Bank directly affect our life
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Answers
Explanation:
Banks are closely linked with our everyday lives and activities. Drawing salaries,
paying bills, buying homes, building up savings and taking out loans all involve
transactions with banks. Businesses also rely on the banking system for
settlement of their transactions and meeting other financial needs. Banks also
interact among themselves in an international network to deliver financial
services to their overseas as well as local customers. The links among banks and
the fact that banking stability is essentially founded on public confidence mean that problems of one bank can easily spread to other banks and financial institutions. Any large disruption of banking operations will affect society as a whole. Banking stability is, therefore, crucial to minimising the extensive
economic and social impact that may arise from problems in the industry.
The HKMA ensures general stability and effective working of the banking system
through the regulation of banking and deposit-taking business and the supervision of AIs. The HKMA has responsibility to promote proper standards of conduct, encourage sound and prudent business practices, and to help prevent
illegal, dishonourable or improper practices in the banking industry. The HKMA
derives its regulatory powers from the Banking Ordinance.