the most important consideration is for banks to make sure that their irb systems are robust and well - founded, and that they are integrated with their overall systems for identifying, managing and controlling risk, for making credit decisions, and for product pricing. we are willing to allow banks as much time as they need to achieve these objectives. the implementation dates for the irb approaches should not be taken as a deadline. banks that feel they need longer to work on their systems will have our full support. getting it right matters more than a specific date in the calendar. looking ahead, both the regulators and the industry will continue to face many challenges over the coming months and years. putting basel ii in place has been demanding for everyone involved, and will continue to be so. however, i am confident that once the process is complete we will be able to look back with satisfaction on what has been achieved. there is no doubt in my mind that basel ii will produce a step - change in risk management practices 4 / 5 around the world, with the result that the global banking system will become both more efficient and more robust. through all the pain of the transition, we need to keep our eyes firmly on that prize. 5 / 5

eddie yue : remarks at media standup remarks by mr eddie yue, chief executive of the hong kong monetary authority, at the media standup, hong kong, 7 july 2023. * * * today i would like to announce that, after careful consideration, the hong kong monetary authority ( hkma ) has decided to adjust the countercyclical macroprudential measures for property mortgage loans. since the measures were implemented in 2009, the hkma has been closely monitoring market conditions, including property prices and transaction volumes, and the local and external economic environment, with the aim of evaluating the need for appropriate adjustments to the measures to ensure that banks manage the risks over their property mortgage lending business effectively, and have sufficient capacity to cope with challenges from a sharp correction in property prices. following the covid - 19 pandemic and with interest rates rising, there has been a correction in housing prices in hong kong since 2022. despite a rebound early this year, market data showed that at the end of june housing prices were down 13 % from their peak in 2021. the situation in the non - residential property market was similar. the prices of offices, flatted factories and retail premises fell by 20 %, 8 % and 17 % respectively from their peaks in 2018 - 2019. externally, as major economies continue to face high inflationary pressures, interest rates may remain elevated for some time. any slow - down in the global economy due to high interest rates would inevitably affect the local economy. taking all relevant factors into account, the hkma has decided to make several adjustments to the countercyclical macroprudential measures for property mortgage loans, while continuing to maintain banking stability and ensuring the proper risk management of property mortgage loans. these adjustments include : adjusting the maximum loan - to - value ( ltv ) ratio for self - occupied residential properties. the maximum ltv ratio for residential properties with a value of hk $ 15 million or below will be increased to 70 %. for properties valued at more than hk $ 15 million and up to hk $ 30 million, the maximum ltv ratio will be increased to 60 %. for residential properties with a value above hk $ 30 million, the maximum ltv ratio will remain unchanged at 50 %. to avoid a sudden drop in applicable ltv ratios, ratios for properties in certain value ranges will change gradually. the maximum ltv ratio for non - self - use residential properties will remain unchanged at 50 %. increasing the maximum ltv ratio for