WEDNESDAY, FEBRUARY 10, 1982
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INVESTMENT PROMOTIONAL ACTIVITIES ARE CO-ORDINATED THROUGH AN INDUSTRIAL PROMOTION COMMITTEE WHICH WAS ESTABLISHED FOLLOWING THE REPORT OF THE ADVISORY COMMITTEE ON DIVERSIFICATION. IT IS CHAIRED BY THE COMMISSIONER OF INDUSTRY AND CONSISTS OF SENIOR EXECUTIVES OF THE TRADE DEVELOPMENT COUNCIL, THE CHINESE MANUFACTURERS' ASSOCIATION, THE FEDERATION OF HONG KONG INDUSTRIES, THE HONG KONG GENERÁL CHAMBER OF COMMERCE, THE HONG KONG PRODUCTIVITY CENTRE AND THE HONG KONG INDUSTRIAL ESTATES CORPORATION.
+THE ACCELERATION OF OVERSEAS ACTIVITY IS NOT DEFLECTING US FROM CONDUCTING APPROPRIATE PROMOTIONAL ACTIVITIES IN HONG KONG ITSELF AND THE SERVICES I HAVE MENTIONED ARE, OF COURSE, AVAILABLE EQUALLY TO LOCAL OR OVERSEAS INDUSTRIALISTS,+ HE CONCLUDED.
AMENDMENTS TO BANKING, DEPOSIT-TAKING COMPANIES ORDINANCES ******
THE PROPOSED AMENDMENTS TO THE BANKING AND DEPOSIT-TAKING COMPANIES ORDINANCES ARE INTENDED TO ENABLE HONG KONG FULLY TO ACCEPT THE INTERNATIONAL RESPONSIBILITY WHICH ACCOMPANIES ITS POSITION AS ONE OF THE LARGEST FINANCIAL CENTRES IN THE WORLD, THE FINANCIAL SECRETARY THE HON JOHN BREMRIDGE SAID.
IN MOVING THE SECOND READING OF THE BANKING (AMENDMENT) BILL AND THE DEPOSIT-TAKING COMPANIES (AMENDMENT) BILL, MR BREMRIDGE SAID: THE MOST IMPORTANT ASPECT OF THIS RESPONSIBILITY IS THE DUTY OF THE HONG KONG GOVERNMENT, ACTING IN THE INTERESTS OF DEPOSITORS AROUND THE WORLD, TO SUPERVISE THE ACTIVITIES BOTH OUTSIDE AND INSIDE HONG KONG OF BANKS AND DEPOSIT-TAKING COMPANIES WHICH ARE INCORPORATED IN HONG KONG.+
MR BREMRIDGE SAID HONG KONG, THOUGH NOT A MEMBER, FULLY SUPPORTS THE WORK AND OBJECTIVES OF THE COMMITTEE ON BANKING REGULATIONS AND SUPERVISORY PRACTICES SET UP BY THE CENTRAL BANK GOVERNORS OF THE GROUP OF 10 COUNTRIES AND SWITZERLAND IN 1974.
HE SAID THE GOVERNMENT ENTIRELY ACCEPTS THE PRINCIPAL TENET OF THE CONCORDAT DRAWN UP BY THE COMMITTEE AND ENDORSED BY THE CENTRAL BANK GOVERNORS IN 1975, WHICH STATES THAT THE SUPERVISION OF THE SOLVENCY OF A BANK'S OFFICES OUTSIDE ITS COUNTRY OF INCORPORATION RESTS FIRST OF ALL WITH THE BANKING SUPERVISORY AUTHORITY IN THAT COUNTRY OF INCORPORATION.
THE CONCORDAT ALSO EMPHASISES THE NEED FOR PRACTICAL CO-OPERATION AND EXCHANGES OF INFORMATION BETWEEN THE SUPERVISORS IN THE DIFFERENT COUNTRIES IN WHICH AN INTERNATIONAL BANK MAINTAINS BRANCHES, SUBSIDIARIES, OR JOINT VENTURES.
THE FINANCIAL SECRETARY SAID THE TWO BILLS BEFORE THE COUNCIL CONTAIN PROPOSALS TO ENABLE THE COMMISSIONER OF BANK ING TO OBTAIN FROM LOCALLY INCORPORATED BANKS AND DEPOSIT-TAKING COMPANIES SUCH INFORMATION AS HE REQUIRES ABOUT THE ACTIVITIES OF THEIR BRANCHES OUTSIDE HONG KONG, AND ABOUT ALL THE IR SUBSIDIARIES AND ASSOCIATES.
/+THE BILLS
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