HONG KONG (Reuters) - HSBC (HSBA.L: Quote, Profile, Research) said on Wednesday it had no current plans to utilise an initiative by UK authorities to recapitalise the country's struggling banking sector.

"HSBC welcomes the UK government's announcement of proposals to provide liquidity and inject capital into the UK banking system. We have agreed to observe the requirements indicated, in particular with respect to T1 ratio," HSBC spokesman Gareth Hewett said in an email.

"HSBC has no current plans to utilise the UK recapitalisation initiative announced today."