CONFIDENTIAL 機密
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currency should be revalued; (11) favouring the currencies of those
countries with which Hong Kong has a substantial trading relationship; and (iii) ensuring that the liabilities are denominated in the currencies
of major industrial countries which are more stable and less subject
to whimsical changes than those, for instance, of Middle Eastern
Countries.
16.
(e) Loans
The currency is only one of the factors which determines the
relative attraction of a particular loan. The other important ones
include :
(1)
(£1)
interest rate and expenses: obviously these should be
minimised;
maturity: gross revenue should accrue from late 1979 and, by
the early 1980s, should be sufficient to cover all operating
costs, leaving some net revenue available to redeem loans.
However, sufficient revenue will not have been earned to
redeem all the Corporation's debts until around 1992 and,
therefore, redemption payments due before then may require
to be re-financed, incurring extra expense and the risk that
finance will not be available. The Corporation will naturally
prefer to arrange loans whose repayment will be spread over
the later years of the 1980s and early years of the 1990s;
G.F. 323
CONFIDENTIAL
機密