Gate News message, April 16 — Hong Kong’s banking sector has limited risk exposure to the Middle East, according to Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority. While the current Middle East tensions have not significantly impacted commercial operations or customers, rising oil prices may affect sectors sensitive to energy costs, such as transportation and logistics, prompting the authority to call on banks to adopt a more accommodative approach when addressing short-term liquidity issues for affected clients.
Yue noted that recent requests for assistance from small and medium enterprises (SMEs) have not increased. The Hong Kong Monetary Authority will continue to closely monitor how the geopolitical situation develops and its effects on Hong Kong’s economic activity. The dedicated task force on SME financing is also evaluating whether targeted measures need to be introduced.
Regarding the 100% guarantee special concessional loan scheme for SMEs, Yue stated that the higher default rate of 19.3% was anticipated when the program was launched. In cases of default, the Mortgage Corporation and participating banks will proceed with standard collection procedures.
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