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WEDNESDAY, DECEMBER 17, 1980
+ IN LEGAL AND PRACTICAL TERMS, PROFESSIONAL INDEMNITY INSURANCE WILL BECOME COMPULSORY BY REFERENCE TO THE ISSUE OF PRACTISING CERTIFICATES. THESE CERTIFICATES BECOME RENEWABLE ON THE 1ST OF JANUARY EACH YEAR, HE EXPLAINED.
EXCHANGE FUND BORROWING CEILING RAISED
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THE BORROWING LIMIT ON THE EXCHANGE FUND HAS BEEN RAISED BY A LEGISLATIVE COUNCIL RESOLUTION TODAY FROM $15 000 MILLION TO $20 000 MILLION.
IN MOVING THE RESOLUTION, THE FINANCIAL SECRETARY, THE HON SIR PHILIP HADDON-CAVE EXPLAINED THAT THE BULK OF THE GOVERNMENT'S ACCUMULATED FISCAL RESERVES, THE GENERAL REVENUE BALANCE, WERE INVESTED BY THE TREASURY WITH THE EXCHANGE FUND, AGAINST THE ISSUE BY THE FUND OF INTEREST-BEARING CERTIFICATES.
THE RESERVES ARE HELD WITH THE FUND TO AVOID THE NECESSITY OF THE IR HAVING TO BEAR EXCHANGE RISKS, AND TO PLAY A PART IN THE EXERCISE OF LEVERAGE ON THE LIQUIDITY RATIOS OF THE BANKING SYSTEM, HE SAID,
EXCHANGE FUND DEBT CERTIFICATES ISSUED TO THE TREASURY HAVE CONTINUED TO RISE THROUGHOUT THE CURRENT FINANCIAL YEAR. PRESENT INDICATIONS ARE THAT THE APPROVED BORROWING LIMIT OF $15 000 MILLION MAY BE REACHED IN JANUARY 1981, SIR PHILIP SAID.
STATEMENT ON DELAYS TO SOME HOS ESTATES
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SITE DIFFICULTIES AND FOUNDATION PROBLEMS COMPOUNDED BY A SERIES OF FURTHER PHYSICAL AND FINANCIAL PROBLEMS HAVE DELAYED THE COMPLETION OF THREE HOME OWNERSHIP ESTATES, THE SECRETARY FOR HOUSING, THE HON DONALD LIAO, SAID IN THE LEGISLATIVE COUNCIL TODAY IN REPLY TO A QUESTION BY THE HON HU FA-KUANG.
ALL FOUR BLOCKS AT SHAN TSUI COURT IN CHAI WAN ARE NOW EXPECTED TO BE COMPLETED BETWEEN NEXT FEBRUARY AND APRIL, HE SAID.
AT CHUN MAN COURT IN HO MAN TIN, SIX OF THE 12 BLOCKS HAD BEEN COMPLETED AND THE OTHER SIX WERE EXPECTED TO BE HANDED OVER WITHIN TWO MONTHS.
AT YUET LA! COURT IN KWAI CHUNG, TWO BLOCKS HAD BEEN COMPLETED AND THE REMAINING TWO SHOULD BE FINISHED BY NEXT FEBRUARY.
+THE REASONS FOR THE SLIPPAGES ON THESE THREE CONTRACTS ARE LARGELY PHYSICAL AND FINANCIAL,+ SAID MR LIAO. AT BOTH SHAN TSU! COURT AND CHUN MAN COURT UNFORESEEN SITE DIFFICULTIES AND FOUNDATION PROBLEMS WERE ENCOUNTERED, AND AT YUET LAI COURT THERE WERE SITE ACCESS PROBLEMS.
/+ADDED TO