Establishment of the Resolution Office and senior staff appointments at the Hong Kong Monetary Authority
Hong Kong (HKSAR) - The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (March 17) that a Resolution Office will be established in the HKMA on April 1, a major step to implement the Financial Institutions (Resolution) Ordinance enacted in June 2016. The Office will work to ensure the Hong Kong resolution regime is operational for banks. Its priorities will be to establish resolution policy standards for banks, define resolution strategies and conduct resolvability assessments of banks, work with banks to remove impediments to their orderly resolution, and develop the operational capability necessary to execute orderly resolution. This work is essential to enhancing the resilience of the Hong Kong banking sector in the event of any future crisis. It will be headed by a Commissioner, Mr Stefan Gannon, who will report directly to the Chief Executive of the HKMA. Mr Gannon is currently the General Counsel of the HKMA.
Also with effect from April 1, the currently Executive Director (Banking Policy), Ms Karen Kemp, will take up the post of General Counsel to be vacated by Mr Gannon, while a Division Head of the HKMA, Mr Daryl Ho, will succeed Ms Kemp as the Executive Director (Banking Policy). The CV of the newly appointed Executive Director, Mr Ho, is attached.
The Chief Executive of the HKMA, Mr Norman Chan, said, "The establishment of the Resolution Office within the HKMA marks a milestone in the development of an operational resolution regime in Hong Kong and our efforts to implement the international standard to address the 'Too Big to Fail' problem for the financial system. It will promote Hong Kong's position as a major international financial centre whilst at the same time minimising the risks posed to taxpayers from the failure of a systemically important financial institution."
Published on: 2017-03-17
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