11
are the last to be used and the first to be repaid. As to
the additional credit facility of HK$2 billion provided by
the Hongkong and Shanghai Banking Corporation, the Standard
Chartered Bank and the Bank of China, and by the Exchange
Fund, these funds will not be called upon unless and until
the initial HK$2 billion has been fully drawn. If used,
they will be repaid last so as not to affect the terms of
the first two facilities. But I am glad to say that the
Guarantee Corporation is unlikely to need to call upon the
additional credit facilities in the second package. At
this juncture, because there still seems to be a good deal
of public misunderstanding on this point, let me
re-emphasise that any moneys used from the Exchange Fund
are a loan to be repaid, with interest. It follows that
the assets of the Exchange Fund are not depleted by the
action that has been taken.
Sir,
25.
Mr. David Li in referring to the rescue package
said that "the Government was running round sticking on
Band-Aids" I thought he was being critical, but looking
at the package of this particular product, I see that it is
designed to promote faster natural healing and that it will
not reopen wounds when removed. In other words, that is
just what is needed.
26.
8
In view of recent events, Miss Lydia Dunn and Mr.
Thomas Clydesdale doubted the need for a stock index
futures market in Hong Kong. It has been referred to as a