WEDNESDAY, MAY 27, 1981
TODAY.
BILLS PASSED
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TWELVE BILLS WERE PASSED INTO LAW IN THE LEGISLATIVE COUNCIL
THEY WERE THE BANKING (AMENDMENT) BILL 1981, THE DEPOSIT- TAKING COMPANIES (AMENDMENT)(NO. 2) BILL 1981, THE BANK ING (AMENDMENT) (NO. 2) BILL 1981, THE DEPOSIT-TAKING COMPANIES (AMENDMENT)(NO. 3) BILL 1981, THE ESTATE DUTY (AMENDMENT) BILL 1981, THE INLAND REVENUE (AMENDMENT)(NO. 2) BILL 1981, THE STAMP DUTY BILL 1981, THE INLAND REVENUE (AMENDMENT) (NO. 3) BILL 1981, THE RATING (AMENDMENT) BILL 1981, THE STAMP (AMENDMENT) BILL 1981, THE IMMIGRATION (AMENDMENT) BILL 1981 AND THE PRINCE PHILIP DENTAL HOSPITAL BILL 1981.
FS SPEAKS ON BANK LICENSING POLICY AND FUTURE
OF HK AS A FINANCIAL CENTRE
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THE FINANCIAL SECRETARY, SIR PHILIP HADDON-CAVE, TODAY ANNOUNCED IN LEGISLATIVE COUNCIL A NEW BANK LICENSING POLICY, WHICH WILL PERMIT A LIMITED GROWTH IN THE NUMBER OF FOREIGN BANKS AND LOCALLY INCORPORATED INSTITUTIONS LICENSED AS BANKS UNDER THE BANKING ORDINANCE. THE FINANCIAL SECRETARY STATED THAT THIS NEW POLICY WILL HELP FURTHER TO ENHANCE HONG KONG'S STATUS AS A FINANCIAL CENTRE.
THE GOVERNOR IN COUNCIL (THE LICENSING AUTHORITY UNDER THE BANKING ORDINANCE) WILL CONSIDER APPLICATIONS FOR LICENCES FROM BANKS INCORPORATED OUTSIDE HONG KONG WHICH MEET CERTAIN CRITERIA, INCLUDING MINIMUM ASSETS (NET OF CONTRA ITEMS) OF US$10 000 MILLION. IN CONSIDERING APPLICATIONS THE GOVERNOR IN COUNCIL WILL ALSO TAKE OTHER FACTORS INTO ACCOUNT, INCLUDING THE NUMBER OF BANKS FROM AN APPLICANT BANK'S COUNTRY OF ORIGIN WHICH ARE ALREADY LICENSED UNDER THE BANKING ORDINANCE.
THE GOVERNOR IN COUNCIL WILL ALSO CONSIDER APPLICATIONS FOR LICENCES FROM LOCALLY INCORPORATED DEPOS IT-TAKING COMPANIES WHICH MEET A DIFFERENT SET OF CRITERIA, INCLUDING MINIMUM TOTAL ASSETS (NET OF CONTRA ITEMS) OF HK$2 000 MILLION, AND DEPOSITS FROM THE PUBLIC OF HK$1 500 MILLION.
THERE ARE NOW 115 LICENSED BANKS IN HONG KONG. THIS INCLUDES 41 BANKS WHICH WERE LICENSED BETWEEN MARCH 1978 (WHEN THE PREVIOUS 13-YEAR MORATORIUM ON LICENSING NEW BANKS WAS EASED) AND AUGUST 1979 (WHEN THE GRANT OF FURTHER LICENCES WAS SUSPENDED, TO PERMIT A REVIEW OF BANK LICENSING POLICY WHICH HAS NOW BEEN COMPLETED).
/THIS REVIEW