Pard-up capital of the Hong Kong Futures Guarantee Corporation
7. Mr. WONG Po-yan asked:
Question 1 As the Hong Kong Futures Guarantee Corporation
had failed to honour its obligations during the crisis in the futures market last October, will Government advise this Council whether there are plans for the paid-up capital of the Corporation to be increased?
REPLY BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL
WEDNESDAY 13 JANUARY 1988
FINANCIAL SECRETARY =
&
Sir,
This
is basically a matter for the Hong Kong
Futures Guarantee Corporation, which is a limited company
I am aware
in private ownership. However, the Government understands
that plans are being drawn up by the Hong Kong Futures
Exchange, the Guarantee Corporation and the Clearing-
House, that is ICCH (Hong Kong) Ltd, as part of an overall
reform package announced by the Futures Exchange in
December 1987 to improve the existing guarantee
arrangements.