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LegCo Member: Early Loan Repayment Call Still Exists among Banks; FSTB: Note-issuing Banks Not Revise Credit Approval Rules
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Priscilla Leung, member of the Legislative Council (LegCo) representing the Business and Professionals Alliance for Hong Kong, raised a question at the LegCo meeting today (6th) about how the government will improve the efficiency of vetting and approving funding schemes to assist enterprises in financing. Louis Loong, a member of the real estate and construction sector who belongs to the same alliance, pointed out that some banks are still calling early repayment of loans. He said that the guidelines issued earlier by the Hong Kong Monetary Authority (HKMA) to banks have not been implemented. Under Secretary for Financial Services and the Treasury Joseph Chan said that the Taskforce on SME Lending would liaise with banks and discuss individual cases. The Taskforce has set up a one-stop platform for SMEs to directly reflect to the HKMA the hiccups in applying for financing. He continued that the note-issuing banks all stated at the meeting in September that they had not revised their credit approval criteria. AAStocks Financial News |
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