FCO (Diplomatic Wing)
Mr Penfold, WIAD
Mr Paxman, SED
Mr Paul, Hong Kong Dept
Mr Broad, FID
Mr Peart, SPD
Mr Grainger, Legal Advisers
FCO (ODA)
Miss Robinson, LACPD
Miss Holt, LACPD
Mr White
Mr Warren
}
Mr Mosselmans )
RESTRICTED
HKC 102
RECEIVED IN REGISTRY
29 JUL 1988
Reference
IDG8788/990/101/001B
58
JULY 1988
FROM: W T BIRRELL DATE:
DESK OFFICER
INDEX
EGISTR
See (57) 59
PA
Mw Yo
इ
22/7.
) South Atlantic & Gibraltar Dept
Miss Vowles, Eastern Asia Dept
Mr Kingsmill, Economic & Social Division Mr David, APD
External
Miss Life, HM Treasury
Miss Fleming, Bank of England
Mr Pond, ECGD
Mr Ebsworth, DTI
Mr Gibb, UKDEL, IMF/IBRD Washington
MIGA DEPENDENT TERRITORIES
-
Ratification Background
Mix Elliot
HK certainly want to be designated
as DMC.
I think we shd seek
Mr Wood HK's views for funtable
material. Cd
you pl.
Grateful for a Pratt' a
་༥
tel.
draft minute couring twalkt
рага не para
W217
FCO teino 1953 no HK.
1. Under the terms of the MIGA Convention, territories for whose international relations a member is responsible are covered by the Convention unless the member excludes them. When UK ratified the Convention in April it temporarily excluded some of its dependent territories. In some cases this was because the territory in question had not made up its mind. Thus, territories which were not explicitly excluded were implicitly covered by the Convention. Since then, some of the territories which had not made up their minds at the time of our ratification have done so and three of them have indicated that they wish to be included British Virgin Islands, St Helena and Turks and Caicos Islands. We shall take steps to withdraw their temporary inclusion. Other dependent territories who were implicitly covered by the Convention by our not excluding them were Anguilla, Cayman Islands, Falkland Islands, Gibraltar, Hong Kong, Montserrat, and Pitcairn, Henderson, Ducie and Dero Islands.
Developing Member Country Status
2. All 10 dependent territories who have expressed a wish to be covered by the Convention have expressed a wish to receive developing member country status. The benefit of this status is that investments in these countries by investors from other members of MIGA - other than the metropolitan power
other than the metropolitan power - would be eligible in principle for the insurance cover which is MIGA's main function. The absence of such status would give investors from these dependent territories the right to purchase insurance policies for investment in other developing member countries of MIGA (as indeed would developing member country status). Paragraph 1.21 of the Operational Regulations of MIGA states:
"A dependent territory for whose international relations a member is responsible may be designated by the Board as a developing member country for the purposes of Article 14 of the Convention if the member so requests, provided, however that investments of that member in the dependent territory shall be excluded from cover."
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