Rumours of Capital Inadequacy
On 24 September 2008, Bank of East Asia issued a statement to counter "malicious rumours" about its stability, as queues of customers seeking to withdraw funds formed outside some of its Hong Kong branches. It condemned the rumour mongers, declaring that it had sufficient funds to meet customers' requests, and noting that its capital adequacy ratio was above the industry average, at 14.6 percent. A statement by Joseph Yam, chief executive of the Hong Kong Monetary Authority, dismissed the rumour and strongly supported the bank, adding that funds would be made available to the bank if required but that no request had been made. Earlier in the week, the bank had been forced to restate its previous half-year's earnings downwards by nearly 12 percent after it was revealed that one of its staff had conducted unauthorised trades and then buried the losses.
Read more about this topic: Bank Of East Asia
Famous quotes containing the words rumours of, rumours, capital and/or inadequacy:
“And ye shall hear of wars and rumours of wars: see that ye be not troubled: for all these things must come to pass, but the end is not yet. For nation shall rise against nation, and kingdom against kingdom: and there shall be famines, and pestilences, and earthquakes, in divers places.”
—Bible: New Testament Jesus, in Matthew, 24:6-7.
“All Presidents start out to run a crusade but after a couple of years they find they are running something less heroic and much more intractable: namely the presidency. The people are well cured by then of election fever, during which they think they are choosing Moses. In the third year, they look on the man as a sinner and a bumbler and begin to poke around for rumours of another Messiah.”
—Alistair Cooke (b. 1908)
“The capital is become an overgrown monster; which like a dropsical head, will in time leave the body and extremities without nourishment and support.”
—Tobias Smollett (1721–1771)
“Much literary criticism comes from people for whom extreme specialization is a cover for either grave cerebral inadequacy or terminal laziness, the latter being a much cherished aspect of academic freedom.”
—John Kenneth Galbraith (b. 1908)