HKMA says maintains open mind on deposit insurance

The Hong Kong Monetary Authority (HKMA) said on Monday it still has an open mind on whether Hong Kong needs a deposit insurance scheme, and will not rule out extending a consultation period on the issue.

The HKMA, the de facto central bank, is consulting the public over recommendations of a mandatory deposit insurance designed to protect small depositors and improve stability in the banking system. The consultation period is due to expire on 17 January.

"We continue to maintain an open mind on