SPEECH BY THE HONOURABLE THE SECRETARY FOR TRADE AND INDUSTRY IN LEGISLATIVE COUNCIL ON 3 APRIL 1985
Sir,
I move the motion standing in my name
in the Order Paper.
In April 1984 the maximum contingent
liability of the Hong Kong Export Credit Insurance
Corporation was increased by $500 million to
$3 500 million. During the past year the
Corporation's liability under contracts of insurance
has risen by $560 million and at the end of
January 1985 stood at $3 317 million.
With exports going well, the contingent
liabilities of the Corporation are increasing at
the rate of approximately $140 million per
quarter.
In the circumstances the Corporation's Advisory
Board considers that the existing statutory limit
may be reached before the end of the current
financial year. It has thus advised that the
maximum contingent liability should be increased by
$700 million to $4 200 million.
Failure to raise
/the