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Date:
Time:
26.11.86
8.30 am 12.15 pm
Reporter: CNB
discount rates for employees' compensation and public liability.
DFS: Mr Chairman, in what I have to say I hope that I will be able to accentuate the positive and give your Committee an indication of the progress that has been achieved since this was discussed this time last year in PAC. I have no quarrels
with the historical information that the Director of Audit has
included in his report, paragraphs 90, 91 and 92, but I would, in answer to Mr Poon's question, merely like to say that this time last year the then Deputy Financial Secretary undertook to get things
moving, and in the last 11 months or so we have had a number of
large and quite difficult meetings of the Standing Committee on the
Administration of Subventions, the last one of which was held under
my Chairmanship only about a week ago but three meetings since
February. It involves a large number of departments because, as
your members, I'm sure, are aware, Hong Kong has a system which
involves Government subventing a very large number of voluntary
agencies, subvented organisations. I make no bones about it, this is a complicated set of issues. On the question of the possibility
of negotiating a block insurance arrangement I am very pleased to
be able to tell you that proposals have been received from one firm of international insurance brokers based in Hong Kong. They were
approached on a no-commitment basis and they have recently produced
a report which is now being looked at by the Director of Education
and he tells me that he will be forwarding it to my branch in a
matter of days with his comments. So we have at least got over that
hurdle. But, as I'm sure you will appreciate, it isn't the simplest
thing in the world to specify exactly what you want to get out of
29 this insurance. It isn't a simple matter of specifying like having a building put up. We are looking at a lot of different risks involving a lot of different people on different pay scales and
employed by different organisations. So, as I said, I'm trying to
show you that we have not been letting the grass grow under our feet
and we have been trying to get a grip on this. We're not at the
end of the road.
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