Chapter 635: 635

The main components of Xiangjiang banking association include executive committee, advisory committee, disciplinary committee, Subcommittee and ad hoc working group. The executive committee is the highest decision-making and management organization of Xiangjiang Banking Association and has the power to formulate various business rules related to Xiangjiang banking industry.

The executive committee consists of 12 members, including three permanent members and nine elected members. The three permanent members are Huifeng bank, Standard Chartered Bank and Bank of China, which is determined by strength and background; The nine elected members are divided into four representatives of local licensed banks in Xiangjiang and five representatives of foreign banks.

Among the four local licensed banks in Xiangjiang, favorable bank and Gaoyi bank occupy one position in turn, which is also a default rule.

The reason is not mysterious. The favorable bank is the "burden" that Huifeng bank forcibly stuffed in order to contain the high string whose strength rises too fast. Although it has the right to issue money, it is too far fetched to be a permanent member, so it took turns with Gaoyi bank to occupy an alternative member position and explain to Sir Gao.

This meeting was held within the framework of the Executive Committee of the Hong Kong Association of banks and the financial secretary of the Hong Kong government. After the principled agreement on the interest rate increase of the banking industry was obtained, the minor differences were temporarily put aside and moved to another topic.

Hong Kong's financial secretary plans to start with the vigorous rectification of deposit taking companies, that is, financial companies.

The 1970s was the golden age of the rapid development of Xiangjiang's finance company. Gaoyi finance, the predecessor of Gaoyi bank, was a trendsetter who came into being and helped Gaoxian raise a lot of funds for development.

The most significant difference between a financial company and a bank is that it is not a bank. Naturally, it is not bound by the agreed interest rate of the banking industry and can attract deposits with high interest rates.

Accordingly, depositors are attracted by various preferential conditions of the financial company. There is no guarantee to deposit money. As a result, they can only rely on the financial company to do things according to their conscience. The development of Gaoyi finance has become a model of Gaoyi bank. It is not too exaggerated to describe it as one in a hundred.

It was not until 1976 that the Hong Kong government began to pay attention to the blooming financial companies, and then the Hong Kong government formulated the deposit taking Companies Ordinance to formally bring the financial companies into the scope of supervision.

Specifically, a finance company needs to be registered and become a registered deposit taking company. The minimum registered capital shall not be less than 5 million yuan, the minimum paid in capital shall not be less than 2.5 million yuan, deposits shall not be refused, and public deposits below 50000 yuan shall not be absorbed.

Once such restrictions are introduced, the shrimps and crabs in the financial companies will be swept away, the number of registered deposit taking companies will be greatly reduced, the banks are relieved, and the hidden dangers have been eliminated to a certain extent.

However, with Xiangjiang becoming an international financial center step by step, financial companies have developed rapidly again, threatening the status of banks.

Last year, in 1980, the number of licensed banks in Xiangjiang was 114, while the number of registered deposit taking companies exceeded 300.

There are even more surprising data. Also last year, the total assets of the entire Xiangjiang banking system accounted for less than 68% of licensed banks and more than 32% of registered deposit taking companies; The proportion of customer deposits in licensed banks is also only about two-thirds.

It is now March. The trend of declining licensed banks and rising registered deposit taking companies is still intensifying. It began to obviously threaten the status of banks, which has deeply disturbed the Hong Kong government and some banks. Therefore, financial secretary Xia Dingji took it to the meeting for discussion.

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Gao Xian sees this very thoroughly. The financial company is a good tool. If it falls into the hands of good people, it can promote economic development, and if it falls into the hands of bad people, it will harm all sides.

The deposit taking Companies Ordinance enacted by the Hong Kong Government in 1976 actually sets a threshold to exclude the possibility that all cats and dogs can start a financial company. At this stage, almost all financial companies that once again threaten the status of licensed banks have a difficult background, Banks that are often attached to other economies that temporarily fail to meet the qualification requirements of Xiangjiang bank's license are, frankly, equivalent to a disguised branch.

For example, the so-called mysterious financier of Jianing group, Yumin finance, is a subsidiary of Malaya state-run Yumin bank in Xiangjiang.

In fact, financial companies that are not strictly regulated like licensed banks are a good compensation. After Gaoyi finance was upgraded to Gaoyi bank, it established several other registered deposit taking companies, even Huifeng bank.

Now, the Hong Kong government feels that if the development momentum of financial companies is not curbed, financial companies may have to share equally with licensed banks this year.

Gao Xian's attitude towards further strengthening the supervision of financial companies on the basis of registered deposit taking companies does not matter, because this does not mean banning financial companies, and the financial companies affiliated to Gaoyi bank are confident that they will not be eliminated.

In the final analysis, as a "beginner", I am still happy to see the threshold raised and keep my peers out in order to improve my status in disguise.

In addition, Gao Xian also thought of a deeper level to suppress financial companies, which is actually to highlight the status of licensed banks, so as to more effectively control the interest rate of the banking industry.

When it was his turn to make a statement, Gao Xian glanced at financial secretary Xia Dingji and Hui Feng bank's senior class Shen Bi, and then said in a tone significantly softer than that of the previous round: "I think it is inappropriate to strengthen the supervision of the existing registered deposit taking companies across the board, so as not to have a severe impact on the existing banking system in Xiangjiang. It is better to separate a higher standard on the basis of registered deposit taking companies, such as licensed deposit taking companies."

"In this way, Xiangjiang's banking system is divided into three levels, namely licensed banks, licensed deposit taking companies with strict supervision and registered deposit taking companies with the loosest supervision. These three levels should give consideration to the current situation of the banking industry to the greatest extent and be more acceptable."

"In addition, while the government plans to amend the deposit taking Companies Ordinance to increase supervision, can we consider amending the banking ordinance at the same time to adapt to the further prominent position of licensed banks?"

"For example, if an overseas registered bank wants to apply for the license of Xiangjiang bank, the assets in the qualification requirements will be increased to US $10 billion."

"Of course, these specific qualification requirements should be revised every year to adapt to the changing global situation."

After listening to Gao Xian's speech, many bank representatives, including Shen Bi, showed a knowing smile on their faces. It would be great if vested interests could be taken care of as much as possible.

The financial secretary, Xia Dingji, who belongs to the other side, is also very happy. Gao Xian's attitude towards this issue is much more positive than the direct interest rate increase in the banking industry.

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