Hong Kong Northern Metropolis Financial Advisory Taskforce holds its third meeting

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The Northern Metropolis Financial Advisory Taskforce, jointly established by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks, held its third meeting to discuss financing options for the Northern Metropolis University Town. Participating banks pledged to provide appropriate financial services. The HKMA plans to amend the Banking (Capital) Rules to classify 11 post-secondary institutions and 3 park companies as local public sector entities, reducing banks’ capital costs. The amendment is planned to be submitted to the Legislative Council in the first quarter of 2027, with a view to taking effect in the second quarter of the same year.