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The Chief Executive has made the following appointments to the Capital Adequacy Review Tribunal for a three-year term with effect from Monday (January 1).
Mr Alan Hoo, SBS, SC, JP (Chairman)
Mr David Gordon Eldon, GBS, JP (Member)
Professor Lam Kin (Member)
Ms Elizabeth Law, MH (Member)
Mr Martin Liao Cheung-kong, JP (Member)
The tribunal will be established under the Banking Ordinance to review certain decisions made by the Monetary Authority under the Banking (Capital) Rules, which set out the technical details of how authorised institutions should calculate their capital adequacy ratios. The Banking (Capital) Rules specify that certain decisions made by the Monetary Authority, which relate to the choice of approaches for the calculation of credit, market and operational risks, are subject to review by the tribunal on the application of an aggrieved institution. The rules will commence operation on Monday (January 1).
"Establishment of the tribunal is part of the implementation plan for the new capital adequacy regime in line with the international capital adequacy standards commonly known as Basel II," a government spokesman said.
"Hong Kong is among the first international financial centres to implement Basel II standards. The increased attention to risk and incentive for enhanced risk management under the new regime will contribute to greater robustness and stability of the banking system.
"The chairman and members of the tribunal are highly regarded in their own professions. Their expertise and experience will contribute to the effective operation of the tribunal. We would like to thank them for agreeing to provide their valuable service," the spokesman added.
Ends/Friday, December 29, 2006
Issued at HKT 16:31
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