HMB 102/3
2. NOV 1993
Saretry of State
8
gB
From: Charles Moore
Date: 16 November 1993
17
Thank
Mr Ricketts
Mr
нат
PS/Mr Goodlad
16/11
Private Secretary
Mm 1%
CC: Miss Brooks, Legal Adviser
Private Secretary
As to boodled is overseas 17 NOV 1993 I have taken a copy of this submission the 21-22/11
for his box which
weekend.
The
APS!
TRGOODLAD 17/11
HONG KONG: OVERSEAS TRUST BANK (ACQUISITION) (AMENDMENT) BILL
1993
Problem
Ave
A
1.
The Secretary of State's approval is required before the
Governor of Hong Kong can assent to the Overseas Trust Bank
(Acquisition) (Amendment) Bill in Hong Kong.
Recommendation
17km.
2. I recommend that the Secretary of State gives such
approval. Legal Advisers have been consulted, and the Bank
of England and HM Treasury are content. I submit a draft telegram to the Governor in Hong Kong.
Background
3.
During the 1980's, seven Hong Kong banks ran into
difficulties. The Hong Kong Government (HKG) took over three, and assisted in the acquisition by the private sector
of the remaining four. Two of the three HKG-owned banks have since been returned to the private sector.
The Overseas Trust Bank (Acquisition) Ordinance, enacted in 1985, provided for the acquisition by HKG of the Overseas
4.
1