On 3 May 2024, the Government gazetted the Deposit Protection Scheme (Amendment) Bill 2024 (“Bill”), which seeks to enhance the Deposit Protection Scheme (“DPS”) to strengthen the protection for depositors, maintain banking stability and keep up with international standards and the latest developments of Hong Kong.
One of the key highlights of the Bill is to raise the protection limit under the DPS from the current HK$500,000 to HK$800,000 per depositor per bank.
The Bill was introduced into the Legislative Council for its first reading on 8 May 2024, and was sent to the Bills Committee of the Legislative Council for consideration on 11 June 2024. According to the current legislative timeline, the Bill will resume for second and third readings on 3 July 2024, with a target to implement the new protection limit in the fourth quarter of 2024.
Please click here for a copy of the Bill.
