In response to the COVID-19 outbreak, Hong Kong Monetary Authority (HKMA) has working together with the banking sector.Subsequently, HKMA has taken a host of measures to support small-and-medium enterprises (SMEs) and individuals in need. HKMA has in an effort to help Hong Kong’s economy ride through these difficult times.
Overall, total loans of the banks increased by more than HK$650 billion in the first quarters this year.
The HKMA launched the Pre-approved Principal Payment Holiday Scheme in May and extended the scheme to end-April 2021, with over 100 participating banks. Besides, application period for principal moratorium for the 80% and 90% Guarantee Products of HKMC Insurance Limited (HKMCI) extended to end-Mar 2021. As a result, 49,000 applications for payment holiday and other relief measures granted worth HK$590 billion. The scheme also assisted not limited to as below:
As a result, the HKMCI’s Special 100% Loan Guarantee, it has 19,000 applications and total amount loaned HK$31 Billion.
Overall credit line granted by banks to SMEs grew by HK$8 billion in the first 3 quarters this year.
The HKMA received 21,000 applications for relief measure. The total granted amount worth HK$37 billion. The measures including
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