The Hong Kong Monetary Authority put 55 retail banks and international financial institutions to the test in a weekend emergency drill to check contingency plans ahead of the Occupy Central movement’s June 22 “vote”, the Hong Kong Economic Journal reported Monday.
The drill tested how well the city’s banking system would hold up if the authority’s office or key bank sites in Central were blocked off, the banking watchdog said in a statement without naming the Occupy Central campaign, which has threaten to blockade the business district.
Bank back-up operations and emergency communications were put through their paces to check for reliability and stability.
Some bankers said the drill focused on what banks should tell staff if they cannot get into their workplaces as well as how to keep in contact with the monetary authority.
Lawmaker Christopher Cheung Wah-fung said the Securities and Futures Commission has not conducted such drills with brokerages.
But the securities watchdog has reminded market players of potential risks that may arise if the stock exchange is blocked, and urged the industry to think of alternatives for transactions and settlements, Cheung said.
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