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Advisory Committees THE EXCHANGE FUND ADVISORY COMMITTEE AUDIT SUB-COMMITTEE Chairman Mr Carlson TONG, JP Chairman Securities and Futures Commission Members Mr HE Guangbei, JP Vice Chairman and Chief Executive Bank of China (Hong Kong) Limited Mr Benjamin HUNG Pi-cheng, JP Regional Chief Executive Officer, Greater China Executive Director and Chief Executive Officer, Hong Kong Standard Chartered Bank (Hong Kong) Limited Mr Peter WONG Tung-shun, JP Deputy Chairman and Chief Executive The Hongkong and Shanghai Banking Corporation Limited Mr Philip TSAI Wing-chung, JP Audit Partner Deloitte Touche Tohmatsu Mrs Angelina LEE WONG Pui-ling, SBS, JP Partner Woo, Kwan, Lee & Lo (from 19 June 2013) Secretary Mr Clement LAU (from 5 February 2013) Mr Alan AU (until 4 February 2013) Page 20 ANNUAL REPORT 2013 • HONG KONG MONETARY AUTHORITY
Terms of reference (1) The objectives of the Audit Sub-Committee are as follows: (a) to help Members of the Exchange Fund Advisory Committee to discharge their responsibilities for ensuring the proper and smooth running of the HKMA operations and management of the Exchange Fund; (d) reviewing the findings, recommendations or criticisms of the auditors, including their annual management letter and management’s response; (e) reviewing the HKMA’s management procedures to ensure the effectiveness of internal systems of accounting and control, and management’s efforts to correct deficiencies discovered in audits; and (b) to consider any matters relating to the financial affairs of the HKMA and the internal and external audit of the HKMA’s financial statements as the Sub-Committee may think necessary or desirable; (c) to encourage higher quality accounting and audit and provide more credible and objective financial reporting of the HKMA; and (d) to consider any other matters referred to it by the Committee; and to report on all such matters to the Committee. (2) The functions of the Sub-Committee include, but are not restricted to, the following: (f) initiating investigations or audit reviews into any activities of the HKMA which may be of concern or interest to the Sub-Committee. (3) Authority The Sub-Committee shall be entitled to obtain any information it requires from any member or employee of the HKMA, and all such members and employees shall be instructed to assist the Sub‐Committee to the fullest extent possible. The Sub‐Committee may also take such independent legal or other professional advice as it considers necessary. The Sub‐Committee shall have no executive powers as regards its findings and recommendations. (a) reviewing the HKMA’s financial statements, the composition and accounting principles adopted in such statements, whether these are intended to be audited or published or not; (b) advising on the form and content of the financial statements of the HKMA; (c) examining and reviewing with both the external and internal auditors the scope and results of their audits; (4) Meetings The Sub-Committee shall meet at least twice a year. The Secretary to the Exchange Fund Advisory Committee shall attend its meetings and take minutes, copies of which shall be circulated to the Committee. The Chief Executive of the HKMA shall be entitled to attend the Sub-Committee’s meetings. In all other respects, the Sub-Committee shall decide its own procedures. HONG KONG MONETARY AUTHORITY • ANNUAL REPORT 2013 Page 21
Page 1: 2013 Annual Report
Page 5 and 6: Contents 4 Highlights of 2013 6 Chi
Page 7 and 8: International Financial Centre Rese
Page 9 and 10: With this in mind, the HKMA continu
Page 11 and 12: THE HKMA AND THE HONG KONG SPECIAL
Page 13 and 14: Over the years the HKMA has progres
Page 15 and 16: Banking Advisory Committee The Bank
Page 17 and 18: Mr Lester HUANG, JP Managing Partne
Page 19 and 20: THE EXCHANGE FUND ADVISORY COMMITTE
Page 21: Terms of reference (1) To monitor t
Page 25 and 26: THE EXCHANGE FUND ADVISORY COMMITTE
