var MileStones = new PULL_DOWN_MENU();
with (MileStones) {
HKMC_BasePath(BaseHref);
HKMC_TitleStyle('class="arial12boldred" height="50"');
HKMC_SubTitleStyle('class="arial12bold" style="vertical-align:top;"');
HKMC_AddTitle("1997");
HKMC_AddSubTitle("Mar");
HKMC_AddSubTitleDesc("Incorporation of The Hong Kong Mortgage Corporation Limited");
HKMC_AddContent("The incorporation of The Hong Kong Mortgage Corporation Limited (HKMC) marked an important milestone in the development of the residential mortgage market in Hong Kong, bringing significant changes to both market infrastructure and boosting the development of a secondary mortgage market.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Oct");
HKMC_AddSubTitleDesc("Commencement of Operations");
HKMC_AddContent("Master Sale and Purchase Agreements and Master Mortgage Servicing Agreements were signed with eight banks, marking the commencement of the HKMC's operations.");
HKMC_DisplayContent();
HKMC_AddTitle("1998");
HKMC_AddSubTitle("Aug");
HKMC_AddSubTitleDesc("Fixed Adjustable Rate Mortgage");
HKMC_AddContent("Initially launched in March 1998, the <a href='../../mktg/ourbusiness/mpp.html' target='_blank'>Fixed Adjustable Rate Mortgage </a> Pilot Scheme provided homebuyers with the opportunity to finance their loans at a fixed rate for a period of up to three years. It was subsequently added to the HKMC's standard product range due to the favourable reception from the market.");
HKMC_DisplayContent();
HKMC_AddTitle("1999");
HKMC_AddSubTitle("Mar");
HKMC_AddSubTitleDesc("Launch of Mortgage Insurance Programme with a maximum Loan-to-value ratio of 85%");
HKMC_AddContent("The <a href='../../pcrm/ourbusiness/mip.html' target='_blink'>Mortgage Insurance Programme </a> was launched in March 1999 and enabled homebuyers to buy their homes with a smaller down payment whilst at the same time protecting the banks from additional credit risk. Under the Programme, banks are covered for up to 15% of the property value, allowing them to lend up to a loan-to-value ratio of 85%.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Oct");
HKMC_AddSubTitleDesc("Guaranteed Mortgage-backed Securitisation Programme");
HKMC_AddContent("The Guaranteed <a href='../../ty/ourbusiness/ptg.html'target='_blank'>Mortgage-backed Securitisation Programme</a> was launched to foster the development of an active MBS market in Hong Kong under the Programme. The HKMC acquires mortgage loans from banks and issues Mortgage-backed securities to the same bank on a back-to-back basis along with the HKMC's guarantee of timely payment of principal and interest. Thus turning an illiquid asset into a tradeable security.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Oct");
HKMC_AddSubTitleDesc("Listing of the Hong Kong Dollar Note Issuance Programme");
HKMC_AddContent("The Note Issuance Programme was listed on the Hong Kong Stock Exchange in October 1999, along with seven outstanding issues totaling HK$3.5 billion.");
HKMC_DisplayContent();
HKMC_AddTitle("2000");
HKMC_AddSubTitle("May");
HKMC_AddSubTitleDesc("Mortgage and Bond Asset Swap Programme");
HKMC_AddContent("The HKMC signed an agreement for a HK$1 billion Mortgage and Bond Asset Swap Programme with Dao Heng Bank, under which the HKMC purchased a portfolio of loans and in return issued an equivalent amount of debt securities to the bank. The debt securities carried of 20% risk-asset weighting compared with 50% for mortgage loans' under the capital adequacy regime, thereby helping the bank to improve its Capital Adequacy Ratio.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Aug");
HKMC_AddSubTitleDesc("Expansion of Mortgage Insurance Programme increasing maximum loan-to-value ratio to 90%");
HKMC_AddContent("The product range eligible for coverage under the <a href='../../pcrm/ourbusiness/mip.html' target='_blank'>Mortgage Insurance Programme </a> was expanded to include mortgage loans with a loan-to-value ratio of up to 90%.");
HKMC_DisplayContent();
