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MTRC will replace government guaranteed export credit debt
obligations due to mature within 2 years with market
borrowings without seeking government guarantees for such
instruments. The amount involved will be about
HK$1,500 million and the total value of government
guarantees for MTRC loans will thus be reduced by the same
amount. This will have a beneficial effect on the public
purse in that we will not have to provide for these
theoretical contingencies.
4.
As at 31 December 1986, the Government's total
guarantee commitment available to the Mass Transit Railway
Corporation stood at HK$6,100 million. All such
guarantees have been provided free of charge. If Members
approve this motion, the total sums guaranteed will be
reduced by about HK$1,500 million upon completion of the
above refinancing.
5.
Sir, I beg to move.