Secretary of State for Foreign and Commonwealth Affairs
RESTRICTED Secretary of State for Foreign and Commonwealth Affairs
HSBC/MIDLAND: MR HESELTINE
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We have told Borrie we see no Hong Kong reasons for bringing HSBC bid back for UK review.
Understand Chancellor sees no problem on taxpayer grounds.
Lloyds trying to stir up issue of Hong Kong risk.
Would damage confidence in Hong Kong if HMG seen to take this special pleading seriously.
Hope HSBC can be left to Brussels. Then up to shareholders.
HMOCS PENSIONS
- Hope you can soon reply to my minute of 1 May on sterling safeguards.
- Must resolve this before Chris Patten goes to Hong Kong: once we agree principle will still need work on details.
Alastair Goodlad visits Hong Kong from 24-28 May: would like to announce some progress.
- Question of implementing commitments and giving Hong Kong HMOCS what HMOCS had in all other territories at independence. Contingent
liability: if Hong Kong dollar remains firm, will cost UK tax-payer nothing.
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