒行來得太遲、不足以
甚道,的信代步指競銀度設限邂低。已九的, 至系現銀心的的施令行。的制守資道建六結但那對行足 一統在行損最各的侵議發銀 本提立○果有不於被夠人 九已這也耗壞
行最對額供了年。些是存迫 認其 七經新需至的困
物的較,代 如說戶積投爲 三快結要那銀
混有引末此所的極 購支樣行
投定效致期 已持的業
的銀 股改-
。程危 份良份 市了運
度機
以賞
銀
以令
崩更了至時一以 防頒其
些利益在過去十年內成功的被保護的事
存戶,處於特別容易被攻破的地位。這 們的利益。但一個存戶,特别是一個小
制。最重要的,這條例規定
,對物業投資的限制以及
香
一個全新的
,有利爭於以
執期銀
那的益取连接的响
·是銀沒短業受經力制在 這行有期太的營。 系都住存多 統是何欸,流法多當年香
的那來
資的立的 的經基。結動,小時的港
銀所需於
非常的·他
强
到貨必。月我 白品須正對們 功行是的 和我如立對現早系接幫
箱我法財在統到助香穗
剛局政,受的訂。港固代 但的存才發社經到資單我的 [一消存所表會過重源和們出 個費戶說的的了大-
依最.
們,聲政十傷足時 工年立買的 是 我明策年害,交競業了。費海極 可利們中,,了我貨爭的。幾其 以益的開而應 們的能發這家他關要行 影
我可 在能力展些外人保的系
「這力的有關國的
作作
命。或許其他
作爲一個金融中心的地位。
位
。
能 力
自
收
到
將己 提的 高名申.
香稱請
營那
執
照
間
统的
提覺 失那,業潰
。個各蕭,
的銀行業已走了一條長路。在那十年的 自一九六○年代的混亂以來,香港: 潰,以及一九七四年至一九七五年的商
型的獨立銀行,其中有些的經營手法,
的執照制度沒有很大的影响力。許多小
初期,銀行實際上是沒有管制的,當時
工業
,各銀行仍然良好的和謹慎的經營,在
業蕭條,對銀行系統也沒有持久的影响
提供一個足夠的方法以把投資欸項轉入 覺安全,却是香港要有一個銀行系統, 失。」老,重要的是不只存戶們應該感
,一個高效率的付欸機械以及投
資
展望,
方。特無係銀貨這香在經 面沒徵法証行品種港這濟 的有之明在作關的裡所費入
我疑
已存被最
·規准之很這司設
惠國為聲
欣些條立
例一由
近表
投轉
是重
香要
但—時銀條以
是期
内仍
没
然
蒙
損在响
銀的公必 行監佈
察,加由 而的我速於以 有角們我銀鬆 關色已們行弛 的,決的業我 立以定努變們 法監探力成的 更警 已察取 在所
的作有B
代暫形這爲社 表停式些了會 爲辦發在發東已: 經·屬一事給香展
於家 港亞成 更生了 或照現多要更
融外
起有 巧的 草收 ·我複藉. 中受擴於雜口
遇須有
對執 外 香照 過港的
國
下
存獄公司條例下登記爲一家公司。我久士特就該局工作及展望作詳細介紹,希
已懷疑這些限制是否仍屬於香港的利益
,而我很欣慰,現在已經決定,符合若
干標準之大規模的及有聲譽的外國銀行
期我們在今後幾個月內將再收到申請盡
我相信這些銀行在他們自己的名稱下
營。那些銀行有些已獲發給執照,我預
那些銀行只限於從在港的一間辦事處經
銀行給予某種形式的互惠待遇。不過,
品
,
港下書預
經
陸賴他撰- 精投很文所為,
們稿一關資易: 出們最百者介此解亦聯頗 版的後忙均紹外說絕想堪
賴他們的支持,我們的專輯特飛,將會
最後要鳴謝的當然是廣告客戶,須
精,不到供買
5彩宜可機有樓理
骨文乎忽械心儲,動
章垂觀設人對現話
筆機別尙注,備士是此象
值多。成方細明問之
小面讀智題,
女但談擧有超樓
的銀
一限澄,之素
提於
政的篇
君花易人 士人到
,幅
很未
此方资
認對
多能
有面,
他財成識此
對才投?究爲熱的
展望
交易在港雖經營有年,但普通人士對 望本港工商界能更-
份利用其服務, 拓 展世界市場,帶來更多就業機會。商品
此
財爲
香港可成爲一金融中心
財政司夏鼎基
對愛出不口觸及日有港暸入收更 致鴻
下信面此趨關
能信貿用廣
用易保泛,熟
局發險 但
單優服展 能
之具 以必威
就度為
1金夏 行而行
致以萬二分謝意。
萬,人
此案未刊
梁待能夠一次比一次進步,工作者均以 未能盡善之處在所難免,但願今後經驗 珍型式面世,就本報而言,尚屬首次。 編者的話 這次「銀行財務及投資特刊」以書
作今
本刊專文達十餘篇,多由有關業務
刂業達
以驗
鴻文,添增本刊光彩不少,編者謹在此一
●編等由
此賜務
財政司夏鼎基特爲本刊所撰之「香
作不惠務局對全竟然,融鼎
及無付
神款在
面不亦香中基 於用有親
及有港心
一字專自
·份望益
般儲業執
人爲專本
讀量性筆
上口港題身 金文刊
,可商經也居個融
而俗不所
獲濟。要人中相撰 获得資至職 真香獻於
過速
得條
拓希納這之港亦出接
深可當
2