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SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL: WEDNESDAY 28 MAY 1986
HILKI02/1
RECEIVED IN REGISTRY
1 0 JUN 1986
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BANKING BILL 1986
On my last appearance in the Council after 12 years as a member I am pleased, indeed honoured, to be able to marshall the concluding stages of this significant and overdue Bill arguably the most important to come before the Council in this session. Its importance stems from the fact that a stable and prosperous economy is essential for the future of Hong Kong. We have no future unless the economy flourishes. Sound banking is a vital element. All has clearly not been well, which most will acknowledge to be considerable understatement. New law will not provide a panacea. Personal integrity is not a product of
legislation.
Nor is sound banking.
But this Bill is a
major step forward. With experience there will be a need for further amendment and improvement. But we will have a proper foundation on which to build.
2.
As the admirable chairman of the ad hoc group will confirm, I made it clear that a properly considered and fully scrutinised Ordinance was of far more importance than my own face. Moderate delay would not have been disastrous. But we are just on schedule. has nevertheless been a close run thing with committee
171 in all. stage amendments to 78 clauses to be made
3.
J
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It
Some will fairly ask why this rather unusual proceeding has been necessary. Many, including the Senior Member, know that in our earlier considerations we had concluded that a White Bill procedure would have been the appropriate course to take with a bill so complicated. This would however have meant a further delay of another six months or so after two years work and extensive consultation. In these circumstances we
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