Reuters, 13 Nov 2009
HONG KONG, Nov 13 (Reuters) - Hong Kong plans to raise deposit protection coverage at the city's banks to $500,000 ($64,520) from HK$100,000 in 2011 after the expiry of a temporary 100 percent deposit guarantee scheme, which was introduced during the global financial crisis.
The Hong Kong Monetary Authority said on Friday it planned to submit proposals to the Legislative Council in the first quarter of next year to enable the increase, as market participants have argued that the HK$100,000 coverage limit is too low.
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