| Part H - Compensation |
| Q66. |
How will the compensation amount be calculated? |
| A66. |
Compensation will be calculated in gross amount. All deposit accounts held by the same depositor in a bank will be aggregated for calculating the compensation, subject to the HK$800,000 protection limit.
For joint deposits, holders of the account are normally deemed to have an equal share in the deposit. |
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| Q67. |
Does the DPS protect interest on deposits? |
| A67. |
Yes. Interest accrued on a protected deposit is covered by the DPS. |
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| Q68. |
Will I receive compensation in foreign currencies in respect of my foreign currency deposits? |
| A68. |
No. All compensation under the DPS will be paid in Hong Kong dollars. The Board will convert foreign currency deposits into Hong Kong dollars in determining the entitlement to compensation of depositors. |
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| Q69. |
Under what circumstances will compensation be paid by the DPS? |
| A69. |
Compensation will be paid when (i) the Court issues a winding-up order to a Scheme member; or (ii) the Monetary Authority, after consultation with the Financial Secretary, instructs the Board to pay compensation. |
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| Q70. |
Will I be notified if compensation under the DPS has become payable? |
| A70. |
When compensation under the DPS is triggered in respect of a Scheme member, the Board will inform the depositors of the Scheme member by notice published in major newspapers or by a means which the Board considers appropriate under the prevailing circumstances. |
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| Q71. |
How long does it take for the Board to pay compensation to affected depositors? |
| A71. |
The Board will pay compensation to affected depositors as soon as practicable in the event of a bank failure. The exact timing will however vary from case to case. In general, the Board has a target of seven days in making payments to depositors. |
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| Q72. |
What should I do if my bank failed? |
| A72. |
Depositors do not need to file a claim with the Board. The Board will examine the records of the Scheme member to identify eligible depositors and calculate the compensation amounts. |
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| Q73. |
Can I appeal if I am not happy with the compensation amount? |
| A73. |
You should first contact the Board and ask for an explanation. However, if a depositor is still not satisfied with the compensation amount, he or she may appeal to the Deposit Protection Appeals Tribunal. The contact details of the Tribunal are as follows:
Address :
Room 702, Tower Two, Lippo Centre, 89 Queensway, Hong Kong
Telephone : 2912 8553
Fax : 2524 7097 |
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