CONFIDENTIAL
LINE TO TAKE
5. THE MOVE HAS BEEN GENERALLY WELL RECEIVED HERE. THE MAIN POINTS TO EMPHASIZE ARE:-
(1) THE GOVERNMENT HAS REGARDED THE INTERESTS OF DEPOSITORS AS UPPERMOST:
(2) THE PROBLEMS EXPERIENCED BY HANG LUNG STEMMED FROM BAD MANAGEMENT. THEY DID NOT, REPEAT NOT, HAVE ANYTHING TO DO WITH THE UNCERTAINTY OVER THE POLITICAL FUTURE OF HONG KONG: NOR WERE THEY ASSOC-HATED IN ANY WAY WITH THE RECENT BEHAVIOUR OF THE FOREIGN EXCHANGE MARKET:
(3) IT AS THE GOVERNMENT'S INTENTION THAT THE BANK SHOULD IN DUE COURSE REVERT TO PRIVATE OWNERSHIP:
(4) SUBJECT TO AUDIT, WHATEVER COMPENSATION IS FAIR WILL BE PAYABLE TO SHAREHOLDERS WHO HAVE BEEN EXPROPRIATED:
(5) THIS MUST BE SEEN AS AN FUNDAMENTALLY SOUND AND WELL
ISOLATED CASE. HONG KONG BANKS ARE
MANAGED.
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