What we have avoided doing is giving any precise figuré, at least we have avoided giving a precise figure too far ahead and we have done that for very good reasons. We never publish a long range forecast of reserves. Going back to what I said earlier, there are many good reasons for that, but one is that there are always a number of different scenarios, a number of different options. And as we proceed year by year, as we get more facts, we choose which option to follow. And that, in turn, affects the figures.
Question 25: Is it suggested, I mean we have heard today that you may have to draw about two thirds to three quarters of the reserves to finance the project. How likely is it going to Just now you talked about a range. That would be very
be?
substantial.
Mr Macleod: We really can't forecast the figures for what the reserves will be. We will be taking measures each time we enter into budget decisions to ensure that Hong Kong does have adequate reserves. There is no way we are going to allow our reserves to go down to an unacceptable level. Now, what is an acceptable level at any point in time, we have to make a judgement on. And we will make that judgement. advice on that as things proceed.
We will take
Question 26: Have you decided to issue some long term bonds? Or lend money from the ADB so as to finance the airport project.
Mr Macleod: What we have said so far is simply that whilst in our present forecast and assumptions we have not assumed any government borrowing, we have only assumed borrowing by the Airport Authority, for example. That is to say
say statutory corporations. Maybe the MTRC. It is an option which we will have to look at. And I am afraid that we haven't got to a stage where we can be more specific than that. It is an option which we will have to look at. Before a decision on it in other words.
Question 27: What is the total cost for building the entire airport with the second runway, everything completed?
Mr Macleod: You really are just asking about the second runway? I don't know that we have a figure on that for you.
Question 28: How do you compare the $79 Billion with the original estimate?
Mr Macleod: Well I'm sure that it doesn't. The way I put it, as I said at the beginning, this is a mixture of projects, some of them were in the original list, the $127 Billion list. Some of them were not because they were required anyway. What we've done is on a completely logical basis, just those projects that we need to get the first runway operational. Also it is in a different year. So that's why some projects are out and some projects are in. I'm afraid you can't actually compare that.