The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) announced five additional emergency support measures for individuals affected by the Tai Po fire, following a review with 28 retail banks including digital banks. The package builds on six measures introduced on 28 November, under which all retail banks set up dedicated 24-hour hotlines, offered a six-month pre-approved repayment grace period, and prioritised bank account handling and replacement of documents for affected individuals. New measures include a collaboration mechanism with banks and relevant government departments to expedite handling of deceased persons’ bank accounts and safe deposit boxes, alongside strengthened controls to prevent unauthorised withdrawals and fraud. Banks will also introduce credit support to ease liquidity pressure, including emergency interest-free or low-interest loans with a six-month deferred payment period and service charge waivers, and expanded coverage to injured or deceased construction, cleaning and security workers and their family members. Follow-up arrangements for affected residents’ mortgages will continue on a case-by-case basis, including related legal matters, insurance claims and building repair or reconstruction arrangements, supported by the existing six-month pre-approved mortgage repayment grace period covering principal and interest. The three note-issuing banks, The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank (Hong Kong) Limited and Bank of China (Hong Kong) Limited, will provide a one-stop service to verify and exchange fire-damaged banknotes and coins once affected buildings are unblocked. All retail banks will waive fees for fund transfers to and from the HKSAR Government’s “Support Fund for Wang Fuk Court in Tai Po” account and will extend Tai Po branch service hours on 6 December and 7 December. The HKMA and HKAB also warned of scams linked to the incident and, following Police briefings, banks have enhanced surveillance and anti-fraud measures, including increased scrutiny of address-change requests to Wang Fuk Court.
Hong Kong Monetary Authority 2025-12-04
Hong Kong Monetary Authority and Hong Kong Association of Banks add five emergency banking measures for individuals affected by the Tai Po fire
The Hong Kong Monetary Authority and the Hong Kong Association of Banks announced five emergency support measures for those affected by the Tai Po fire, including expedited handling of deceased persons’ accounts and enhanced fraud controls. Banks will offer credit support through emergency loans and service charge waivers, with extended coverage for affected workers and families. The three note-issuing banks will provide services for fire-damaged currency, and all retail banks will waive fees for fund transfers to the HKSAR Government’s support fund.