(7
CODE 18-77
$$ 10/76
Reference
9
Mr Jas
Jasy
HKGD
R+R.
3/10/2
cc Mr Snodgrass
Mr Collins PCD
Mr Hickson SAMD
Mr Brown SED
Mr Thompson HKGD
Mr Beattie DTEU
Mr Pickford Legal Advisers
DTs NUMISMATIC COIN SURVEY
MKG 102/1
RECEIVEO PA
15 FEB 1978
DESK OFFICER INDEX
ན་འ
10.51
REGISHL
PA Action Taken
No
JJ. &
1. I share Mr White's view that it is doubtful if the issue of coins does pose the serious threat that the Bank of England seems to think it does. We must also not ignore the need for DTs, particularly the poorer ones, to use their initiative to maximise revenue. By all means let us be prudent and try our best to avoid risks, but not to the extent that we ruin what is a profitable source of revenue.
2. With regard to Bermuda which is rather a special case. What concerns us more about Bermuda is a matter of financial practice rather than fears over the contingent liability. I suggest a summary of the report be sent to the Deputy Governor with the suggestion that he consult with the monetary authorities and let us have their views.
3.
The document can form the basis of discussion to draw up guidelines and I agree that as a first step a summarised version should go to OAGS for their comment.
D
15 February 1978
Dale
Wst Indian and Atlantic Department K223
4954
Mi
See D
13
All 24%
Bp. 22/2 t check whether reflies red for SAND, SED TIRED. 10 Pono (3) JJ.17/2.