<div id="readability-page-1">Hong Kong’s note-issuing banks are replacing burnt cash for Wang Fuk Court residents, following emergency measures introduced by the city’s Monetary Authority and lenders to support those affected by last November’s devastating fire at the Tai Po estate. The extent of the residents’ financial losses came into the spotlight as they returned to the site to collect their belongings during a 15-day government operation that wrapped up earlier this month. When residents visited Wang Tai House, one of the most severely damaged blocks, on April 30, the South China Morning Post observed two people recovering more than HK$100,000 each in fire-damaged cash. Other returning residents recounted discovering bundles of blackened banknotes in their safes, prompting some to carefully pack the cash in plastic bags to prevent it from further deteriorating. Mrs Ho, a resident of a middle-floor flat in Wang Tai House, later told the SCMP that her life savings, a six-figure sum, were damaged in the fire. She said her valuable coins had already been replaced, and that she sent the damaged banknotes to the Bank of China Hong Kong (BOCHK) for authentication, which took about two weeks. Earlier this month, the bank told her that some of the banknotes had been successfully exchanged. “The bank did not disclose the details of the authentication process, so I have no choice but to accept the final amount they provide for the exchange,” she said. Under the general rules of the Hong Kong Monetary Authority (HKMA), note-issuing banks should exchange damaged currency if at least 75 per cent of each bill is intact and security features remain verifiable.     However, the HKMA introduced emergency measures last December that allowed the city’s three note-issuing banks – HSBC, Standard Chartered and BOCHK – to provide a one-stop exchange service for damaged legal tender. Residents were advised not to attempt repairs on the fragile notes and to present their identification at bank branches for individual assessment. A source said that while the statutory 75 per cent requirement was not relaxed, the banks would exchange the affected notes as long as the issuing bank and denomination remained identifiable. The SCMP also learned that several other affected residents had successfully exchanged their charred banknotes. Wang Tai House resident Mrs Wong, who found her late father’s inheritance burnt inside her safe, said a bank relationship manager reached out immediately after the fire to offer help. “He called on the third day to check on our situation after we returned to our flats,” she said. “There is not much we can do if the bank cannot exchange the cash for us.” HSBC and BOCHK, the issuers of Ho’s and Wong’s damaged cash, said they were offering a one-stop verification and exchange service for damaged banknotes and coins. The lenders added that they aimed to take an empathetic and pragmatic approach to supporting affected residents. </div>

HSBC

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HSBA

<p>Hong Kong's note-issuing banks are replacing burnt cash for residents of Wang Fuk Court following a devastating fire last November. The Monetary Authority's emergency measures allow banks to exchange damaged currency if at least 75% is intact. Residents have reported recovering significant amounts of fire-damaged cash, with banks like HSBC and BOCHK offering a one-stop verification and exchange service. Affected residents are advised to present identification for assessment, while banks aim to support them empathetically.</p>

- Hong Kong’s note-issuing banks are replacing burnt cash for residents affected by a fire at Wang Fuk Court, following emergency measures by the Monetary Authority.  
- During a recent operation to collect belongings, residents discovered damaged banknotes, with some retrieving over HK$100,000 each.  
- The banks are providing a one-stop exchange service for charred currency, ensuring support for those impacted by the disaster.

SCMP

BOC HONG KONG

HSBC HOLDINGS

BANK OF CHINA

HSBC Holdings Plc

STANCHART

Bank of China

Bank Of China

HSBC 5xShortSG241213

Standard Chartered PLC

Hong Kong banks replace burnt cash from residents of fire-ravaged Wang Fuk Court