Item &
JD/BL reference
Action
Officer*
CONFIDENTIAL
Whether the
Chinese need to be consulted/ informed and if so, timing
- 5 -
Annex I Section VII : Monetary System
CA Branch Liaison Officer: PAS (CA)5
Date for HMG/HKG
to start deliberation
Present Position
c. Amend clause 6 of
*SMA
Yes if changes
1991
Chartered Bank's
¡DSMA
to note-issuing
Royal Charter, the
DS(MA)2
powers
Hongkong and
contemplated
Shanghai Banking
Corporation
Ordinance (Cap. 70)
and the Bank Note
Issue Ordinance
(Cap. 65) on the
authority to issue
bank notes
(JD 101, 102 and 103) (BL Art. 111)
1Jahr accept continuict
suir Chinese
Validity I notes & Cainage notwithstanding royal oroiter
ик
oiter insignia
Please mark an '*' against the officer with overall responsibility
The major policy issue is whether the present banks will continue to issue notes after 1997 or indeed even until 1997. Irrespective of what views emerge from the JLG if this subject is discussed, the matter needs to be reviewed regularly over the period leading up to 1997. No point in preparing draft legislation until a clearer picture has emerged. (The SAR Government will probably need to arrange for the re-design of notes as all currently bear the Coat of Arms of Hong Kong.)
CL8
CONFIDENTIAL
10th Edition (June 1990)
Relevant Considerations
Target Completion Date
Items (a) and
1995
(d)