[PAR] [TLE] Banking Ordinance [SEP] The Banking Ordinance is a set of laws passed by the Legislative Council of Hong Kong to tighten restrictions for opening up or licensing a bank.  Prior to the 1964 re-regulations, the government had no way to control bank's monetary effect on the economy.  It also had no way of protecting the people utilizing the institutions.  Banking was considered a Laissez-faire network, and was also described as "Free Banking" or "Wildcat Banking" filled with much uncertainty. [PAR] [TLE] Laissez-faire [SEP] Laissez-faire ( ; ] ; from French: "laissez faire" , 'let do' ) is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.  The phrase "laissez-faire" is part of a larger French phrase and basically translates to "let (it/them) do", but in this context usually means to "let go".
[PAR] [TLE] Banking Ordinance [ SEP ] The Banking Ordinance is a set of laws passed by the Legislative Council of Hong Kong to tighten restrictions for opening up or licensing a bank . Prior to the 1964 re - regulations , the government had no way to control bank 's monetary effect on the economy . It also had no way of protecting the people utilizing the institutions . Banking was considered a Laissez - faire network , and was also described as " Free Banking " or " Wildcat Banking " filled with much uncertainty . [PAR] [TLE] Laissez - faire [ SEP ] Laissez - faire ( ; ] ; from French : " laissez faire " , ' let do ' ) is an economic system in which transactions between private parties are free from government intervention such as regulation , privileges , tariffs , and subsidies . The phrase " laissez - faire " is part of a larger French phrase and basically translates to " let ( it / them ) do " , but in this context usually means to " let go " .
Describe the type of banking in Hong Kong prior to 1964
Describe the type of banking in Hong Kong prior to 1964
transactions between private parties are free from government intervention
transactions between private parties are free from government intervention