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Due to the seriousness of the coronavirus pandemic, I along with seven LegCo Members, namely Mr. Andrew Leung, Mr. Jeffrey Lam, Mr. Wong Ting-kwong, Mr. Martin Liao, Mr. Jimmy Ng, Mr. Holden Chow, Mr. Shiu Ka-fai, and representatives of the Chambers have arranged a round-table discussion with HKMA, HKMC and seven banks (BOCHK, HSBC, SCB, Citi, HSB, DBS & BEA) at the headquarters of HKMA to discuss measures for expediting financing for SMEs so as to address their urgent needs. The HKMA announced five measures shortly after the meeting and for details, please refer to the link attached*. I appreciate the quick response of HKMA which helps the industry to ride out these difficult times.
*HKMA link attached https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/04/20200403-4/
The measure of lowering CCyB (countercyclical capital buffer) from 2% to 1% is welcome as it provides more room for the banking sector to firmly support the local economy. I together with other LegCo Members will arrange a meeting with HKMA and representatives of the banking sectors, members of Chambers as well as wholesale and retail industry to discuss further relief measures to support SMEs.
SCED speaks on 90 per cent Guarantee Product under SME Financing Guarantee Scheme
SCED speaks on 90 per cent Guarantee Product under SME Financing Guarantee Scheme (with video) Following is the transcript of remarks by the Secretary for Commerce and Economic Development, Mr… Read more »