HKMA gets green light on HK deposit insurance

HONG KONG - Hong Kong's Executive Council has approved in principle a deposit insurance scheme proposal aimed at protecting depositors in the case of bank failures, the Hong Kong Monetary Authority (HKMA) said on Apr 24.

The move gave the HKMA the green light to work on final recommendations on how the mandatory scheme should be structured and how to further strengthen the territory's financial system.

The Executive Council is the advisory cabinet of Hong Kong Chief Executive Tung Chee-hwa."We'