Hong Kong banks replace burnt cash from residents of fire-ravaged Wang Fuk Court
Monetary Authority introduced measures last December allowing three note-issuing banks to provide one-stop exchange service for damaged money
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.