Hong Kong banks implement new measures for Tai Po fire victims

The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Bankers Association (HKAB), has announced new emergency measures to assist those affected by the recent Tai Po fires. The initiative followed a meeting with 28 retail banks, including digital banks, to assess the effectiveness of previous interventions and consider options for further support, the Hong Kong Monetary Authority said.

Initial response and additional measures

Prior to this, on November 28, HKMA and HKAB launched six emergency support measures. These include a dedicated 24-hour hotline, a six-month pre-approved repayment moratorium, and priority processing of bank account issues for those affected by the fires. Building on these efforts, five additional measures have been introduced to further support those affected.

Enhanced support for affected individuals

The new measures include expediting the processing of bank accounts and safe deposit boxes of deceased individuals, with a focus on protecting against unauthorized access. In addition, each bank will offer emergency interest-free or low-interest financing with no fees for the first six months and a pay-later period. These loans are intended to alleviate liquidity pressures on affected individuals.

Credit support was extended not only to residents but also to construction workers, cleaning staff and security guards affected by the incident. In addition, HKMA and HKAB are committed to arranging mortgage loans for affected residents, emphasizing a compassionate and flexible approach.

Currency exchange and fee waiver

Hong Kong’s three banknote issuing banks will provide services to verify and replace damaged banknotes and coins. Residents are advised to take damaged currency to a bank branch instead of repairing it themselves. Additionally, all retail banks will waive transaction fees related to the Tai Po Wangfu Court Support Fund, facilitating both donations and subsidies.

Enhanced banking services and fraud prevention

To meet the needs of the affected communities, banks in Tai Po will extend their business hours. Additionally, the HKMA and HKAB have taken steps to prevent fraud, which raised concerns after the fire. They work with law enforcement to monitor and combat fraud, and advise the public to identify themselves and protect their personal information.

This comprehensive response underscores Hong Kong’s banking sector’s commitment to supporting local communities through timely and empathetic measures during this difficult time.

Image source: Shutterstock