Mortgage lending monitored closely: HKMA
(02-06 17:15)
The Hong Kong Monetary Authority says it is going to maintain a close watch on mortgage lending in the coming year. Despite the robust performance of the banking sector last year amid a turbulent external environment, the HKMA's Deputy Chief Executive, Arthur Yuen Kwok-hang, said property posed the greatest credit risk to banks, RTHK reports.
The head of the Monetary Authority, Norman Chan Tak-lam, hinted recently at a sixth round of measures since 2009 to tighten mortgage lending due to soaring property prices. But Yuen refused to speculate on this.
The HKMA also announced measures to strengthen the fixing mechanism for the Hong Kong interbank offered rate, or HIBOR. It said these would enhance the overall governance of the system and require clear delineation of responsibilities among the senior management of banks. Yuen said it would also issue a corresponding statutory guideline under the banking ordinance.
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