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Press Release 24 April 2020

HKAB Welcomes Increased Support to Individual Customers Affected by the Outbreak



(24 April 2020) The Hong Kong Association of Banks (HKAB) announces that after discussion among the Hong Kong Monetary Authority (HKMA), the HKAB and the Hong Kong Housing Authority (Housing Authority), the scope of principal moratorium for mortgage loans provided by banks will be extended to cover subsidised sale flats under the Housing Authority, in order to provide more citzens with timely relief. These subsidised sale flats include the Home Ownership Scheme, Green Form Subsidised Home Ownership Scheme, Tenants Purchase Scheme, Private Sector Participation Scheme and Buy or Rent Option Scheme in the primary market and under the Secondary Market Scheme. Our member banks will provide full support and announce detailed arrangements in due course.

The ongoing outbreak has resulted in serious economic challenges for Hong Kong, and severely affected many enterprises and citizens. The HKAB has always encouraged its member banks to play an active role in financial relief efforts by working in alignment with the HKSAR Government's and HKMA's various financial support measures in view of the economic situation. Since the beginning of this year, the banking industry has launched various relief measures for SMEs and individual customers. The industry will continue to closely monitor the outbreak and economic situation, while maintaining close communication with various sectors of the community. Our member banks will review existing measures from time to time, and introduce timely measures in an effort to help customers ride out the current challenges.

The Hong Kong Association of Banks

 

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