CONFIDENTIAL
501
1411 41
MDLIAN 6401
CONFIDENTIAL
FM HONG KONG
TO PRIORITY FCO
TELNO 2151
OF 20084OZ AUGUST 92
HKA 233/1
INFO ROUTINE PEKING, UKREP JLG HONG KONG
94
TOP COPY Q DIST?
YOUR TELNO 1202: HMOCS: PRIVATE SECTOR PENSION OPTIONS.
FOLLOWING DISCUSSIONS ON 8 AUGUST AND THEIR OWN INTERNAL CONSIDERATIONS, THE DEPUTY CHAIRMAN OF THE HONG KONG BANK HAS WRITTEN TO US STATING THAT THE BANK WOULD NOT BE ABLE TO OFFER ANY ASSISTANCE IN LOANS AGAINST PENSIONS AS A PENSION SAFEGUARD. A COPY OF THE LETTER IS BEING FAXED TO COX (HKD) SEPARATELY.
2. WE SHALL DISCUSS THE ISSUE OF POLITICAL RISK INSURANCE COVER WITH THE AMERICAN INSURANCE GROUP ON 24 AUGUST. HOWEVER IN VIEW OF THE RESERVATIONS OF THE HONG KONG BANK AND THEIR UNWILLINGNESS TO OFFER ANY ASSISTANCE, WE DO NOT BELIEVE THAT THE MARGOLIS PROPOSAL AND SUBSEQUENT VARIATIONS ARE FEASIBLE OR OFFER ANY SOLUTION TO THE HMOCS PENSION SAFEGUARDS ISSUE.
PATTEN
YYYY
ΜΑΙΝ
39
DISTRIBUTION
39
.HER MAJESTY'S OVERSEAS
.CIVIL SERVICE RESTRICTED
HKD
LEGAL ADVISERS//MISS BROOKS
FED
NEWS D
RAD//MR WYE
OVERSEA PENSIONS/ODA//MR FISH
PS
PS/MR GOODLAD
PS/PUS
SIR J COLES
MR HUM
MR KERBY
RMD
NNNN
PAGE
1
CONFIDENTIAL