HKMC_AddTitle("2001");
HKMC_AddSubTitle("Jul");
HKMC_AddSubTitleDesc("Credit Ratings");
HKMC_AddContent("The HKMC obtained the same <a href='../../ty/ourbusiness/di.html' target='_blank'>credit ratings</a> as those of the Hong Kong Special Administrative Region Government from both Moody's and Standard & Poor's.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Jul");
HKMC_AddSubTitleDesc("Standardisation of Mortgage Origination Documents");
HKMC_AddContent("With a view to raising the standards of current mortgage origination documentation and promoting the adoption, the HKMC convened a Steering Committee to develop a set of <a href='../../legal/publication/modeldoc.html' target='_blank'>Model Documents</a> 2001 Edition. The Steering Committee was formed in May 2000 to co-ordinate the project and to ensure its legal robustness. The Committee's members included representatives from major mortgagee banks, mortgage reinsurers, credit rating agencies, the Law Society of Hong Kong, the Hong Kong Bar Association and the Law Faculty of the University of Hong Kong.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Oct");
HKMC_AddSubTitleDesc("Issuance of Retail Bonds");
HKMC_AddContent("The HKMC launched a new subscription and market-making mechanism for its <a href=\"../../ty/ourbusiness/retail-bond.html\" target=\"_blank\">Retail Bonds<a/>, giving investors the chance to subscribe for retail bonds through appointed placing banks who also agreed to quote bid prices for retail bonds in the secondary market.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Dec");
HKMC_AddSubTitleDesc("Bauhinia MBS Limited US$3 Billion Mortgage-Backed Securitisation Programme");
HKMC_AddContent("The <a href='../../ty/ourbusiness/bauhinia.html' target='_blank'>Bauhinia MBS Limited US$3 Billion Mortgage-Backed Securitisation (MBS) Programme</a> was launched in December with an ability to issue mortgage-backed securities in multiple currencies through Bauhinia MBS Limited, a bankruptcy remote special purpose company formed by the HKMC for this purpose.");
HKMC_DisplayContent();
HKMC_AddTitle("2002");
HKMC_AddSubTitle("Mar");
HKMC_AddSubTitleDesc("Debut Issue of HK$2 Billion under the Bauhinia MBS Limited US$3 Billion Mortgage-backed Securitisation Programme (Bauhinia MBS Programme)");
HKMC_AddContent("This issue under the <a href=\"../../ty/ourbusiness/bauhinia.html\" target=\"_blank\">Bauhinia MBS Programme</a> marked the first public mortgage-backed securities offering ever to bear both Prime-based and HIBOR-based coupons. Both were collateralised by a pool of high quality residential mortgages, and carried the HKMC's guarantee of timely payment principal and interest.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Jun");
HKMC_AddSubTitleDesc("Home Owner Mortgage Enhancement Programme");
HKMC_AddContent("The Home Owner Mortgage Enhancement (HOME) Programme aimed to reduce both the financial burden of homeowners in negative equity as well as the credit risk exposure of the mortgagee banks. The Programme offered mortgage insurance coverage of up to 140% of the original value of the Property helping to reduce the bank's credit exposure, and thereby allowing it to lower mortgage rate charged to its borrowers.");
HKMC_DisplayContent();
HKMC_AddTitle("2003");
HKMC_AddSubTitle("Apr");
HKMC_AddSubTitleDesc("Preliminary Assessment of Eligibility Under Mortgage Insurance Programme");
HKMC_AddContent("The <a href='../../pcrm/toolbox/mip-assessment/index.html' target='blank'>Mortgage Insurance Programme Preliminary Assessment</a> of Eligibility was a web-based tool created for potential homebuyers to quickly assess the eligibility of their prospective mortgage loans for coverage under the Mortgage Insurance Programme.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Nov");
HKMC_AddSubTitleDesc("Standardisation & Mortgage Origination Documents - Phase II");
