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A cond prerequisite for success is the need for banks to develop new sources of

income. It looks as if the day关于天的成语 s of easy profits from mortgage lending 抵启蒙运动代表人物 押贷款

have gone, and the 八字五行对照表 banks now need to work harder to generate income growth.

The introduction of new fees and charges 收费on deposit accounts is one

manifestation of this process. Another is新注册1亿公司 the increasing shift of some banks into

higher margin, but also higher risk, products such as credit cards and other

types of personal finance.个人理财

Banks are also trying to become finan老龄委 cial rvice providers rather than just

banks. The aim is not just to broaden income sources, but also to reduce the

volatility of income through more reliance on recurring fees and commissions年

费及手续费. One way of achieving this is to move into the realm of wealth

management, by which I mean curities, unit trusts, 证券，单位信托基金

insurance, pensions and private banking. The interim results中期业绩 of some

of t经验总结 he local banks showed a growing contribution from this area, including

particularly sales of guaranteed funds.保本型基金 As a result, I understand that

May of this year was one of the best ever months for fund sales in Hong Kong.

I have tried to show so far how interest rate deregulation放松利率管制 fits into

the broader industry trends. I will now say a bit more about what the impact of

the latest, and final, round of deregulation has been. This involved removing the

interest rate cap 利率上限on Hong Kong dollar sav工作总结图片 ings accounts and allowing

interest to be paid on cu自我评价高中生 rrent accounts活期账户. It was the end of a process that

began in 1994 when we began to deregulate time deposits定期存款. Some would

say that the process has been unduly protracted过度拖延.三角进攻 But I think that it was

reasonable to be cautious谨慎, since 游戏名 experience elwhere shows that

liberalization is all too often accompanied by instability.