On February 4, 2015, the President announced  amendments to the Banking Act.  Major amendments include: (1) Changing the basis for calculating the maximum amount that a bank may  invest in non-financial businesses, from “Actual aggregate paid-in capital minus accumulated losses” to “net value.”  (2) Reducing the statutory maximum interest rate for cash cards and credit cards from 20 per cent to 15 per cent.  (3) Permitting commercial banks to invest in real property for use by  organizations engaged in cultural affairs, arts or charity, provided that the investment is approved by the competent authorities.

Ben Cheng