SCMP Tuesday, April 3, 2001

Banking environment set for big changes: Tsang


Updated at 6.57pm:
The Government expects banks to take various measures to boost competitiveness with the imminent scrapping of the interest rate agreement in July, the Financial Secretary said on Tuesday.
Speaking live on Commercial Radio, Donald Tsang Yam-kuen said it was widely-recognised that the interest rate agreement must be abolished to boost market competitiveness and the inevitable consequence would be that banks would each devise ways to compete.
He calmed fears over new charges, saying that Hong Kong people need not worry as they still enjoyed choices here.
''I found Hong Kong to be a free economy. If you don't welcome my money, I will take it to another bank,'' he said.
Mr Tsang said he did not believe the Government should introduce legislation to regulate bank charges.