In late December 2009 Dah Sing Bank Ltd and Mevas Bank Ltd reached a settlement with the SFC and HKMA in which they agreed to make repurchase offers to eligible customers who bought equity index-linked fixed coupon principal protected notes issued by Lehman Brothers (PPNs) from the two banks. Under the settlement, the banks have offered to pay 80% of the initial amount invested to customers who purchased the PPN's after 5 August 2008. Following the settlement, the SFC announced that it would not take any enforcement action under the SFC's Code of Conduct in relation to the sale of the PPNs against the banks or any of their directors, officers or employees. The HKMA has also stated that it does not intend to take any enforcement action against the executive officers and relevant individuals in connection with the sale of Lehman PPNs by the banks to customers who accept the settlement offer or who have previously accepted ex gratia payments.