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Deposit Protection in Hong Kong
Depositors in Hong Kong are protected by the Deposit Protection Scheme and, up to the end of 2010, a guarantee offered by the Hong Kong SAR Government's Exchange Fund.
The Scheme was established by the Hong Kong Deposit Protection Board in accordance with the Deposit Protection Scheme Ordinance for compensating depositors. The purposes of the Deposit Protection Scheme are to protect depositors and help to maintain stability of the banking system in Hong Kong.
On 14 October 2008, the Hong Kong SAR Government announced the use of the Exchange Fund to guarantee repayment of all customer deposits held with all Authorized Institutions in Hong Kong following the principles of the Deposit Protection Scheme. The guarantee took immediate effect and will remain in force until the end of 2010. |
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