HKMC_AddContent("Encouraged by the success of the Phase I of the Standardisation Project, the Model Documents 2001 Edition were updated, and a full set of <a href='../../legal/publication/modeldoc.html' target='_blank'>model mortgage origination documents</a> was developed in response to industry demand.");
HKMC_DisplayContent();
HKMC_AddTitle("2004");
HKMC_AddSubTitle("May");
HKMC_AddSubTitleDesc("Launch of HK$20 billion Retail Bond Issuance Programme");
HKMC_AddContent("The HKMC's Retail Bond Issuance Programme was launched in May 2004. 19 placing banks were appointed under the Programme to distribute the HKMC's <a href=\"../../ty/ourbusiness/retail-bond.html\" target=\"_blank\">retail bonds</a> to retail investors. The placing banks also performed the role of market makers for the bonds and helped to facilitate transactions in the secondary market. In a ground-breaking move, the prospectuses were drafted in plain English setting the standard for other Hong Kong issuers to follow.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Jul");
HKMC_AddSubTitleDesc("Expansion of Mortgage Insurance Programme increasing maximum loan-to-value ratio to 95%");
HKMC_AddContent("The eligibility criteria for coverage under the <a href='../../pcrm/ourbusiness/mip.html' target='_blank'>Mortgage Insurance Programme </a> were expanded to include mortgage loans with a loan-to-value ratio of up to 95%.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Nov");
HKMC_AddSubTitleDesc("Institutional and Retail Issue of HK$2 Billion under the Bauhinia MBS Limited US$3 Billion Mortgage-Backed Securitisation Programme (Bauhinia MBS Programme)");
HKMC_AddContent("This issue under the <a href='../../ty/ourbusiness/bauhinia.html'  target='_blank'>Bauhinia MBS Programme</a> was split into two tranches, institutional and retail. The latter tranche marked the first retail mortgage-backed securities ever to be offered in the whole of Asia.");
HKMC_DisplayContent();
HKMC_AddTitle("2005");
HKMC_AddSubTitle("Apr");
HKMC_AddSubTitleDesc("First-ever Dividend to the Exchange Fund");
HKMC_AddContent("The HKMC paid the first dividend of HK$250 million to the Exchange Fund, the shareholder.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Nov");
HKMC_AddSubTitleDesc("Issuance of HK$1 Billion Mortgage-Backed Securities");
HKMC_AddContent("The HKMC issued HK$1 billion mortgage-backed securities under the Bauhinia Mortgage-Backed Securitisation Programme.");
HKMC_DisplayContent();
HKMC_AddTitle("2006");
HKMC_AddSubTitle("Feb");
HKMC_AddSubTitleDesc("Mortgage Insurance Programme's Coverage Expanded to Village Houses");
HKMC_AddContent("The HKMC expanded the coverage of the Mortgage Insurance Programme to village houses with mortgage loans of up to 85% loan-to-value ratio and up to HK$5 million.");
HKMC_DisplayContent();
HKMC_AddSubTitle("May");
HKMC_AddSubTitleDesc("Premium Discount Schemes under the Mortgage Insurance Programme");
HKMC_AddContent("The HKMC launched the Risk-based Pricing Scheme and the Loyalty Discount Scheme under the Mortgage Insurance Programme, which offered premium discounts for certain eligible homebuyers.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Nov");
HKMC_AddSubTitleDesc("First-ever Purchase of Commercial Mortgage Loans");
HKMC_AddContent("The HKMC for the first time purchased commercial mortgage loans of HK$4 billion from The Link Financed Limited.");
HKMC_DisplayContent();
HKMC_AddTitle("2007");
HKMC_AddSubTitle("Jun");
HKMC_AddSubTitleDesc("Establishment of the Medium Term Note Programme");
HKMC_AddContent("The HKMC established the multi-currency US$3 Billion Medium Term Note Programme so that it can issue notes in major currencies including the Hong Kong dollar, the US dollar, the euro and the yen.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Dec");
HKMC_AddSubTitleDesc("The establishment of Joint Venture in Malaysia");
HKMC_AddContent("The HKMC reached an agreement with Cagamas Berhad, the national mortgage corporation of Malaysia, on the establishment of a joint venture company, Cagamas HKMC Berhad, in Malaysia.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Dec");
