Both the Board and the Hong Kong Monetary Authority (HKMA) are financial safety net players in Hong Kong. They share a common objective, which is to promote the stability of the banking system. In order to ensure that this important objective is accomplished, the Board and the HKMA have agreed on how the two organisations should cooperate with each other in the performance of their respective functions. Moreover, as the Board is required by the DPS Ordinance to perform functions through the HKMA, the Board has agreed with the HKMA the extent of support to be provided by the HKMA. The detailed arrangements for how the two organisations should co-operate have been set out in a Memorandum of Understanding between the Board and the HKMA.