Page 27 and 28: Terms of reference (1) To recommend
Page 29 and 30: THE DEPOSIT-TAKING COMPANIES ADVISO
Page 31 and 32: Stefan GANNON, JP General Counsel F
Page 33 and 34: HKMA Organisation Chart 1 January 2
Page 35 and 36: THE ECONOMY IN REVIEW Overview The
Page 37 and 38: Inflation Inflationary pressures, w
Page 39 and 40: trended downwards, while the value
Page 41 and 42: PERFORMANCE OF THE BANKING SECTOR T
Page 43 and 44: Asset quality The asset quality of
Page 45 and 46: As a result of the average qualifyi
Page 47 and 48: OBJECTIVES The overriding objective
Page 49 and 50: Money market Interbank liquidity re
Page 51 and 52: Other activities The EFAC Currency
Page 53 and 54: Chart 7 Banknotes in circulation at
Page 55 and 56: PLANS FOR 2014 AND BEYOND While the
Page 57 and 58: REVIEW OF 2013 Overview Amid uncert
Page 59 and 60: The HKMA continued to monitor the i
Page 61 and 62: Supervisor-driven stress testing pr
Page 63 and 64: Following a noticeable increase in
Page 65 and 66: Basel III (continued) Pillar 3 The
Page 67 and 68: Basel III (continued) and haircuts
Page 69 and 70: Basel III (continued) Participation
Page 71 and 72: Accounting standards The Internatio
Page 73 and 74:
Treat Customers Fairly Charter The
Page 75 and 76:
Table 3 Banking complaints received
Page 77 and 78:
The HKMA is a member of the SWIFT O
Page 79 and 80:
PLANS FOR 2014 AND BEYOND Superviso
Page 81 and 82:
Basel III Capital standards Under t
Page 83 and 84:
Recovery and resolution During 2014
Page 85 and 86:
Development of Supervisory Policies
Page 87 and 88:
In accordance with the payout refor
Page 89 and 90:
OVERVIEW A divergent trend in growt
Page 91 and 92:
developments in domestic and cross-
Page 93 and 94:
Development of Islamic finance The
Page 95 and 96:
Hong Kong’s financial infrastruct
Page 97 and 98:
Chart 4 Euro RTGS system Chart 5 Re
Page 99 and 100:
The RTGS system links with Shenzhen
Page 101 and 102:
Money settlement service for invest
Page 103 and 104:
PLANS FOR 2014 AND BEYOND The HKMA
Page 105 and 106:
Pan-Asian CSD Alliance project The
Page 107 and 108:
THE EXCHANGE FUND The Exchange Fund
Page 109 and 110:
PERFORMANCE OF THE EXCHANGE FUND Th
Page 111 and 112:
Chart 1 Investment return of the Ex
Page 113 and 114:
CORPORATE DEVELOPMENT Media relatio
Page 115 and 116:
Staffing The establishment of the H
Page 117 and 118:
Temporary resources will continue t
Page 119 and 120:
on the budget and recommends any ch
Page 121 and 122:
OFFICE OF THE GENERAL COUNSEL The O
Page 123 and 124:
The Exchange Fund Report of the Dir
Page 125 and 126:
Report of the Director of Audit (co
Page 127 and 128:
Exchange Fund - Statement of Compre
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Exchange Fund - Statement of Change
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Exchange Fund - Statement of Cash F
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Exchange Fund - Notes to the Financ
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28 June The HKMA issues a circular
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Annex Authorized Institutions and L
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Table A Major Economic Indicators (
Page 229 and 230:
Table C Authorized Institutions: Do
Page 231 and 232:
Table E Presence of World’s Large
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Table G Major Balance Sheet Items b
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Table I Loans to and Deposits from
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Table K Deposits from Customers All
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Table L Geographical Breakdown of N
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Reference Resources The HKMA Annual
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HONG KONG MONETARY AUTHORITY 55 / F
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ar2013

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