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2
3.
(iii)
the following securities issued by companies having their registered office and Head Office in the United Kingdom and quoted on a Stock Exchange in the United Kingdom, and units in United Kingdom Unit Trusts:
(a) common or ordinary stock and shares and preferred stock and shares on which
capital moneys and dividends are payable solely in sterling;
(b) units in Unit Trusts on which, under the
terms of issue, capital moneys are
payable solely in sterling on liquidation or realisation;
(c) redeemable interest-bearing securities on
which capital moneys are payable solely in sterling;
(d) irredeemable interest-bearing securities
on which interest is payable solely in sterling,
which are denominated in sterling and which are held in the name or to the order of the Exchange Fund, the Government of Hong Kong, its agencies and other official institutions with banks or other depositaries in the United Kingdom or in Hong Kong and which are included in total official external reserves. Overdrafts and short term advances in Sterling shall be netted against the total.
"Minimum sterling proportion" shall mean:
the proportion of "official sterling reserves" to the "total official external reserves".