RWOED
、
UNTIL
ON 10 February 1988
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Speech by the Honourable the Secretary for Trade and Industry in Legislative Council on 10 February 1988
He said:
Sir,
I move the motion standing in my name in the
Order Paper.
In April 1985, the maximum
contingent
liability of the Hong Kong Export Credit Insurance
Corporation was increased from $3,500 million, by $700
million to $4,200 million.
Since then, the
the ☆
Corporation's liability under contracts of
of insurance
has risen gradually at the rate of about $90 million
per quarter. At the end of 1987, it stood at $4,010
million.
le
li
Given
this
rate
of
increase,
the
estimates that the
It
Corporation's Advisory Board
existing statutory limit may be reached shortly.
has therefore recommended that the maximum contingent
liability ceiling be increased by $800 million to
$5,000 million. Failure to raise this limit could
result in the corporation having to turn away further
business and discourage our exports.