HKMC_AddSubTitleDesc("Purchase of first cross-border residential mortgage loans in Korea in the form of MBS");
HKMC_AddContent("The HKMC inaugurated overseas purchase of HK$5.5 billion of Korean residential mortgage loans in the form of mortgage-backed securities.");
HKMC_DisplayContent();
HKMC_AddTitle("2008");
HKMC_AddSubTitle("Jan");
HKMC_AddSubTitleDesc("Debut issuance of US dollar fixed rate notes under the Medium Term Note Programme");
HKMC_AddContent("The HKMC launched its debut foreign currency debts under the Medium Term Note Programme.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Jun");
HKMC_AddSubTitleDesc("Launch of Retail Bond Issue");
HKMC_AddContent("The HKMC issued a new batch of retail bond with four series of notes under the HK$20 Billion Retail Bond Issuance Programme.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Jul");
HKMC_AddSubTitleDesc("Joint Venture in Malaysia Launched the Mortgage Guarantee Programme");
HKMC_AddContent("Cagamas HKMC Berhad, the HKMC's joint venture with Cagamas Berhad in Malaysia, launched the Mortgage Guarantee Programme to provide guarantee to banks in Malaysia for conventional and Shariah-compliant mortgage loans.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Dec");
HKMC_AddSubTitleDesc("The HKMA Expanded the Revolving Credit Facility to the HKMC");
HKMC_AddContent("The Hong Kong Monetary Authority expanded the Revolving Credit Facility provided by the Exchange Fund to the HKMC from HK$10 billion to HK$30 billion.");
HKMC_DisplayContent();
HKMC_AddTitle("2009");
HKMC_AddSubTitle("Jul");
HKMC_AddSubTitleDesc("Opening of the Joint Venture in Shenzhen");
HKMC_AddContent("Bauhinia HKMC Corporation Limited, the HKMC's joint venture with Shenzhen Financial Electronic Settlement Centre, started business operations.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Aug");
HKMC_AddSubTitleDesc("Debut Public Issuance of US$500 Million Fixed Rate Notes");
HKMC_AddContent("The HKMC made a debut public issuance of US$500 million of debt securities under the Medium Term Note Programme, which was very well received by other government entities in the region, pension funds, insurance companies and investment funds.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Oct");
HKMC_AddSubTitleDesc("Appointment of Deputy Chairman and Executive Director");
HKMC_AddContent("Mr Norman Chan, the Chief Executive of the Hong Kong Monetary Authority, was appointed as Deputy Chairman and Executive Director of the HKMC upon the retirement of Mr Joseph Yam.");
HKMC_DisplayContent();
HKMC_AddTitle("2010");
HKMC_AddSubTitle("Sep");
HKMC_AddSubTitleDesc("Launch of Premium Loan Guarantee Scheme");
HKMC_AddContent("The HKMC launched the Premium Loan Guarantee Scheme to complement the Government's initiative on revitalising the Home Ownership Scheme secondary market.");
HKMC_DisplayContent();
HKMC_AddTitle("2011");
HKMC_AddSubTitle("Jan");
HKMC_AddSubTitleDesc("Launch of SME Financing Guarantee Scheme");
HKMC_AddContent("The HKMC launched the SME Financing Guarantee Scheme as a market-oriented platform based on commercial principles to assist local small and medium-sized enterprises (SMEs) to obtain sustainable bank financing.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Jul");
HKMC_AddSubTitleDesc("Launch of the Reverse Mortgage Programme");
HKMC_AddContent("The HKMC launched the Reverse Mortgage Programme to provide elderly people aged 60 or above with an additional financial planning option to enhance their quality of life.");
HKMC_DisplayContent();
HKMC_AddSubTitle("Oct");
HKMC_AddSubTitleDesc("Enhancements to the SME Financing Guarantee Scheme");
HKMC_AddContent("The HKMC launched a number of enhancements to the SME Financing Guarantee Scheme to encourage banks to make more use of the Scheme so that they can be more responsive in meeting the financing needs of the small and medium-sized enterprises.");
HKMC_DisplayContent();
}