Macao Banking System Remains Stable

In view of the financial crisis caused by the recent financial difficulties of individual American investment banks, this Authority has indicated in an announcement released earlier that the financial institutions in Macao including banks are in stable conditions and have not been affected at all. Banks in Macao have been adopting sound and prudent measures to manage their activities. Their asset quality is excellent. Capital and liquidity are adequate to ensure their normal operation. This Authority calls upon depositors to keep calm and rational, not to be misled by rumour-mongers. There are rumours circulating through internet and grapevine that some individual banks in Macao are in financial difficulty as affected by the financial crisis. Such rumours are groundless. In fact, all banks in Macao are operating normally under very strict supervision. They are financially sound. None of the banks in Macao encounters any problems of such nature. Inadvertently, this Authority has been informed by certain banks that due to typhoon Hagupit, some branch offices cannot open for business because of flood or power failure, but absolutely not caused by any international financial crisis. This Authority and all banks will stay vigilant, and will continue to enhance the on-going monitoring, management and supervision efforts in order to safeguard the stability and integrity of the Macao banking system.