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HKMA's Howard Lee: HK Banks' Bad Debt Ratio Not Exceptionally High; CDI Helps Banks Know about Corporate Conditions
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The overall bad debt ratio of Hong Kong banks is not exceptionally high, Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), stated, describing it as relatively stable. Although there is no specific data analysis on bad debts from the Commercial Data Interchange (CDI), Lee foresaw that banks obtaining real data through the CDI will help them understand corporate business conditions. Discussions with the government have been ongoing regarding what data can be made available for banks and others to use, he revealed. In addition to government data sources already connected to the CDI, such as the Companies Registry and the Land Registry, future connections will include the Customs' MyGovHK. Banks also expressed interest in obtaining information, such as recognized corporate tax data from the tax authorities, to bolster approval confidence. AASTOCKS Financial News Website: www.aastocks.com |
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