1
HONG KONG HMOCS OPTIONS: Sterling safeguards
Table A:
Present value, as at 1 October 1991 of the estimated costs of option A, in UK£ million
:when the exchange rate from 1 July 1997 is assumed to be
Trigger
HK$8 HK$12 & then constant
HK$16
level
HK$
13.76
0
16
0
22
30
HK$20
HK$28
HK$13.76
HK$
& then worthless depreciating
@ 2% pa
53
118
192
87
377
0
65
139
43
324
0
0
51
7
236
0
0
0
1
173
Table C:
Present value, as at 1 October 1991 of the estimated COSTS or (SAVINGS) of option C, in UK£ million
:when the exchange rate from 1 July 1997 is assumed to be
HK$8 HK$12 & then constant
HK$20 HK$16
HK$28 HK$13.76
HK$
& then worthless depreciating
@ 2% pa
Trigger level
HK$
13.76
(272)
(55)
53
118
192
87
377
16
(324)
(108)
0
65
139
34
324
22
(413)
(197)
(88)
(24)
51
(54)
236
30
(476)
(259)
(151)
(86)
(12)
(117)
173