Advertisement

Self-Governance and State Regulation

  • Jes Villa
Chapter
  • 248 Downloads
Part of the Palgrave Macmillan Studies in Banking and Financial Institutions book series (SBFI)

Abstract

In addition to a code of conduct proclaimed by individual banks, Hong Kong and Australia each have a code of banking practice issued by the respective banking associations. In order to appreciate the banking situation in Hong Kong, it is worthwhile to look at the Hong Kong Association of Banks (HKAB) and to examine its role and its relationship with the Hong Kong Monetary Authority (HKMA), which has the exclusive power to approve the establishment of licensed banks, restricted banks and deposit-taking companies, but the focus in this monograph is only on licensed banks. Once a bank receives a license to operate, it has a statutory obligation to become a member of the HKAB, which has traditionally had a pivotal role in the establishment of banking practices and guidelines. The locally established banks are entitled to select their own representatives, whereas the foreign banks have to choose representatives according to their geographical grouping. The HKAB has three permanent members, namely the Hong Kong Bank (HSBC), the Standard Chartered Bank and the Bank of China, each of which rotates annually as chair of the HKAB. These three are not only the largest banks in Hong Kong but also have a notable statutory function, namely as officially designated note issuers of the Hong Kong currency which is a unique privilege held only by central banks in other countries.

Keywords

Interest Rate Credit Card Credit Union Large Bank Monetary Authority 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Notes

  1. 5.
    Hong Kong Legislature, ‘Exchange Fund Ordinance’, in Chapter 66 (Hong Kong: 1997), http://www.hklii.org/hk/legis/en/ord/66/ (accessed 15 November 2006).Google Scholar
  2. 22.
    Amanda Fitzgibbons, ‘The Financial Sector and Deregulation in Australia: Drivers of Reform or Reluctant Followers?’, Accounting, Business & Financial History 16, no. 3 (2006): p. 372.CrossRefGoogle Scholar
  3. 26.
    Edna Carew, Westpac: The Bank That Broke the Bank ( Sydney, Australia: Doubleday, 1997 ), p. 19.Google Scholar
  4. 29.
    Marianne Gizycki and Philip Lowe, ‘The Australian Financial System in the 1990s’, in The Australian Economy in the 1990s (Reserve Bank of Australia Conference: Reserve Bank of Australia, 2000), http://www.rba.gov.au/PublicationsAndResearch/Conferences/2000/GizyckiLowe.pdf, p. 183 (accessed 15 February 2009).Google Scholar
  5. 36.
    Jeffrey Carmichael, ‘APRA: Some Reflections on Where We Have Been and Where We Are Heading’, in Australian Institute of Credit Union Management Conference (1998), http://www.apra.gov.au/speeches/98_05.cfm (accessed 20 February 2009).Google Scholar
  6. 39.
    Jeffrey Carmichael, ‘Australia’s New Regulatory Model’, in Forex 1998 (Asia Pacific Conference–ACI Assembly: 1998), http://www.apra.gov.au/speeches/98_14.cfm (accessed 20 February 2009).Google Scholar

Copyright information

© Jes Villa 2015

Authors and Affiliations

  • Jes Villa

There are no affiliations available

Personalised recommendations