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The rollover amount in Hong Kong, which reflects the amount of borrowing by customers using their credit cards, stood at HK$21.5 billion (US$2.8 billion or 1.85 billion euros) at the end of September 2009, the Hong Kong Monetary Authority (HKMA) said in its survey on credit card lending for the third quarter of 2009. According to the authority's data, this represents a decline of 10% from the total at the end of September 2008, when the rollover amount stood at HK$23.9 billion. The charge-off amount grew by 45% year-over-year from HK$505 million at the end of September 2008 to HK$720 million at the end of September 2009. The delinquent amount grew sharply by 42.3% to HK$323 million in the third quarter of 2009 compared with HK$227 million in the third quarter of 2008, data from the authority said. The delinquency ratio also grew by .15 percentage points from 0.31% in the second quarter of 2009 to 0.46% in the third quarter of 2009. The transfer of rescheduled receivables outside the surveyed institutions' credit card portfolios rose sharply year-over-year by 170.8% to HK$390 million from HK$144 million, the data said. The combined delinquent and rescheduled ratio (after taking into account the transfer of rescheduled receivables) grew by 0.20 percentage points to 0.58% at the end of September 2009, from 0.38% at the end of September 2008.
